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Compliance management software platform to streamline compliance data for audits, track & meet regulatory requirements and more.
Provider
SmartRIA
Located In
United States
Foundation
2011
Open API
Unverified
Deployment
Cloud, SaaS, Web-Based
Training
Webinars, In Person, Documentation, Live Online
Support
Chat
Designed for wealth management firms and institutional financial services platforms of all sizes to streamline compliance data, trade monitoring, & accounts and meet regulatory requirements.
Content Source: Smart RIA
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Smart RIA Reviews
Pros
What I like is how easy it is to use not only for the compliance department but also for employees. It is an excellent tool that guides us to comply with regulations.
The software has made great advancements in the first couple of years, and the support team has been great. As long as improvements continue to be made, we're moving in the right direction.
Cons
Depending on your custodian getting your data feeds set up correctly can be frustrating and time consuming.
The integrations are limited, specifically with Wealthbox and Redtail (CRM integrations).
"Finally All-Inclusive Compliance Software"
Overall: I can without a doubt say that SmartRIA is the best vendor we work with. Not just in the compliance software realm. They are always timely with responses and quick to address any issues that pop up.
Pros: SmartRIA is the only product I was able to find on the market that helps you build out a full compliance program in one place. All of the other products are piecemeal and end up costing significantly more. My team and I really appreciate how receptive SmartRIA is to changing and improving as well.
Cons: Depending on your custodian getting your data feeds set up correctly can be frustrating and time consuming.
Vendor Response
"Compliance Task Management System"
Overall: It's been a long road. The software has made great advancements in the first couple of years, and the support team has been great. As long as improvements continue to be made, we're moving in the right direction.
Pros: The software is fully customizable, which is critical for state registered and financial planning focused firms that may need to add or remove tasks according to their specific business model.
Cons: The integrations are limited, specifically with Wealthbox and Redtail (CRM integrations). Firm owners would like to be able to eliminate the need to track and complete tasks in calendar format in both systems, but by only synching client data and not task data via the integration, that functionality does not improve efficiency from a task management standpoint. Also, the lack of a strong document storage solution that includes the secure transfer of documents to and from clients encourages firms to store documents via other systems (Drop Box, Sharefile, etc.).
"SEC Audit"
Pros: We went through an SEC Audit and the access controls and vendor due diligence saved us so much time in reporting for the SEC. Huge help in a stressful time.
Cons: More communication around acquisition would have been nice
"Great Solution for Our RIA"
Overall: Our firm was one of the very first to integrate the use of Smart-RIA into our daily operations, so we have seen the progress of this platform from the beginning. The development team has always provided an excellent customer experience including the attempt to incorporate new features, and they have really taken much stronger approach to development when they decided to stay purely in their lane - compliance.
Pros: The most impactful functionality of this software includes a customizable compliance calendar where alerts can be managed for all employees/advisors and custom forms that can be created to capture critical information including the ability to upload/attach supporting files. Smart-RIA is our one-stop-shop for all things compliance.
Cons: Occasionally process steps are added or modified between patch releases, but the changes are typically intuitive in nature so as not to impede your work. As of late, the development team has been issuing helpful, proactive communications about new functionality and interface changes when migrating to newer releases.
"Functional platform making switch enhancements."
Overall: We love working with Amy, she understands the system well, is thorough and is really good at helping familiarize users with the platform. We have had excellent service from SmartRIA and while it is still newer to us, we feel like this will be a good platform to run compliance out of for years to come.
Pros: The SmartRIA team listens to feedback from users and swiftly implements changes. Examples: email notifications, form template editing ease (DRAG AND DROP FEATURE). The Reports tab is useful for the Compliance team as far as ensuring everyone is completing forms in a timely manner and the ability to pull various types of forms over a certain timeframe.
Cons: I wish the weekly email with upcoming activities also would show users their past due activities! This seems like an easy item to add that would prevent some of our chasing down of supervised persons!
