Les Abromovitz, Columnist

You also have to be very careful if you offer investment advisory services through an RIA that is not your firm. You can not say your firm “ABC Advisors” offers advisory services. The SEC and the states are particularly cognizant of this scenario. Quite often the advisor wants to say his firm offers these, but it’s considered false and misleading.

So you're an RIA. Be careful about calling yourself one, says the SEC

Les Abromovitz: The SEC’s observation was surprising. 

ADV Part 2

Les Abromovitz

The past two years have been some of the most momentous in the relatively short history of the RIA profession. Legislators and regulators have been gradually embracing the fiduciary standard, though whether it will fully apply to everyone calling themselves advisors remains to be seen.

The Department of Labor’s crusade to lower costs and increase transparency in retirement plans means a spate of new regulations affecting advisors and brokers in that market. Dodd-Frank Financial Reform, meanwhile, continues to unroll across the profession, with the biggest change being a shift to state oversight of RIAs with less than $100 million AUM. In this section, you’ll find continually updated RIABiz.com coverage on all these topics.

RIA Compliance

Beware of using the term as focal point for marketing; some states may have competing regulations

So you're an RIA. Be careful about calling yourself one, says the SEC

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November 18, 2022 at 2:56 AM

Cathy Vasilev

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