Successful Breakaway Requires Planning
The financial turmoil of the last decade, and particularly the 2008 financial crisis, have left many financial advisers questioning whether working for a traditional Wall Street brokerage firm is worth the trouble. Mergers, scandals, and proprietary products combined with sales quotas have left many in the industry wondering whether they could better serve their clients and achieve greater job satisfaction by breaking away from their current broker-dealer and going independent. To these professionals, running an independent registered investment adviser (RIA) presents many possibilities. Diligent advance planning is critical to a successful transition ( breakaway ) from a traditional brokerage arrangement to an RIA.
Protect Against a Botched Breakaway and Learn What Might Go Wrong
- Court issued restraining order
- Lawsuit between ex-firm and departing broker
- Regulatory intervention
- Clients not moving to new RIA
- Damaged reputation
NCS Regulatory Compliance Can Help
Our knowledgeable consultants work closely with you with dedicated support to assess your needs and develop a strategy that is effective and easy to implement. As an RIA, you have on-going compliance, filing, and regulatory obligations. Even if you are a one person firm, you must still meet your compliance obligations. You may benefit from hiring a compliance consulting firm to help you:
- Determine whether you may (or must) register with either the state(s) or the SEC
- Draft your compliance procedures
- Prepare and file the RIA and IAR registration application
- Assist with on-going compliance and filing obligations
To learn more, contact us below.