More On Legal & Compliancefrom The Advisor's Professional Library
- Regulatory Oversight of Investment Advisors Although the regulatory environment is in a state of flux, it is imperative that RIAs adhere to their compliance obligations. To ensure compliance, RIAs and IARs must fully understand what those obligations are.
- Client Communication and Miscommunication RIA policies and procedures must specify what type of communications should be retained. The safest course of action is for RIAs to retain all communicationsto clients, from clients, and about client accounts. To comply with fiduciary obligations, communications must be thorough and not mislead.
Here's a breakdown of how, and where, advisors and brokers are registered. The numbers were presented by Melanie Lubin, Maryland's Securities Commissioner, at the ALI-ABA investment advisor regulation conference in Washington in late January.
- 24,481 total advisors are listed on the Investment Adviser Registration
- 10,977 advisors are SEC registered only
- 192 advisors are dually registered with the states and SEC
- 13,312 are state registered advisors
- 1,109 firms are B/Ds and advisors
- 225,000 are B/D reps
- 200,000 reps are also registered as B/D agents
- 4,000 reps are associated with both state and federally registered firms