RIAs face stringent regulations and procedures to ensure that they’re acting in the best interests of investors. Meeting these requirements, however, can take up a huge chunk of the time that they could’ve otherwise spent serving clients.
This is where RIA compliance software comes in handy. These tools enable your firm to automate and streamline your compliance process, so you can focus on helping your clients grow their portfolio.
RIA in a Box is among the established names in the wealth management industry when it comes to regulatory compliance. In this article, InvestmentNews takes a closer look at this platform. We’ll explore its key features and capabilities, so you can decide whether it’s the right tool for your company.
RIA in a Box is a software-as-a-service (SaaS) platform that provides RIAs and other wealth management firms with compliance, cybersecurity, and operational services. The tool boasts features and capabilities that enable firms to streamline their compliance processes and automate workflows.
RIA in a Box is a subsidiary of the industry giant Comply (formerly ComplySci), which acquired the firm in 2021. To date, there are more than 2,600 RIAs and wealth managers using the platform to better manage regulatory obligations and improve operational efficiency.
Check out this guide if you want to learn more about the benefits of RIA compliance software.
How does RIA in a Box work?
Launched in 2005, RIA in a Box has emerged as one of the top providers of compliance and registration services for wealth management firms. Since its acquisition, the platform has been able to expand its offerings to include cybersecurity and private fund solutions.
RIA in a Box provides a range of services that allow RIAs to better manage complex regulatory tasks. Let’s go over these key functions and benefits.
RIA in a Box offers a wide array of solutions that make the platform a great addition to your RIA tech stack. These include:
This creates a customized schedule of compliance tasks based on your firm’s unique requirements.
This records and stores all activities completed within the platform. Data can be filtered, exported, and printed for regulatory examinations.
This enables chief compliance officers (CCOs) to manage all employee document attestations, advertising approvals, and external business requests. If your firm doesn’t have a CCO, then outsourcing could be a viable route.
This notifies your firm when the number of client households in a state is approaching the registration threshold. This way, you can complete the state registration or notice filing process promptly.
This helps ensure that your marketing and advertising materials comply with regulatory requirements, particularly those set by the SEC’s new marketing rules.
RIA in a Box simplifies Form ADV filings by creating the document using data stored in the platform. RIAs can review the draft and make the necessary changes before submission. The tool also helps with annual updates and other amendments.
This feature makes it easier for you to review and document third-party technology vendors. With this tool, you can also assist vendors in meeting compliance and cybersecurity requirements.
This allows you to record and store client-facing communications to meet archiving requirements set by SEC Rule 204-2. These include messages from emails, social media platforms, and webpages.
Comply is an accredited continuing education provider, and its training materials and resources can be accessed through RIA in a Box. The platform also enables you to monitor employees’ CE credits and course completion, helping foster a culture of compliance within your company.
Once a course is completed, this is reported automatically to the Financial Industry Regulatory Authority (FINRA) and the North American Securities Administrators Association (NASAA). All courses within the platform are NASAA-approved.
RIA in a Box helps create comprehensive annual reports that can be readily downloaded for regulatory examinations. The platform also comes with a risk-assessment feature that identifies your firm’s risks and makes recommendations on how to address these.
Check out this guide if you’re working out whether a risk analytics software is something your RIA needs.
RIA in a Box receives data feeds from more than 15,000 financial institutions. This enables the platform to automate the submission and tracking of personal securities holdings and transactions of your employees. Because of this, you no longer need to review and store paper statements manually.
You can create and implement a cybersecurity program through the platform. Among the tasks you can perform include:
Through RIA in a Box, you can access a range of tools to help you manage your fiduciary duties. These include:
AccountCompare, which analyzes advisory and brokerage account recommendations based on a client’s profile and risk tolerance
PeerCompare, which provides alternative investment recommendations by comparing a client’s potential investments with a peer group of similar products
RolloverAnalyzer, which helps assess rollover recommendations while complying with the Department of Labor’s PTE 2020-02 requirements
This is a customized version of the platform designed for private fund advisers.
If you’re looking instead for an RIA account management software, we have our top picks listed in this guide.
RIA in a Box is available in different plan tiers designed for SEC-registered firms, state-registered firms, and private fund advisers. The tables below list what’s included in each plan. Note that all optional features can be added at an extra cost.
RIA in a Box plans for SEC-registered firms
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Standard |
Advanced |
Premium |
Comprehensive |
|---|---|---|---|
Optional features:
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Optional features:
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Optional features:
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Optional features:
|
|
Standard |
Premium |
Comprehensive |
|---|---|---|
Optional features:
|
Optional features:
|
Optional features:
|
All standard plans for exempt reporting advisers (ERA) and SEC- and state-registered private fund advisers come with:
These features are also included in comprehensive plans, in addition to:
These features, in turn, come at an extra cost for standard plans.
RIA in a Box for private fund advisers also comes with tailored features, depending on the type of business. These are listed in the table below:
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SEC-registered |
State-registered & ERA |
Comprehensive |
|---|---|---|
|
|
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Pricing details for RIA in a Box aren’t available on the Comply website. If you want to know more, you’ll need to contact the sales team for a demo session. You can do so by clicking on the orange “Schedule a Demo” button on the RIA in a Box webpage.
Looking for a customer relationship management (CRM) platform for your RIA? This guide can help.
Comply provides ongoing support services for all its platforms, including RIA in a Box. There are three levels of support:
Included in all plan tiers, this provides:
This is designed for RIAs who want consulting and regulatory guidance but prefer managing their compliance program. For this type of support service, RIAs must reach out to Comply consultants to get expert advice.
This service comes with the standard plan inclusions, in addition to:
This is designed for RIA firms that prefer a hands-off approach to compliance. Here, Comply consultants manage the compliance process. It comes with all the support services in the enhanced plan, plus:
proactive compliance consulting, where consultants review compliance documents, updates manuals, and schedules monthly compliance calls
end-to-end policy and procedure management, which includes an annual update to compliance manuals and a full annual consistency review
comprehensive risk management, which includes cybersecurity program development, business continuity planning, and annual compliance reviews
annual compliance meeting and training
a dedicated client success manager who will work alongside the compliance consultant to provide personalized support
regulatory examination support services
Want to know who the fastest-growing fee-only RIAs are in the USA? Check out this special report to find out.
RIA in a Box comes with a comprehensive range of features and capabilities and various plan options to suit RIAs of different sizes. Its open API also allows RIAs and tech providers to access existing compliance data and integrate it into the platform at no additional cost.
RIA in a Box has become a popular choice for RIAs and other wealth management firms because of its customizable features and scalable support services. Whether you want to take the lead on your compliance program or take a more hands-off approach, the platform can provide the services that match your preferences.
Visit our goRIA section for the latest updates on compliance rules and regulations. Don’t forget to bookmark this page for easy access to breaking news and the latest industry developments.
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