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RIA Pre-exam Questionnaire

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ITA Compliance RIA Pre-Exam Questionnaire
 
 
In an effort to make the inspection process as efficient as possible, this questionnaire has been designed to reduce the amount of time required onsite. After receiving this completed questionnaire, we will send a document request list and begin reviewing items offsite.

The estimated time to complete this questionnaire is 15-25 minutes. Please be advised the system may time out if it remains idle for 15 minutes or longer.

We thank you for your time and please feel free to contact us if you have any questions.
 
 
 
* Firm name:
   
* Questionnaire participant(s):
   
* Date:
   
 
 
 
* What locations do you operate out of?
   
 
 
* Where are the books and records stored?
   
 
 
 
* How many employees does the RIA have?
 
 
* How many employees are IARs?
 
 
* How many employees are registered representatives (RR)?
 
 
* How many employees are insurance agents?
 
 
* Please provide the names of all access persons (An access person is a supervised person who has access to nonpublic information regarding clients' purchase or sale of securities, is involved in making securities recommendations to clients or who has access to such recommendations that are nonpublic)
   
 
 
 
What services does the RIA provide?
 
Financial Planning
 
Portfolio/Asset management
 
Pension consulting
 
Other
 

 
 
 
* Does the RIA engage in any of the following businesses?
 
Real estate
 
Insurance
 
Banking
 
Accounting
 
Legal services
 
NONE OF THE ABOVE
 
Other
 

 
 
 
* Do other persons solicit clients on the RIA's behalf?
 
Yes
 
No
 
 
* How many other persons solicit on your behalf?
 
 
What are the solicitors names and locations?
   
 
 
What are the compensation arrangements?
   
 
 
* Does the RIA solicit for any other advisors?
 
Yes
 
No
 
 
How many advisers does the RIA solicit for?
 
 
* Are the assets included in your RIA's AUM reported on the ADV Part 1?
 
 
* Does the RIA have any referral agreements?
 
Yes
 
No
 
 
* How many clients does the RIA have?
 
 
* What types of clients does the RIA have (please allocate a % based on total number of clients)?
Individuals
%
High NW Individuals
%
Banking or thrift
%
Investment companies
%
Business development companies
%
Pooled investment vehicles
%
Pension & profit sharing plans
%
Charitable organizations
%
Corporations
%
State or municipal government entities
%
Other investment advisers
%
Insurance companies
%
0
Values must add up to 100
 
 
* Do any IARs have access to client assets through arrangements such as POA, Trustee, Executor, or have access to any RIA client's billpay accounts?
 
Yes
 
No
 
 
 
* What types of investment products does the RIA manage (Select all that apply)?
 
Equity
 
Option
 
Mutual Funds
 
ETF
 
Fixed Income
 
Municipals
 
REITS
 
Structured Products
 
Third Party Money Managers
 
Variable Annuity
 
Wrap accounts
 
No management - Financial Planning only
 
Other
 

 
 
Is the investment advice only offered on limited types of investments? (e.g. stocks only?)
 
Yes
 
No
 
 
 
* Does the RIA review client portfolios on an ongoing basis?
 
Yes
 
No
 
 
 
How often are client portfolios reviewed?
   
 
 
 
Does the firm keep records to evidence reviews took place?
 
Yes
 
No
 
 
 
* Does the RIA use third party money managers?
 
Yes
 
No
 
 
How many third party money managers are used?
 
 
What are the names of the third party money managers utilized by the RIA?
   
 
 
 
* Does the RIA conduct due diligence on products and third party managers?
 
 
Who performs the due diligence and how is it documented?
   
 
 
 
* Which custodians does the RIA use?
   
 
 
* Do clients have a choice as to where they can hold accounts?
 
Yes
 
No
 
 
 
* Who does the RIA use for trading/execution services?
   
 
 
* How does the RIA supervise employee/access person trading?
   
 
 
* Has the RIA had an order entry errors in the last two years?
 
Yes
 
No
 
 
Did clients incur any costs as a result of order errors?
   
 
 
* Does the RIA facilitate any principal or cross transactions?
 
Yes
 
No
 
 
* Does the RIA facilitate any block/aggregate trading?
 
Yes
 
No
 
 
* Do clients have a choice as to where they can execute trades?
 
Yes
 
No
 
 
* Does the RIA have any soft dollar arrangements (The Commission has defined soft dollar practices as arrangements under which products or services other than execution of securities transactions are obtained by an adviser from or through a broker-dealer in exchange for the direction by the adviser of client brokerage transactions to the broker-dealer)
 
Yes
 
No
 
 
 
* How does the RIA get compensated?
 
Percentage of assets
 
Flat/fixed annual fee
 
Hourly charges
 
Performance based fees
 
Commissions
 
Other
 

 
 
 
* How often does the RIA bill for, or deduct, fees?
 
Weekly
 
Monthly
 
Quarterly
 
Annually
 
Other
 

 
 
* Does the RIA send invoices or fee notices to clients?
 
Invoices
 
Fee notices (describing fee charged)
 
Both
 
Neither
 
Other
 
 
 
* How is billing administered?
 
Arrears
 
Advance
 
Other
 
 
 
* Does the RIA bill on any of the following assets? (Select all that apply):
 
Variable annuities
 
Non-traded REITS
 
Limited partnerships or DPPs
 
A, B, or C share mutual funds
 
Private placements
 
Real estate
 
Illiquid investments
 
Investments that do not trade on a major exchange
 
NONE OF THE ABOVE

 
 
 
* During the previous 12 months, did any client terminate services/close their account(s)?
 
Yes
 
No
 
 
Approximately how many clients terminated services?
   
 
 
 
* Did the RIA (or any IARs) engage in any of the following advertising during the previous 12 months (Select all that apply)?
 
Website
 
Blog
 
Face Book
 
Twitter
 
LinkedIn
 
TV
 
Radio
 
Mailings
 
Newsletters
 
Magazine
 
Seminars
 
Appearances
 
NONE OF THE ABOVE
 
Other
 

 
 
 
* Please list all owners of the RIA, and the approximate ownership % of each owner.
   
 
 
 
* Does the RIA have any affiliates or subsidiaries? (Other companies that are controlled by the RIA, or share common ownership)
 
Yes
 
No
 
 
Please list any affiliates and describe the relationship:
   
 
 
* Does the RIA vote client proxies?
 
Yes
 
No
 
 
 
* Does the RIA work with any outside consultants who assist with compliance responsibilities, such as the drafting of filings and policies and procedures?
 
Yes
 
No
 
 
Please provide name(s) of outside consultants and services provided:
   
 
 
 
* When did the RIA last send a privacy statement/policy to clients?
   
 
 
 
When the RIA last offer the ADV Part 2 to clients?
   
 
 
 
When was the RIA's last regulatory exam?
   
 
 
 
* What information security measures does the firm employ?
 
Encryption
 
Anti-virus
 
Firewall
 
Strong passwords
 
Restrictive permissions
 
Other
 

 
 
Please list all vendors who have access to non-public client information such as social security #s and accounts numbers: (e.g. IT companies, cleaning personnel, etc.)
   
 
 
 
* Who controls or has access to IT administration functions?
   
 
 
 
* Has the RIA been subject to any legal or regulatory action?
 
Yes
 
No
 
 
 
If you have any additional comments regarding any of the questions in this questionnaire, please feel free to make notes here: