Compliance Manual Update Staff Requirements Check Risk Management – Form ADV Update Form ADV Update Compliance Manual Update Staff Requirements Check Description: This workflow describes all the steps required to update the firm’s Form ADV, either on an annual basis or if there is a material change that requires updating right away. This is an important part of management’s role in ensuring the firm remains compliant. Process Checklist PREPARE ROLE TASK DETAILS/TIPS Advisor Review Form ADV for Updates Review the current Form ADV and identify any outdated content Collect the information needed to make those updates to the form This might require some internal reporting or investigation to gather the most up-to-date information or data (i.e., AUM, number of clients, etc.) Process Checklist CONDUCT ROLE TASK DETAILS/TIPS Advisor Make Updates to Form ADV Make all updates to the Form ADV & proofread the content as appropriate If possible, ask another team member to proofread as well to ensure nothing was overlooked before finalizing the document Upload the updated Form ADV to the IARD system for official record-keeping purposes Process Checklist FOLLOW-UP ROLE TASK DETAILS/TIPS Advisor Distribute ADV Form Internally & Notify Team File the updated Form ADV internally for record-keeping purposes Distribute the updated compliance manual to the team and notify them of all the changes that have been made Be as specific as possible when identifying the changes so there’s no room for confusion or oversight Train the team on the updated Form ADV as appropriate Send ADV Form Update Notification to Clients Draft a notification letter to the clients about the update and offer to provide a copy of the updated form upon request Consider creating a letter template that can be used each time a notification goes out to the clients in order to help streamline the process Obtain team approval of the letter before sending it out to the clients Follow-up on any client questions or concerns in response to the letter This includes requests for copies of the update Form ADV sei.com/advisors © 2015 SEI. This information is proprietary.  No further distribution is intended.