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Portfolio > Investment VIPs

More transparency in store for RIA reps

By National Ethics Bureau

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The North American Securities Administrators Association (NASAA) has enhanced its Investment Adviser Public Disclosure website to allow investors to electronically access information about individuals who work for money management, financial planning and other investment advisory firms. This enhancement will provide information on investment advisor representatives –the individuals who work for these firms and provide advice to clients.

According to NASAA President and Texas Securities Commissioner Denise Voigt Crawford, the enhancement will allow investors to access information on more than 220,000 individual investment professionals, including background information such as customer complaints, criminal or regulatory disclosures, professional qualifications, and employment history. Previously, IAPD provided instant access only to registration documents filed by registered investment advisory firms.

The IAPD website, www.adviserinfo.sec.gov, is available free of charge to the public. The information provided on IAPD for both investment advisory firms and individuals comes from documents filed electronically with state securities administrators or the SEC. The registration documents provide information about each adviser’s business, advisory services and fees and also disclose any disciplinary problems an adviser or its employees may have had during the last 10 years.

Although greater transparency is a good thing, it does increase the pressure on RIA representatives to maintain a clean record. If you haven’t done so recently, be sure to review your procedures to make sure they are in compliance with relevant regulations.

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