RIA in a Box’s phase one launch of its mobile app opens the floor for the compliance software provider to eventually offer all of its tech-driven tools on a smartphone.
The MyRIACompliance mobile app, available for Android and iOS users, currently features a compliance calendar that sends notifications for upcoming deadlines like filing a form ADV, reviewing quarterly billing for clients or personal securities transactions of staff members.
The app also includes a compliance task to-do list and an educational portal with cybersecurity training videos and compliance quizzes, which are updated monthly.
Initially, the app was designed for a firm’s chief compliance officer to manage an RIA’s compliance mandates, according to RIA in a Box president GJ King. Moving forward, King said the idea is to have all of RIA in a Box’s solutions presented on the app, though he did not provide a timeline for further enhancements to the newly launched app.
“This is just the first version of the app,” King said in an interview. “The long-term goal is that this becomes a tool that can be used by the entire team at an RIA, not just the compliance managers.”
As remote work has spurred heightened tech adoption among advisers, mobile apps have become a necessary part of an adviser’s workflow, King said. Moreover, zeroing in on compliance first makes sense in the current environment as technology providers have been deploying tools to help advisers adapt to new regulatory requirements this year.
Fellow fintech Redtail Technology, for one, revamped its mobile app in February, according to the company’s website. In fact, the firm’s CEO Brian McLaughlin said he expects the number of Redtail mobile installations to double in 2020 compared with 2019 as more advisers look to perform tasks on-the-go.
McLaughlin applauded the announcement of RIA in a Box's mobile app, saying that tech advancements like these ultimately push the industry forward.
“Anything we in fintech can do to foreground practice management advice, training, and support via mobile is a benefit to the community, as that means increased access to these business-supporting tools,” McLaughlin said in an email.
While RIA in a Box's King did not disclose how many users have downloaded the mobile app since it launched on Tuesday, it is currently available to the more than 1,800 RIAs that have an account with the tech provider.
“Today’s actions send a clear message that even the biggest financial institutions are not above the law,” said Treasury Secretary Scott Bessent.
To build a truly self-sustaining practice, enterprising advisors have to start with a vision of what they want to be – and accept the realities that come with building toward it.
Serial acquirers add a 35-year-old Oregon wealth manager and a New York practice focused on women navigating life transitions.
Mara Glassel and Julie Fox will co-lead the fast-growing hybrid RIA’s ultra-high-net-worth and private wealth businesses.
The banking giant's wealth arm extends its revenue streak as it pushes to exit consent orders weighing on growth since 2020.
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
