1. 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Review the current Form ADV and identify any outdated content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
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