More On Legal & Compliancefrom The Advisor's Professional Library
- RIAs and Customer Identification Just as RIAs owe a duty to diligently protect their clients privacy and guard against theft, firms also play a vital role in customer identification. Although RIAs are not subject to an anti-money laundering rule, securities regulators expect advisors to address these issues in their policies and procedures.
- Dealings With Qualified Clients and Accredited Investors Depending upon an RIAs business model and investment strategies, it may be important to identify “qualified clients” and “accredited investors.” The Dodd-Frank Act authorized the SEC to change which clients are defined by those terms.
Donald K. Runkle, who led the compliance operations of Raymond James’ independent channel for more than 10 years, has left the firm. Runkle’s last day at the firm was Friday, a spokesperson says.
“The firm’s policy is not to comment on associates no longer with the firm,” said Scott Curtis, president of Raymond James Financial Services, in a statement.
“Until a permanent RJFS chief compliance officer is identified, Alyssa Meyer and Jason Thackeray, both experienced directors of RJFS compliance, will act as co-CCOs. We’re grateful for Don’s contributions to the firm and wish him well in the future.”
Runkle worked for A.G. Edwards from March 1992 to May 1993, before joining Raymond James in August 1993, according to FINRA records.
As of March 30, RJFS has 3,288 advisors in the United States, while its employee channel has 2,438. Its independent advisors are set to meet in Washington, D.C., from May 19-22 at the group’s annual conference.
Last month, rival IBD LPL Financial (LPLA) said that Derek Bruton, formerly head of independent advisors services, resigned in connection with concerns over "interactions with other employees." The firm tapped Bill Morrissey as his replacement.