This is, literally, the MOST IMPORTANT thing that advisors need to stay on top of for compliance purposes. In our firm, MOST reviews do not necessarily happen exactly on time. There are all sorts of reasons for this. The "next review date" should NOT CHANGE AUTOMATICALLY.

This should cycle on an annual (or quarterly, whatever is decided basis) based on a MANUALLY entered "most recent review" date. Then, I should be able to run a report so that I easily know which reviews are overdue.

This is absolutely CRITICAL. C-R-I-T-I-C-A-L.

There are so many ways to go about it - maybe the simplest is in settings "review dates cycle automatically based on the first review date"
vs
"most recent review dates must be manually entered in order for next review date to be calculated"

I cannot possibly understate the importance of this.