Time needed for ADV 1 & 2
Could I please get a good estimate of the amount of time I'll need to set up ADV 1&2 for new RIA? I'm not looking for the IARD/Finra answer, but real world experience. I have a copy of an ADV 2 from a friend's firm to use as a template. No, I won't be copying it, but it's nice to see what other firms use.
2 hrs depending on how much you change and edit.. Also depends on if regulator approves it right away
It also depends on the different services, models and products you'll be offering and the details you state for each. For my last firm, an RIA with 350MM+ AUM, it took about 3 hours just to update it for the annual filing.