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RIA in a Box Introduces Automated Form CRS Creation Tool

To create the automated Form CRS, the tool pulls from a firm’s Form ADV and a short, rules-based questionnaire.

Compliance software provider RIA in a Box has launched a new tool for registered investment advisors that automates the creation of a customized Form CRS, mandated as part of the Securities and Exchange Commission’s Regulation Best Interest. RIAs will be required to file the customer relationship summary starting June 30.  

RIA in a Box is making the tool available for free to RIA subscribers of the company’s MyRIACompliance platform.

To create the automated form, the tool pulls from a firm’s Form ADV and a short, rules-based questionnaire.

The two-page Form CRS, which must be filed by SEC-registered RIAs that serve retail investors between May 1 and June 30 of this year, must include an introduction, relationship and services, fees, conflicts and standard of conduct, disciplinary history, and additional information.

“When it comes to Form CRS, the challenge for RIA firms will be to distill the information down to only two pages, especially when you consider that the official Form CRS rule release is 564 pages,” said GJ King, president at RIA in a Box. 

Despite an industry push to delay Reg BI’s June 30 implementation date, SEC Chairman Jay Clayton recently announced the agency would not push back the compliance deadline. This week the agency released new guidance on what examiners will be looking for in regards to Form CRS compliance.

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