NASAA announced examination focus areas for 2025, providing state-registered investment advisors with advance notice of areas that state examiners will prioritize during routine examinations.
Top focus areas include advertising and marketing compliance under existing state rules, cybersecurity preparedness and incident response planning, and protections for senior investors.
Fee billing practices and disclosure accuracy are also highlighted as examination focus areas, reflecting recent enforcement actions involving undisclosed fee structures.
Firms are encouraged to conduct self-assessments against the published focus areas and address any identified gaps before their next examination cycle.