Check your RIA client communications against 15 key SEC requirements. Interactive, instant, and 100% free — no sign-up needed.
Letter references your Form ADV Part 2A (brochure) and informs clients how to obtain a current copy — typically by contacting your firm or via the SEC's IAPD database.
RequiredAdvisory fees, compensation structure, or a reference to the full fee schedule in your ADV Part 2 is clearly disclosed. Clients are not misled about total costs.
RequiredAny material conflicts of interest — third-party compensation, referral arrangements, proprietary products — are disclosed or referenced in the communication.
RequiredThe letter identifies your firm as a Registered Investment Advisor (RIA) registered with the SEC or applicable state regulator. Avoids misleading clients about your regulatory status.
RequiredAny mention of past investment performance includes a clear disclaimer: "Past performance is not indicative of future results" (or equivalent language). This is a core SEC Marketing Rule requirement.
RequiredThe letter does not promise, guarantee, or imply guaranteed returns. Language like "you will earn X%" or "risk-free" is absent from all client communications.
RequiredLetter includes language clarifying it is for informational purposes only and does not constitute investment advice specific to the recipient's unique situation (where applicable).
RecommendedAny investment recommendations or portfolio changes referenced in the letter are consistent with the client's documented risk tolerance, investment objectives, and financial situation on file.
RequiredCommunication reflects or supports your fiduciary duty — acting in the client's best interest. Avoids language that could imply recommendations driven by your compensation rather than client benefit.
RecommendedAnnual privacy notice (or reference to it) is included where required. Clients are informed how their non-public personal information is collected, used, and protected per Regulation S-P.
RequiredThe letter does not reference, imply, or demonstrate any use of client data beyond what is permitted under your privacy notice and applicable regulations.
RequiredA copy of this communication (and any supporting materials) is retained in your books and records per SEC Rule 204-2. Client correspondence must typically be kept for 5 years, 2 years in an accessible location.
RequiredThe letter contains no false, misleading, or deceptive statements about your firm, performance, credentials, services, or fees. Anti-fraud provisions under the Investment Advisers Act apply to all client communications.
RequiredUnder the SEC Marketing Rule (Rule 206(4)-1), any testimonials or endorsements must meet specific requirements including disclosure of compensation and lack of material conflicts. If none are included, you're clear.
RecommendedLetter has been reviewed (or follows a pre-approved template reviewed) by your Chief Compliance Officer or designated compliance consultant before sending to clients.
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