State Regulators Tell Advisors What They Want To See From Examined Firms


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.


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