Reports & Brochures

Independent Report on Investment Adviser Oversight

The IAA, together with the Certified Financial Planner Board of Standards, Inc., the Financial Planning Association, the National Association of Personal Financial Advisors, and TD Ameritrade Institutional, commissioned the BCG study to determine the costs of the options outlined in the SEC’s Dodd-Frank Act Section 914 report on increasing the frequency of investment adviser examinations.

The BCG report analyzes the costs of: 1) increasing the level of SEC examinations; 2) set-up and operation of an investment adviser SRO by the Financial Industry Regulatory Authority (FINRA); and 3) set-up and operation of an entirely new SRO for advisers. BCG’s economic analysis was based on the assumption that advisers would be examined by the SEC or SRO on average once every four years. If you have any questions about the above, please contact IAA Vice President for Government Relations Neil Simon at neil.simon@investmentadviser.org.

Investment Management Compliance Testing Surveys

The Investment Adviser Association, ACA Compliance Group, IM Insight, and Old Mutual Asset Management conduct an annual online survey of compliance professionals. Based on the survey results, the reports identify the types of compliance testing practices and strategies investment adviser firms are using in the areas of annual reviews, personal trading, gifts and entertainment, political and charitable contributions, insider trading, soft dollars, trade allocation, business continuity, and books and records.

Evolution Revolution Reports

The Investment Adviser Association and National Regulatory Services conduct an annual report that profiles the investment adviser profession. The report is based on information filed by SEC-registered investment advisers electronically on Form ADV, Part 1. The reports contain data on the number of registered advisory firms (including newly registered hedge fund advisers), assets under management, employees, advisory and other business activities, types of advisory clients, compensation, custody, and financial industry affiliations. For more information please contact the IAA.

IAA Activity Reports

The IAA Board of Governors is pleased to present annual Activity Reports of the Investment Adviser Association. The reports highlight the Association's significant efforts and accomplishments in the areas of advocacy, compliance, education, and services.

Asset Management Operations & Compensation Survey

The Asset Management Operations and Compensation Survey is conducted by the Advent Users Group (AUG), an independent non-profit organization comprised of investment professionals. The IAA co-sponsors the survey, viewing it as a potential tool that IAA members could use to evaluate firm operational and compensation practices. The survey and its results focus on firm attributes, technology and operations, and human capital. Survey highlights are available below; full results are provided for survey participants. For more information, please contact IAA Director of Membership and Marketing, Alex Aderton, at (202) 293-4222 or alex.aderton@investmentadviser.org.

Technology Operations Survey Report

The IAA and SEI are pleased to provide a report on their technology/operations survey. Key findings include the following: 1) operational and technology capabilities are viewed as important enablers of business success; 2) most repondents indicated that their IT budgets are currently focused on maintaining and upgrading existing tech/ops systems; 3) most firms report that they expect to increase their IT budgets in 2007; 4) asset managers are dealing with growing IT complexities; and 5) legal, regulatory and compliance concerns continue to drive IT spending higher.

Cutting through the Confusion

The Investment Adviser Association, along with the Consumer Federation of America, North American Securities Administrators Association, Financial Planning Association, and CFA Institute, have produced an investor education brochure. Entitled, “Cutting through the Confusion,” the brochure explains differences between brokers, investment advisers, and financial planners, and identifies questions investors should ask themselves and potential providers before making a choice. A press release issued by the Coalition for Investor Education highlights the purposes of the brochure. Investors should contact the IAA office to receive a free copy of the brochure.

IAA Standards of Practice

Since its founding in 1937, the Investment Adviser Association has prescribed certain principles of conduct for investment advisers. Over the years, many of these principles have been used by Congress and the Securities and Exchange Commission as the basis for legislation and regulations governing the conduct of investment advisers and by the United States Supreme Court in defining the standards of fiduciary conduct applicable to all investment advisers.

Reading through the IAA Standards of Practice may help investors understand the fiduciary principles of conduct endorsed by members of the IAA. For more information please find the brochure below or go to the IAA Standards of Practice section of our website.

IAA Member Satisfaction Survey

At the end of 2005 and 2010, the Investment Adviser Association conducted a membership satisfaction survey. IAA members may download the report for a full description of the Survey's methodology, findings, and data.




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