Financial Advisors Find Help With ADV Part 2 Overhaul

Online, November 2, 2010 (Newswire.com) - It is not just big business deploying software-as-a-service solutions (SaaS). An increased number of registered investment advisers are turning to SaaS. Times have changed due to increased regulatory requirements made by the Securities and Exchange Commission (SEC) and the Dodd-Frank Wall Street Reform and Consumer Protection Act. Investment managers are faced with handling many time-consuming tasks above and beyond portfolio management. Managers are looking to alleviate their non-strategic workload through SaaS and allow them more time to devote to investment decision making and their clients.
The new regulatory requirements demand more effort from investment firms and their professional staff. The biggest change for investment managers is the SEC's new Form ADV Part 2 narrative brochure requirement. As a result, investment managers have a new role: copywriter. They are required to create a full disclosure document similar to a prospectus into a "plain English" narrative that investors will understand. No easy undertaking.
"As an investment manager, you struggle to find time for your clients while also making sure to comply with SEC and state regulations," says Jim Hammett, President of Advisor Consultant Network, Inc. (ACN). ACN is a provider of SaaS solutions - including a Form ADV Part 2 narrative brochure online application for the single manager as well as compliance or law firms. Their application facilitates the compiling, editing, and reviewing of the new required SEC disclosure document in a simple three step process. "We want to make it easier for investment advisers, giving them the tools to enable them to devote more time to portfolio management and working with clients and prospects. Managers will need more than a template for this one."
SaaS solutions continue to prosper in various industries, and in this case, helping even the investment manager prioritize. A Gartner Inc. survey reveals that companies are not planning to reduce spending on SaaS solutions. It has become an integral part of productivity - from cable networks improving routing and scheduling, human resources driving efficiency, to the army managing compliance - SaaS has emerged as a must-have for successful businesses.
About Advisor Consultant Network
Founded in 1995, Advisor Consultant Network, Inc. is a software company with experience in designing products for investment firms and financial industry professionals. ACN's proprietary products primarily focus on the rules, regulations, and registrations with the SEC and state regulatory agencies. As the leading 13F EDGAR solution provider, ACN's clients value their expertise with these rules and regulations. In September, ACN launched their online application for the Form ADV Part 2 Narrative Brochure along with services to facilitate in the writing of these brochures.