Not sure how many RIAs deliberately waited until the last minute to file their new ADV forms, but according to the consultants, at least a few luxuriated until the last minute.
Nice story on the ramp up to the "plain language" ADV Part II over at Investment News.
Given everything I've heard about the sometimes crazed race to get the form up by the end of March -- even though there aren't any official penalties for missing the deadline -- I'm a little surprised to hear the frenzy described as a deliberate competitive strategy.
For one thing, I don't know how many advisors have all that much time to read each other's disclosures in order to glean valuable competitive gold.
More likely, they just put it off until the last minute and then found out that it was harder than they thought to boil down their business to jargon-free English.
Either way, it's good to hear that the automated process held up under the barrage of last-minute submissions, and that now the compliance gurus among us can catch up on their sleep.