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Time needed for ADV 1 & 2

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May 24, 2011 12:28 pm

Cubfan 23

Joined: 2011-03-17Offline

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.

Many thanks,

Cubfan23

May 25, 2011 12:54 am

squash2

Joined: 2010-03-09Offline

2 hrs depending on how much you change and edit.. Also depends on if regulator approves it right away

Jun 16, 2011 4:20 am

stockattorney

Joined: 2010-09-09Offline

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.