Statements from RIAs

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Jul 26, 2009 4:08 pm

Do any of the RIA firms here send a quarterly billing statement showing how much was billed from their client accounts (separate from the custodian statement).   I know some firms do that but I'm not sure it's required.  My clients know they're being billed, but it's like real estate taxes.  I escrow for them with my mortgage payment and don't really care until I get my assessment in the mail.  If someone could let me know of direct me somewhere for some concrete information, I would appreciate it.  Thanks guys and girls.  

Jul 26, 2009 6:06 pm

I do. They get a statement showing what they were billed. They know how much they paid for "advice" and such. You don't have to (as far as I know), but I do.

Jul 27, 2009 12:54 am
peac***:

Do any of the RIA firms here send a quarterly billing statement showing how much was billed from their client accounts (separate from the custodian statement).   I know some firms do that but I'm not sure it's required.  My clients know they're being billed, but it's like real estate taxes.  I escrow for them with my mortgage payment and don't really care until I get my assessment in the mail.  If someone could let me know of direct me somewhere for some concrete information, I would appreciate it.  Thanks guys and girls.  



Are you SEC or state registered?

Jul 27, 2009 9:57 am

right now I'm state, but in the process of getting SEC registered. 

Jul 27, 2009 1:53 pm

When I was state, we had to send a separate billing statement that showed  the calculation and the fee. If you fall under SEC, they only require that you use a custodian that shows the fee coming out.

Some people say that you should send the billing statement as a way to touch the client. I prefer to send something informative, then the bill. Nobody likes getting a bill in the mail.


Jul 29, 2009 3:17 am

We incorporate it in the quarterly report.