Getting IPS documents signed and filed: a small RIA's routine for chasing signatures
A small RIA keeps IPS signatures under control by tracking every IPS that's out for signature with its send date, chasing on a set schedule, storing the signed copy against the right client, account and version as soon as it comes back, and marking that version as the one in force from its effective date. Keep earlier versions so you can always show which IPS applied in any past period.
The new IPS went out in March. By June, nobody's sure whether it came back. There's a scanned copy in someone's downloads folder, an unsigned draft in the client folder, and the old version still in the file the reviewer will open. If anyone asks which IPS applied in April, the honest answer is "probably the new one".
What should you track for each IPS out for signature?
| Field | Why |
|---|---|
| Client, account and version | So the signed copy goes to the right place |
| Date sent and how | Starts the chase clock |
| Reminders sent | Shows you followed up |
| Date signed and returned | Sets when the new version applies |
| Status | Draft, out for signature, signed, active, superseded |
What's the routine?
- Send the IPS with a clear note on what changed and a date to return it by.
- Chase on a fixed schedule, for example after one week and after three.
- When it comes back, store the signed copy against the client, account and version the same day.
- Activate it: mark it in force from its effective date, and mark the old one superseded but keep it.
- Set the next review date.
- If it never comes back, record the reminders and follow your procedure for unsigned documents.
A worked example
Take a hypothetical two-person RIA that sent eight updated IPS documents after a model change. The operations lead lists all eight as "out for signature" with the send date. Five come back within two weeks and are filed and activated the day they arrive. Two get a reminder at one week and come back the week after. One client is travelling; the reminder is noted, the previous version stays in force under the firm's procedure, and the new one is activated when it's signed a month later. Every account now shows which IPS applied, and from when.
What are the common gaps?
- Signed copies saved in email or a personal folder.
- No record of which version is in force.
- The old version deleted when the new one arrives.
- No reminders, so unsigned documents drift for months.
When is this overkill?
If you only update a handful of IPS documents a year, a simple list may do. After a model change or a review season, when dozens go out at once, use a tracker.
How Advorra fits
Advorra keeps IPS versions with an audit trail, lets you upload the signed copy and activate it, and runs a 36-month review clock, so each account shows which IPS applied when and which are due. See the product page, or read about when to update an IPS and telling clients about a model change.
One thing to do this week: list every IPS that's been sent but not signed, and the date it went out.
An operations routine, not legal or compliance advice.
Questions advisors ask
Does an IPS have to be signed?
It depends on your procedures and what you've told clients. Many firms ask for a client signature to show the client agreed. Your compliance consultant can advise.
What if a client never signs?
Record each request and reminder. Decide in your procedures what happens next, for example treating the previous version as still in force until the new one is signed.
Can e-signatures be used?
Many firms use e-signature tools. Store the signed file and the completion record.
Which version applies while we wait?
Your procedures should say. Commonly the last signed version stays in force until the new one is signed and activated.
Is this compliance advice?
No. It is an operations routine.
See it on a demo firm
Advorra is practice software for independent RIAs: clients, models, IPS, billing and compliance records in one place, on top of the custodian you already use. Built by The CollabHub.
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