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RIA in a Box Compliance Software Review and Pricing

Byline profile imageWritten by Rebecca Lake, CEPF®
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Byline profile imageEdited by Marie White, CEPF®
Byline profile imageEdited by Arturo Conde, CEPF®
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Managing your firm’s compliance requirements can be time-consuming, and if you’re ready to simplify, a software solution could be the answer. RIA in a Box is a popular compliance platform for busy advisors who want to free up more hours in their day to serve existing clients and attract new ones. What does RIA in a Box cost, and what features do you get for the money? Here’s what advisors should know.

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What Is RIA in a Box?

RIA in a Box is a cloud-based, Service-as-a-Software (SaaS) platform for financial professionals who need unique software solutions. The company was founded in 2005 and joined forces in 2021 with COMPLY, a compliance management platform for the financial services industry.

The types of users RIA in a Box serves include:

Both SEC- and state-registered RIAs can use RIA in a Box, and there are distinct software tiers available for each type of registrant. You don’t need to have a minimum number of clients or assets under management (AUM) to use the software, which could make it appealing to both large and small firms alike.

RIA in a Box Features and Capabilities

RIA in a Box is meant to be a one-stop shop for compliance solutions. That’s reassuring if you’re hoping to streamline and organize, so you can shift more of your focus to prospecting and meeting with clients.

Here’s what the software is designed to help with.

Compliance Program Management

RIAs are required to have a compliance program in place. With RIA in a Box, you can:

  • Establish your program and scale it to meet the needs of your growing business
  • Log compliance activities in a centralized location
  • Obtain a 360-degree view of your compliance program to identify potential gaps or shortfalls
  • Review marketing materials to ensure alignment with the SEC’s marketing rule, as well as state regulations

Communications Archiving and Review

SEC Rule 204-2 imposes strict recordkeeping requirements for advisors. RIA in a Box is equipped to:

  • Archive a variety of communications, including emails, website pages and social media content
  • Collect and store client-facing communications in a digital format
  • Optimize your firm’s content approval and review process

Your archiving practices may come under scrutiny when it’s time for your firm’s routine audit, making this a critical compliance area to address.

Employee Trade Monitoring

Employee trade monitoring is built into the RIA in a Box platform, so you can stay on top of employees’ personal securities activity. You can use the software to:

  • Create employee pre-clearance processes
  • Develop automated workflows and approvals
  • Consolidate transactions for reporting purposes
  • Build restricted securities lists

You can easily monitor and manage employee trades through a secure account portal.

IAR Continuing Education

Two advisors discussing RIA in a Box for their firm.

The North American Securities Administrators Association (NASAA) imposes continuing education requirements on investment advisor representatives (IARs). Failure to comply with CE requirements could impede your ability to renew your registration.

RIA in a Box makes meeting this requirement easier by giving you access to compliant CE courses and content. On-demand courses are available through the platform, so you can complete them at a pace that’s comfortable for you. You can also monitor your CE credits and course completion through your secure dashboard.

Cybersecurity

The SEC’s new cybersecurity rules require RIAs to develop cybersecurity compliance programs and report data breaches promptly. If your firm has yet to address the updated rules, RIA in a Box can help you construct and implement a cybersecurity compliance program.

Key features include:

  • Email phishing attack simulations
  • Third-party vendor due diligence
  • Technology inventory and risk assessment

RIA in a Box follows the NIST cybersecurity framework, which is built around five core principles: Identify, Protect, Detect, Respond and Recover.

Vendor Due Diligence

Working with third-party vendors may be necessary to meet your client’s needs and fuel your firm’s growth. However, there’s a certain amount of risk involved since you’re trusting the vendor to engage in compliant practices.

RIA in a Box helps you manage due diligence for third-party vendors to minimize that risk. For example, you can set up calendar reminders to revisit due diligence periodically. You can also develop due diligence questionnaires to share with vendors to check their compliance practices.

COMPLY Fiduciary Suite

The COMPLY Fiduciary Suite equips you with the tools you need to uphold fiduciary duty and best interest requirements. There are three key features included:

  • AccountCompare allows you to compare account recommendations to a client’s risk tolerance and goals.
  • PeerCompare generates peer groups of reasonably available alternative investment options.
  • RolloverAnalyzer helps you walk a client through the costs of a rollover to help them determine if it’s the right fit.

RIA in a Box Services

RIA in a Box offers a range of compliance services that act as a complement to its software solution. Here’s what you can get help with:

  • Compliance consulting
  • Compliance review
  • Regulatory filing assistance
  • Administrative services
  • IAR and representative registration
  • SEC and state IA registration
  • Broker-dealer registration
  • Continuing education
  • Vendor due diligence
  • Cybersecurity

You’ll also have access to a digital resource library, as well as special events and webinars that are offered live and on-demand.

What Does RIA in a Box Cost?

RIA in a Box uses a tiered pricing system; the price you pay corresponds to the level of features and service you need.

SEC-registered RIAs can choose from four software plans, from the most expensive:

  • Comprehensive
  • Premium
  • Advanced
  • Standard

State registrants have three tiers: Comprehensive, Premium and Standard.

RIA in a Box doesn’t disclose the price for each tier online. You’ll need to schedule a demo to discuss which software tier might be right for your firm and to get a quote for pricing.

Who Is RIA in a Box Right For?

RIA in a Box is designed for RIAs of all sizes, and its impressive range of features makes it attractive for new and established firms. The inclusion of cybersecurity compliance tools is a solid addition, as the SEC increasingly turns its attention to the way client data is stored and protected in the digital space.

As far as integrations go, COMPLY’s integration partners include:

  • Black Diamond Wealth Platform
  • Advyzon
  • CircleBlack
  • Docupace
  • InvestorCOM
  • Morningstar
  • Orion
  • Redtail CRM
  • Nitrogen
  • Salesforce CRM
  • SEI
  • Wealthbox CRM
  • Investment Adviser Association (IAA)
  • AssetSure
  • ProWriters

The list of integrations outstrips some RIA in a Box competitors, like Smartria. But it’s worth comparing different compliance software platforms to see which one offers the range of features that are likely to be most valuable for your firm.

Bottom Line

Advisors comparing different compliance software platforms.

Compliance doesn’t have to be a headache if you’re using the right tools to manage it. RIA in a Box offers a lengthy list of features and benefits to help you stay on top of your compliance game while leaving you free to focus on other important tasks. Schedule a demo to learn more about how RIA in a Box could meet your firm’s needs.

Tips for Growing Your Advisory Business

  • Marketing is a key area of focus for compliance, thanks to the SEC’s marketing and recordkeeping rules. If you’re looking for a way to streamline your outreach efforts while still maintaining compliance, an advisor marketing platform can help. SmartAsset AMP (Advisor Marketing Platform) is a holistic marketing service that financial advisors can use for client lead generation and automated marketing. Sign up for a free demo to explore how SmartAsset AMP can help you expand your practice’s marketing operation. Get started today.
  • When considering any compliance software solution, look at how well it will fit into the rest of your RIA tech stack. Integrating compliance software with your CRM, for example, can simplify recordkeeping requirements and help you better organize client data so nothing falls through the cracks.

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