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Advisor Checklist

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Always maintain a checklist of supporting documentation that should be retained regarding investment decisions that are made:

  • Journals, ledgers, account statements (including bank and trust statements), appraisals, etc., that support all assets and investments
  • Analysis and reports from investment managers and consultants as well as performance measurement data
  • Certificates, documents, statement of additional information (if a mutual fund), confirmations, and any and all necessary items depicting evidence of ownership of assets and investments
  • Annual copies of Form ADV for each money manager, along with certification by the manager that appropriate registrations under the Investment Advisers Act of 1940 and the State Securities Board are maintained. In addition, the manager should certify that there is no material litigation pending against the manager that involves allegations of a breach of fiduciary duty or securities law violations
  • For qualified plans, proof of satisfaction of the ERISA bonding requirements for all fiduciaries (including money managers and trustees) dealing with plan assets
  • A detailed report of investment transaction turnover, costs, fees, and expenses