Launching a solo Registered Investment Adviser (RIA) firm is a bold move—but with independence comes responsibility. Chief among them? Compliance. And one of the most important frameworks guiding state-level compliance is the NASAA Model Rules, developed by the North American Securities Administrators Association. 

If you’re a solo RIA trying to navigate these rules while growing your firm, this guide is for you. 

What Are NASAA Model Rules? 

NASAA Model Rules are standardized regulatory guidelines that many U.S. states adopt to govern investment advisers. They cover everything from registration requirements to cybersecurity policies, and they serve as the backbone of state-level compliance for RIAs. 

Key Areas Covered: 

• Annual registration renewal 

• Form ADV amendments 

• Written policies and procedures 

• Books and records maintenance 

• Business continuity and succession planning 

Critical Deadlines Under NASAA Rules 

Even if your state has slight variations, most solo RIAs must adhere to these core deadlines: 

Missing these deadlines can trigger audits, fines, or worse—loss of registration. 

Written Policies & Procedures: Your Compliance Shield 

NASAA requires RIAs to adopt and annually review written policies covering: 

• Cybersecurity: Protect client data using a 5-part framework (Identify, Protect, Detect, Respond, Recover) 

• Proxy Voting: Disclose authority and maintain records 

• Personal Trading: Monitor and document trades to avoid conflicts of interest 

• Material Nonpublic Information: Prevent insider trading 

• Business Continuity: Ensure clients are protected during disruptions 

These aren’t just best practices—they’re legal obligations. 

Books & Records: What You Must Keep 

NASAA rules mandate that solo RIAs maintain extensive documentation, including: 

• Financial records (bank statements, invoices) 

• Client agreements and communications 

• Advertising materials (blogs, newsletters, social media) 

• Personal account holdings and trades 

• Compliance manuals and review logs 

Failure to maintain these records can result in regulatory penalties—even if no wrongdoing occurred. 

Why Solo RIAs Need to Take NASAA Seriously 

Unlike large firms with compliance departments, solo RIAs are their own Chief Compliance Officers. That means: 

• You must interpret and apply NASAA rules yourself 

• You’re responsible for proving compliance—not just avoiding violations 

• You’re the point of contact during audits and examinations 

And yes, the SEC or state regulators will come knocking eventually. 

Focus on Growth, Not Red Tape 

You didn’t start your firm to become a full-time compliance officer. You started it to serve clients, grow assets under management (AUM), and build something meaningful. 

So why spend your time decoding NASAA rules and chasing deadlines? 

Let LawVisory Handle the Hassle 

LawVisory specializes in helping solo RIAs stay compliant with NASAA Model Rules and SEC regulations—without the stress. From Form ADV filings to policy reviews and audit prep, we take care of the details so you can focus on building your business. 

👉 Ready to simplify your compliance and reclaim your time? 

Speak to LawVisory today and let us help you stay compliant, confident, and focused on growth.