Smartria vs. RIA in a Box: What's the Difference?

Compliance software can simplify the way you run your business while saving you valuable time. And Smartria and RIA in a Box are two popular compliance platforms for registered investment advisor firms of all sizes. Both offer a comprehensive suite of features and services, but there’s more to determining which one could be the right fit for your needs. A side-by-side comparison of Smartria and RIA in a Box can help you decide if either one is the compliance solution you’re looking for.

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Smartria vs. RIA in a Box: An Overview

Smartria (also spelled Smart RIA and Smart-RIA) and RIA in a Box offer unique compliance management solutions for financial advisors. Both are cloud-based, and each one includes a range of features to help advisors stay on top of compliance requirements.

Who uses these platforms? The Smartria user base includes state-registered RIAs, SEC-registrants and independent broker-dealers. RIA in a Box serves a variety of financial professionals, including:

Private funds
Wealth management firms
Registered investment advisors (state and SEC registrants)
Broker-dealers
Investment banks

Approximately 2,400 firms use Smartria for their compliance needs, while more than 2,600 firms rely on RIA in a Box. There is no minimum AUM or number of clients you need to have to use either one. However, firms with five or more employees typically get the most value from Smartria, according to the company’s website.

Smartria vs. RIA in a Box: Features and Capabilities

A financial advisor meeting with clients.

When you’re investing in compliance software, it helps to know what it can do for your firm. Both Smartria and RIA in a Box come with a range of features that are designed to streamline compliance management.

Smartria Features

Smartria offers automated solutions to help you manage core compliance tasks. The following are some of the things you can do through the platform:

Maintain accurate records for client accounts
Track client disclosures
Archive client email communications
Monitor employee trading activity
Set up alerts to track potential code of ethics violations
Document changes to client billing schedules
Securely store client billing information
Conduct annual client reviews
Track potential gaps in your compliance program
Develop automated workflows, including automated onboarding processes for new employees

Smartria is customizable, so you can create workflows that align with the way your firm operates. Automated onboarding for new employees is intended to create a culture of compliance from day one.

Integrations are also an important consideration when choosing a compliance software. Smartria partners include:

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

In addition to its software platform, Smartria also offers a range of professional services. For example, you can use Smartria to connect with a compliance consultant, get help with onboarding and software implementation, or build a custom service plan to meet your needs.

RIA in a Box Features

RIA in a Box also uses automation to make running your firm easier in regards to compliance. You can use the platform to:

Develop and manage your firm’s compliance program from a convenient online dashboard
Capture and archive client communications, including emails, website pages and social media posts
Monitor employee trades and create pre-clearance processes
Meet continuing education requirements for investment adviser representatives (IARs)
Create a custom cybersecurity plan that follows the SEC’s cybersecurity compliance rules
Complete third-party vendor due diligence to minimize risk for your firm
Manage fiduciary duty and best interest obligations transparently

RIA in a Box integrates with some of the same partners as Smartria, plus a few additional options. The full list of integrations includes:

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

Whether you need a compliance software with more or fewer integration partners depends on what you already have in your tech stack. At a minimum, it’s important to select a platform that will integrate with your current customer relationship management (CRM) software seamlessly.

Smartria vs. RIA in a Box: Pricing

Pricing details are not readily available online for Smartria or RIA in a Box. You’ll need to reach out to a support representative or schedule a demo to learn more about how much each one costs.

We can tell you that RIA in a Box uses a tiered pricing system; the price you pay corresponds to the level of features and services you need. There’s one pricing tier for SEC registrants and a separate one for state registrants.

SEC-registered RIAs can choose from four software plans. From most to least expensive, they are:

Comprehensive
Premium
Advanced
Standard

State registrants have three tiers: Comprehensive, Premium and Standard. The higher the tier, the more features and benefits you’ll have access to. The advantage of a tiered pricing approach is that you can start with a smaller package if necessary, then move to a higher tier as you scale your business.

Smartria vs. RIA in a Box: Which Is Better for Your Firm?

Advisor comparing smart RIA vs. RIA in a Box for their firm.

Smartria and RIA in a Box have a similar purpose, in that they both seek to help advisors handle compliance as efficiently as possible. Whether you should choose one software platform over another depends on your firm’s needs.

You might choose Smartria if you:

Run a mid-sized or larger enterprise
Appreciate a higher level of customization
Are comfortable with a hands-on approach to compliance

You may prefer RIA in a Box if you:

Want an end-to-end compliance solution
Need a broader range of integration options
Prefer a turnkey option for compliance management

The best way to evaluate both platforms is to schedule a demo with each one. That way, you have an opportunity to test some of the features, evaluate the pricing and ask questions to determine whether either one could be right for you.

Bottom Line

A solid RIA tech stack may not feel complete until you add a compliance software platform. Whether you lean towards Smartria, RIA in a Box or something else, it can be reassuring to simplify this core business task and free up time to focus on serving your clients.

Tips for Growing Your Advisory Business

Part of your compliance program should address marketing, including how you communicate with clients and the message you send. If you’re looking for a way to broaden your reach, you might consider partnering with an advisor marketing platform. SmartAsset AMP (Advisor Marketing Platform) is a holistic marketing service 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.
If you’re not sure which software platform is right for you or you’d like a second opinion on your compliance program, you might consider hiring a compliance consultant. A consultant can review your program and help you pinpoint potential weaknesses or gaps and offer advice on how to choose the right software option. You can reach out to other advisors and professionals in your network to see if they have any recommendations.