What advisers need to know about the SEC’s new Form ADV

Heads-up, financial advisers on social media: The government is watching you.

Or, at least, they will on Oct. 1, when advisers must detail on the Securities and Exchange Commission’s updated Form ADV—which all advisers use to register with the SEC and state securities authorities—all social media accounts they use for business purposes.

On the surface, the changes to the document might seem straightforward. But as with many things in life, there’s always the chance of slip between cup and lip.

“Our view is that with all the focus on the Labor Department’s fiduciary rule these significant changes have been completely lost in theshuffle,” said G.J. King, president of RIA in a Box. “The changes impact every RIA firm and may require some firms to invest in new portfolio management reporting technology.”

So, what do advisers need to know about the new form? Here’s a summary of changes the SEC requires, and a deeper look at the record-keeping and supervision requirements from the SEC and the Financial Industry Regulatory Authority.

 

Source: Market Watch

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