As the deadline for mid-size RIA firms to move from SEC supervision to the states approaches, state regulators have put together a list of common mistakes they see.
The North American Securities Administrators Association (NASAA) says that 59.6% of the advisors it examined last year were deficient in at least one aspect of their registration.
That's not great, but it's a lot better than the 70% who missed a perfect score back in 2007.
Most of the problems boiled down to Part 1 and Part 2 of the ADV not lining up.
Advisors who want to be in full compliance can use the list as a checklist of practices to avoid.
One bit of trivia: It isn't in the presentation, but NASAA is also worried about advisors using "RIA" in their signatures as though it was a certification.
I've never seen that, but guess it's prevalent enough for them to notice.