For the second year in a row, advisors have named compliance with the Securities and Exchange Commission’s marketing rule as their No. 1 chore.
That’s according to the latest 2002 Investment Management Compliance Testing Survey, conducted by the Investment Adviser Association, ACA Compliance and Yuter Compliance Consulting.
Advertising/marketing was identified by 78% of survey respondents as the “hottest” compliance topic — up 20 percentage points from last year. (Respondents were allowed to choose more than one answer.)
Compliance professionals at 425 investment advisory firms participated in the survey. All firm sizes were represented.
When asked their expected timeframe for complying with the new SEC Marketing Rule, 69% of the firms said on or shortly before the Nov. 4 compliance date; 10.86% said they’re already complying; and 16.29% said they’re “gearing up to comply well in advance of the compliance date.”
Read the gallery above for the other top compliance challenges for advisors this year.