Wondering whether to register with the states or the SEC? It's a moving target.
New York advisors still left to wonder who has power over them
Related Moves
Skip Schweiss exit from TD Ameritrade means the RIA custody business lost its most visible corporate-paid advocate -- for the moment
TD's now ex-managing director of advisor advocacy is set to become the FPA president, but most peers agree the 58-year-old is poised to 'write his ticket' with another custodian or national RIA
August 5, 2020 at 9:33 PM
Apex nabs Jon Patullo from 'Schwabitrade' to 'raise the bar' and make his new firm's RIA system as 'frictionless' as the old one
The loved and admired TD Ameritrade software chief will bring his playbook -- and possibly Schwab's -- to Apex, which continues to try putting a winning front-end on its old Penson backend, a source says
October 11, 2022 at 12:40 AM
Robinhood gets 'brilliant' upper manager -- and a spare CEO -- by nabbing TD Ameritrade's ex-thinkorswim top exec, hopefully to throw a lifesaver to Robinhood's sinking stock
The Menlo Park, Calif., firm nabbed Steve Quirk as first-ever chief brokerage officer to 'bridge the gap between academia and reality.'
January 6, 2022 at 10:33 PM
Oisín's snippets: Charles Schwab brand goes up on Omaha's TD Ameritrade stadium, home of college baseball world series • Interactive Brokers lands an RIA custody insider, Charlie Latimer, to climb the custodian ladder
The TDA brand lives on until the techies figure out how to make two systems into one, but change is in the air in Omaha, while Interactive Brokers gets a leg up in the custody business with a new hire.
December 27, 2021 at 9:58 PM
See more related moves
TD Ameritrade
Asset Custodian
Top Executive: Tom Nally
Summit Creek Capital
RIA Serving Endowments/Foundations
Top Executive: Duncan Morton III
Chuck Lowenstein
Just a minor correction. Twice, the article states that the current law requires IAs with AUM of $25 million or less must register with the states, e.g., “Currently, only advisors with $25 million in assets or less are required to register with the states.”
Almost, but not quite. The law requires those with LESS than $25 million to register with the states. Once the IA has reached $25 million, registration is optional with either the states or the SEC. At $30 million, SEC registration becomes mandatory.
Elizabeth MacBride
Thanks Chuck! I adjusted the story to clarify.
Peter Mafteiu
It may be a rude awakening too for firms that go from SEC to State registration / supervision late in 2011. The home state can then “review” ADV disclosures (require modfication), review advisory contracts (require modification), polcies & procedures, advertising, etc.
In addition, if the adviser is a general partner and adviser to a private (hedge) fund, it even gets more interesting. Washington state is one that I know well; the regulations are designed to protect citizens, that is for sure (which is then felt as burdensome to the adviser / general partner of the Fund). Compliance is difficult!
Be slow to make the change, that is for sure!
