On April 12, 2018, the staff of the Office of Compliance Inspections and Examinations ("OCIE") published a National Exam Program Risk Alert (the "Risk Alert") on the most frequent compliance issues relating to advisory fees and expenses charged by registered investment advisers identified in deficiency letters from OCIE examinations of investment advisers. The Risk Alert reflects issues identified in deficiency letters generated in the course of over 1,500 adviser examinations conducted by OCIE staff over the past two years. The most frequent deficiencies identified by OCIE staff were reported in six primary areas.