SEC Releases 2025 Examination Priorities

The Securities and Exchange Commission (SEC) released its examination priorities for the 2025 fiscal year on Monday morning, highlighting some familiar focus areas and adding a few notable updates. It’s worth paying close attention to these priorities, especially as the SEC continues to emphasize Investment Advisors’ Fiduciary Duty and Broker-Dealers’ adherence to Reg BI.

Enhanced Focus on RIA Compliance Programs

In their annual letter, the SEC reaffirmed its focus on Registered Investment Advisors’ (RIA) compliance programs—particularly how well-equipped they are to oversee and manage outsourcing activities, monitor alternative compensation arrangements, and ensure adherence to client fee schedules. At Key Bridge, we’ve consistently seen the importance the SEC places on these points during examinations, and this year will be no different.

Alternative Revenue Sources and Non-Security Products

Of special note, the SEC has signaled that it will pay close attention to advisors maintaining alternative revenue sources, such as those selling non-security products to clients. We’ve seen firsthand that the SEC often scrutinizes advisors who sell insurance products alongside advisory services, especially if there’s potential for client confusion with disclosures or conflicts of interest.

New Focus on Artificial Intelligence (AI) in Advisory Practices

The SEC is also prioritizing the use of Artificial Intelligence (AI) within advisory practices, “If advisers integrate artificial intelligence (AI) into advisory operations, including portfolio management, trading, marketing, and compliance, an examination may look in-depth at compliance policies and procedures as well as disclosures to investors related to these areas.”[1] As many advisors begin to explore AI’s potential, it’s important to ensure that disclosures reflect both current and anticipated uses of these tools. Furthermore, the SEC expects advisors to perform due diligence on any AI platforms, particularly if they influence portfolio decisions or handle sensitive client information.

Ongoing Emphasis on Information Security and Crypto Assets

In addition to AI, the SEC will continue its focus on information security programs and crypto assets. Examinations could include reviews to ensure RIAs meet fiduciary obligations when recommending cryptocurrency investments, an area where the SEC remains vigilant.

Preparing for SEC Compliance

With enforcement actions on the rise and an increasingly proactive stance from the SEC, there’s never been a better time to ensure that your compliance program aligns with these priorities. At Key Bridge, we’re here to help advisors stay ahead of these expectations, so please reach out to us.


[1] https://www.sec.gov/files/2025-exam-priorities.pdf