Advisor Exam Rate Likely to Drop in 2019: SEC

As to digital assets, which Kahl said "may be touching" some RIA firms, OCIE started a few initiatives last year that will continue this year, and plans a "more in-depth approach this year to get a sense of what's happening in your shops."

He noted the digital assets initiative launched by the agency last year to "get a lay of the land" in the advisor space. "We didn't find much. We found some dalliance" in digital assets by private funds. However, "there's lots of interest from clients."

This year, Kahl continued, "we're going to continue to essentially survey to keep our pulse on digital assets" and advisor accounts.

As to senior investors, OCIE will continue to focus on fees and expenses, Kahl said. "We are very frequently finding problems, not necessarily a fraudulent area, but it's lack of controls, lack of attention to your billing practices."

Other areas of focus regarding senior and retail investors include rollovers, recommendations, fund selection, share classes and breakpoints, he said.

— Check out Let Reg BI 'Play Out': SEC's Peirce on ThinkAdvisor.