It has been over a year since SEC Rule 206(4)-2 was changed. It now includes an independent audit for advisors with custody, bringing the definition of custody to the forefront for compliance officers.

One thing is clear - today's environment is substantially more complicated for advisors, and the time commitment required to deal with the regulations can be onerous.  Check out this new Smart Decisions paper to learn how two firms are handling the SEC regulation and pick up 7 tips to help your firm prepare for the audits. - Read More