Compliance offices have never been so busy, thanks to the looming deadline for RIA firms to file their new ADV forms by April 1. Many say a lot of advisors are simply going to file late.
Some outlets are forecasting that a full 1/3 of the industry -- almost 9,000 RIAs -- are going to miss Thursday's deadline.
That might be an extreme and even somewhat alarmist estimate. However, since the consultants are already working to capacity, the one thing that's clear is that firms who haven't booked time already stand a good chance of having to file their ADV forms late, simply because there's nobody left in the compliance business with time to help.
And since some RIA consultancies report that only 30% of all the firms they usually work with have approached them for ADV help, the real number of late submissions may actually end up much higher than anyone is publicly expecting.
There's no explicit penalty for missing the deadline, so the experts say that if it looks like your firm isn't going to make it, it's better to not rush and expect to revise the submission later.
Just take the time to make sure everything's in order from the very beginning, and get it in as soon as possible, they say.