More On Legal & Compliancefrom The Advisor's Professional Library
- Do’s and Don’ts of Advisory Contracts In preparation for a compliance exam, securities regulators typically will ask to see copies of an RIAs advisory agreements. An RIA must be able to produce requested contracts and the contracts must comply with applicable SEC or state rules.
- Differences Between State and SEC Regulation of Investment Advisors States may impose licensing or registration requirements on IARs doing business in their jurisdiction, even if the IAR works for an SEC-registered firm. States may investigate and prosecute fraud by any IAR in their jurisdiction, even if the individual works for an SEC-registered firm.
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.