Outsourcing reviews of registered investment advisors to third-party auditors is an idea that is apparently gaining traction at the SEC, as lawmakers have been reluctant to give regulators money to conduct more exams.
In fiscal 2014, the SEC audited 10 percent of RIAs. That ratio, according to one RIA compliance consultancy, is regarded as insufficient by both the industry and the SEC.
While the SEC considers the third-party option, RIA in a Box is promoting what it thinks is a better way to expand oversight, calling for the regulation of more RIAs to fall under the purview of state regulators instead of the SEC.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
