Smartria Compliance Software Review & Pricing

Compliance is a critical aspect of running a thriving practice, and its often time-consuming nature may push other areas of focus into the background. If you’d like to spend more of your day prospecting and serving clients, and less time worrying about compliance, software may be the answer. Smart RIA offers compliance solutions for advisors who want to streamline and simplify this aspect of their firm’s operations.

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What Is Smart RIA?

Smartria, also spelled Smart RIA or Smart-RIA, is an award-winning compliance software platform for registered investment advisors. According to the company’s website, Smart RIA is “cloud-based proactive compliance management for medium to enterprise RIAs and networks.”

Who uses Smartria? The list includes:

State-registered RIAs with less than $100 million in AUM
SEC-registrants with more than $110 million in AUM
Independent broker-dealers

Smart RIA employs a partnership approach when helping advisors meet their compliance needs. The platform is highly customizable, so you can mold it to your firm’s operational style, and it’s designed to encourage hands-on involvement.

Smart RIA Pro Platform Key Features and Capabilities

The Smartria Pro Platform is a comprehensive compliance tool that addresses four specific areas of concern for financial advisors. Here’s how the features compare.

Clients & Accounts

Smart RIA Pro offers compliance support to help you protect your clients’ data as well as their assets, all while ensuring that all regulatory boxes are being checked. You can use the platform to:

Review client agreements and communications
Archive client emails
Review trade activity
Reconcile trade errors
Document changes to client fee schedules
Securely store client billing information
Conduct annual account reviews
Update required account documents

Client information is viewable through a centralized dashboard, and you can filter client lists by location and household.

Operations & Records

Recordkeeping rules can create a significant compliance burden, particularly if your firm has a larger book of business. Smart RIA provides Rule 204-2-compliant recordkeeping for key documents, including Form ADV submissions, your firm’s code of ethics, accounting records and marketing communications.

The platform includes compliance calendar templates, self-audit review checklists and reporting templates. You’ll have access to all the tools you need to conduct a compliance mock audit in preparation for the real thing.

Employee Trade Monitoring

Rule 204A-1 of the Advisers Act requires RIAs to establish a code of ethics that specifies standards of business conduct. Smart RIA simplifies trade monitoring while making it easier to detect patterns that suggest potential ethics violations.

Here are some of the things you can do with Smartria:

Create centralized access to your firm’s code of ethics so that it’s viewable for all employees
Maintain records of changes to your ethics code
Monitor trade activity and establish alerts for potential ethics violations
Develop automated workflows for recordkeeping

You can also establish company trade rules and require verification before they’re executed to ensure compliance.

Employee Onboarding

Growing your team is exciting, but the onboarding process can present compliance challenges. Smart RIA offers an automated onboarding process that’s designed to save you time while covering all compliance bases.

New employees have access to key documents, including your firm’s code of ethics, trading policies, security policies and compliance manual. You can set access controls for recordkeeping and handle initial outside business activity reporting through the platform.

Smart RIA Professional Services

If you need more than just compliance software, Smartria offers a suite of services to help you grow your business.

Compliance consulting. Smartria partners with top compliance consulting firms and is ready to help you find a consultant to work with. Compliance consulting is included as a standard feature in Smartria’s onboarding services.
Managed services. Integrating compliance software into your existing tech stack can take time. Smart RIA can help if you don’t have the resources to handle implementation yourself. Support is available to guide you through onboarding and get your employees trained on the Smartria software. Monthly health checks, quarterly check-ins and priority support are all included in the managed services package.
Custom professional services. Smartria works with RIAs to develop custom compliance solutions to fit unique situations. Whether you plan to acquire another firm or need help centralizing client data, Smartria can help you formulate a plan to meet your needs.

Talking to a customer success representative can help you evaluate which services your firm may gain the most benefit from.

Smart RIA Pricing and Cost

Smartria doesn’t disclose pricing online. You can schedule a demo to learn more about how the compliance platform works to decide if it makes sense for your firm, and assess the cost.

When comparing pricing for any compliance software, ask yourself what you’re getting in return. The best compliance platforms offer a comprehensive suite of features and exceptional support at a reasonable price.

Who Is Smart RIA Right For?

Smartria could appeal to advisors who are looking for an all-in-one compliance software solution that’s customizable and user-friendly. According to the company’s website, firms with five or more employees typically get the most value from the Smartria platform.

You’ll need to be comfortable with a DIY approach, but you’ll have best-in-class service and support to guide the way. If you have questions or run into any snags with implementation, the Smartria team is there to help.

As far as integrations go, Smart RIA is compatible with:

Black Diamond Wealth Platform
BridgeFT
Plaid
Redtail CRM
Salesforce CRM
Wealthbox CRM

Smart RIA is geared toward firms in the mid-sized and up range, including firms that are growing through acquisitions. Smaller firms may find the range of features and services a little overwhelming, or simply more than they need to manage compliance.

Comparing Smart RIA to other options, like RIA in a Box, can give you a better idea of which compliance software best aligns with your firm’s needs and budget.

Bottom Line

Do you need compliance software to run your firm? Not necessarily, but it could be a smart investment if you want to make sure your firm is toeing the line. Smart RIA can take the hassle out of meeting compliance standards, though it’s just one option you might consider. If you’d like to learn more about how the platform works and what it can help you achieve with your compliance goals, schedule a demo today.

Tips for Growing Your Advisory Business

More investors are using online searches to connect with financial advice. Developing a solid digital footprint can help you stand out in a competitive online landscape. Search engine optimization (SEO), digital ads and social media marketing can help you make an impression on prospective clients. You may also consider partnering with an advisor marketing platform. 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.
SEC rules require RIAs to have a chief compliance officer (CCO). You may act in the role yourself, hire a full-time CCO or work with a CCO on a part-time basis. If you have yet to fill this role, or you’re ready to pass it on to someone else, familiarize yourself with the SEC’s qualification requirements. Under Rule 206(4)-7, your CCO must be competent and knowledgeable about the Advisers Act, assume responsibility for developing appropriate compliance policies for your firm and have the authority to enforce those policies.