Sunlight Compliance

Thank you for taking a bit of your busy day to provide insight into your compliance needs as an owner, partner, and/or CCO for your firm.

With this survey, I seek to determine the existing need for outsourced compliance for Registered Investment Advisor (RIA) firms. The following details the main compliance needs for RIAs annually (items that only occur once per year) and ongoing throughout the year, along with a few potential add-on services. I appreciate your insight into if you would want to outsource each item or keep it in house at your firm.

Thank you, again, in advance for your time! I greatly appreciate you!

Cheers!

Jessica Mardock

Which of the following apply to your firm? (check all that apply)

How many total employees does your firm have, including yourself?

What is your registration type?

SEC-registeredState-registered

What services do you provide?

Financial PlanningInvestment ManagementOther

Of the following annual compliance tasks, please note which response best applies to you/your firm.

	Already Outsourced	Want to Outsource	Might want to Outsource	Want to keep in house	Not applicable/ I do not know
Review/update Privacy Policy
Review/update Code of Ethics
Review/update Investment Advisory Agreement
Update ADV Part 1
Review/update ADV Part 2A/B
File IARD/CRD system forms
File form U4(s)
Annual Risk Assessment
Annual review of Compliance Policies and Procedures
Conduct annual compliance meeting
Annual testing of firm internal systems
Cybersecurity training
New state registration(s)
Annual staff compliance certifications
PTE 2020-02 Annual Review & Report

Of the following ongoing compliance tasks, please note which response best applies to you/your firm.

	Already Outsourced	Want to Outsource	Might want to Outsource	Want to keep in House	Not applicable/ I do not know
Maintenance of compliance documents: Compliance Manual, Code of Ethics, Business Continuity Plan, Cybersecurity Manual, and Privacy Policy
Annual delivery of ADV and Privacy Policy
Third-party vendor due dilligence
Maintain Privacy Policy
Initial review/ due diligence on potential new IARs or employees
Email supervision
Monitor staff/access persons' personal securities transactions
Quarterly compilation of access persons' personal securities statements
Draft, send, and maintain records of annual compliance statements for all staff
Draft/submit non-annual ADV updates
Review and track marketing/advertising materials
Monitor staff social media activity
Review performance reporting practices
Trade review and implementation of best practices
Maintenance/confirmation of all required firm books and records
Research on new SEC/state rules
Cybersecurity review
Correspondence Reviews
Outside business activity reviews
Gift log reviews
Billing reviews
Customer complaint reviews
Custody reviews
Soft dollar reviews
Best execution review

Of the following add-on services, please note which response best applies to you/your firm.

	Already Outsource for this Service	Would be interested in this Service	Might be interested in this Service	Not interested in this Service	Not applicable/ I do not know
Annual mock regulatory review
Annual staff compliance training

Please list below any compliance-related items not listed above that you would want to outsource.

Thinking about the items you listed above as ones you would, might, or already outsource, what would you consider a reasonable annual fee for those services?

In my experience how firms document compliance varies widely, how does your firm document compliance items?

What custodian(s) does your firm use?

In an average month, approximately how much time (in hours) do you spend (or expect to spend) on compliance task management?

Considering compliance task management in an average month, approximately how much time (in hours) do you think you should be spending?

If you entrusted a compliance professional with the day-to-day aspects of compliance for your business, how would you invest the time you gain?

How would freeing up this time impact your business and outside/personal life?

If there are any other insights you would like to provide, please do so below.

If you would like to be notified by Sunlight Compliance when services become available and added to my mailing list, please input your email below.

Again, thank you so very much for taking time to complete this survey! I greatly appreciate your input and your expertise. Cheers!

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