Annual ADV Update Process
Annual ADV Update Support
As a member of XYPN, one of your member benefits is the completion of your Annual ADV Update with support from XYPN's Compliance Solutions Team. If you plan on engaging our team for this support, below is an overview of what you can expect going into the Annual ADV Update Season.
The purpose of our Annual ADV Update Service is to complete this necessary amendment filing that all advisors are required to submit within 90 days following their fiscal year-end, which for most advisers is as of December 31st. As part of this service, we will assist in updating your ADV Part 1 to ensure the required updates are made to your number of clients, amount of Assets Under Management, and the breakdown of those figures as of your fiscal year-end. Through our Annual ADV Update questionnaire, you will also be able to confirm or provide updates for your firm’s contact information, which is also disclosed on Form ADV and must remain up to date.
How To Prepare
To best prepare for your Annual ADV Update, you will need to ensure that you can gather and provide current information that needs to be updated on Form ADV Part 1 and Part 2. You can usually obtain the necessary information for your firm as early as January 1st or in some cases after close of business on December 31st. The important point is that the figures accurately reflect your year-end values. You may also use this AUM & Client Worksheet to record the updated figures as you prepare for your Annual ADV Update.
How To Engage
To best prepare for your Annual ADV Update You can engage in our Annual ADV Update Process through your Member Dashboard between January 3rd and March 17th. Within the sign-up process, you will have the option to engage in our standard Annual ADV Update Process if you only need support with the required annual updates or our Premium Annual ADV Update process if you would like support with updates to services, fees, custodians, or any other business practices disclosed on Form ADV.For a detailed breakdown of what changes are included in the Annual ADV Update vs. what requires a Premium ADV Update engagement with a compliance consultant review this knowledge base article.If you wish to leverage our Premium ADV Update service outside of Annual ADV Update season, you can do so by submitting an engagement request through your member dashboard as instructed, HERE.You can also join our Weekly Compliance Office Hours for guidance on questions related to ADV Updates and our process. Register for Office Hours via the Membership Calendar.