SEC Registration Checklist for New RIAs
A comprehensive, step-by-step guide to registering your independent RIA with the SEC, avoiding common pitfalls, and launching smoothly.
By Compliance Team •
The Path to Independence
Registering with the SEC is a critical milestone. As of 2023, there were over 15,000 SEC-registered investment advisers managing $114 trillion in assets (Source: IAA Investment Adviser Industry Snapshot 2023). Ensure your firm is prepared.
Common Mistakes
- Failing to adequately customize the Form ADV Part 2A narrative.
- Missing the IARD funding deadline, causing application delays.
- Not having a written compliance manual tailored to the firm's actual practices.
Required Documents Table
| Document | Purpose | Submission |
|---|---|---|
| Form ADV Part 1A | Firm demographics & disciplinary history | IARD Electronic |
| Form ADV Part 2A | Firm brochure (narrative) | IARD Electronic |
| Form ADV Part 2B | Brochure supplement (personnel) | Kept on file / IARD |
Tool: State vs. SEC Registration Checker
Determine if you need to register with the State or SEC.
Assumptions: General rule of $100M threshold, excluding specific state exemptions.
FAQ
How long does SEC registration take? Typically 45 days from the date of submission.
What is the filing fee? Usually $225 for initial SEC registration, plus state notice filing fees.
Internal Resources Matrix (20+ Links)
- SEC Registration Checklist for New RIAs
- Navigating the SEC Marketing Rule (206(4)-1)
- AUM Fee Structure Calculator
- Compliance Cost Estimator
- Breakaway Advisor ROI Calculator
- Succession Valuation Estimator
- Client Segmentation Assessor
- Portfolio Rebalancing Time Savings
- Tech Stack Budget Estimator
- Form ADV Deadline Calculator
- Cybersecurity Risk Scorer
- CRM Migration ROI
- Fee-Only Conversion Impact
- Document Retention Checker
- M&A Deal Structurer
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