To apply in Virginia, advisors must apply for access to FINRA's WebCRD/IARD online system. Virginia uses FINRA to process applications, but FINRA doesn’t supervise RIA firms.
Form ADV Part 1 (online portion)
This is the online portion of the RIA’s registration document. Its primary focus is to share information about the firm. Also, ADV Part 1 is used to upload the firm’s Form ADV Part 2A and 2B.
Form ADV Part 2A (paper and online)
This is a brochure about your firm, containing information about fees, services, disciplinary disclosures, and other important information for clients. This must be provided to all clients and written in plain English so clients can easily read and understand it.
Form ADV Part 2B (paper and online)
This paper brochure includes information about your education, employment, any conflicts of interest, and disciplinary information. Additionally, anyone giving investment advice, including executive officers, must have this form too. This form is required to be given to clients.
This must be given to clients at the start of their working relationship and every year after that. It must explain how the RIA plans to store, handle, and disclose the client’s information. Each statement will be unique to the RIA; however, it must meet the state’s compliance requirements.
Client Advisor Contract
This must meet the regulatory authority standards for client advisory set by the state and will need to include an investment policy statement.
Policies and Procedures Manual
This guide is used to maintain and enforce the firm’s internal policies. It must include details about how the firm handles client complaints and trains new investment advisor representatives. It should also contain details about the firm's business continuity plan, anti-money laundering policy, information security policy, anti-insider trading policy, and other aspects of your RIA.
Code of Ethics
Advisors must submit this to show Virginia they meet the state's standards.
Starting an RIA in Virginia can be easily done with the right resources. If you want to learn more, we invite you to download our comprehensive launch kit.
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Our dedicated customer support team is here to help advisors that are planning to make the leap from their wirehouse. Our team will help ensure a smooth transition with exceptional ongoing service.