Mock Regulatory Exam Preparation for RIAs

A mock exam helps you see what regulators will see — before the exam begins. We review your program, test exam readiness, and give you a clear action plan.

What Is a Mock Regulatory Exam?

A mock regulatory exam is a structured, exam-style review designed to simulate what an SEC or state regulator may request, question, and evaluate during an examination.

It’s not a generic checklist — it’s a practical, document-driven assessment of how your compliance program looks and functions in real life.

You’ll walk away with:

A clearer understanding of your firm’s exam readiness
Specific gaps to address (before a regulator finds them)
A prioritized remediation plan you can actually execute

Who This Is For

This service is ideal for:

Solo and small RIAs without in-house compliance staff
Firms preparing for a first-time exam (SEC or state)
RIAs that haven’t had an exam in several years
Firms that recently changed business models, services, or key personnel
Advisers who want to reduce uncertainty and stress before an exam window

What We Review

Your mock exam may include review of:

Compliance manual and policies/procedures
Form ADV (Part 1 and Part 2) alignment with actual practices
Marketing and advertising practices (including Marketing Rule considerations)
Personal trading and Code of Ethics administration
Client files and required disclosures (sample-based)
Best execution oversight and vendor due diligence (as applicable)
Annual review documentation, testing, and evidence of implementation
Cybersecurity and business continuity practices (scope-dependent)

(Scope is tailored to your firm’s size, complexity, and exam risk profile.)

How the Process Works

Step

Intake & Scoping (Quick and Simple)

We clarify your regulatory status, risk areas, service model, and what prompted the mock exam (upcoming exam, concern, growth, etc.).

Step

Document Request & Review

You’ll receive a structured request list. We review documents and assess whether policies match actual workflows.

Step

Mock Exam Simulation

We walk through “exam-style” questions and test readiness — focusing on the real-world items regulators typically scrutinize.

Step

Findings + Practical Remediation Plan

You’ll get a written summary of observations with priorities:

High priority: likely exam risk / must fix
Medium priority: improve consistency and documentation
Low priority: enhancements and best practices

Optional: remediation support can be added if you want help implementing the improvements.

What You Receive

Deliverables typically include:

A Mock Exam Summary (findings + risk level)
A prioritized remediation plan
A recommended document clean-up list (what to revise, add, or better evidence)
Optional: updated templates or improved policy language (as scoped)

Why a Mock Exam Is Worth It

A regulator’s exam can feel unpredictable — especially for small firms. A mock exam gives you clarity and structure so you can:

Reduce exam anxiety and uncertainty
Strengthen documentation and consistency
Identify gaps before they become findings
Improve your ability to respond confidently to requests and questions
Establish a stronger “culture of compliance” in a practical way

FAQ - Mock Exams

How long does a mock exam take?

Most mock exams take 2–4 weeks, depending on document readiness, firm complexity, and scheduling. We’ll confirm timing during the intake call.

Is this only for SEC-registered firms?

No. Mock exams can be scoped for SEC-registered or state-registered RIAs.

Do you provide remediation support after the mock exam?

Yes. Many firms choose follow-on support to implement recommendations, update documentation, or improve evidence of compliance.

Will this prepare me for document requests and interviews?

Yes. The process is designed to help you prepare both your documentation and your ability to respond to common exam questions.

What does it cost?

Pricing is based on scope, firm complexity, and readiness. You’ll receive a clear quote after a brief intake call.

Ready to feel prepared for your next exam?

Schedule a consultation to discuss mock exam readiness and get a custom quote.