NASD sucks.  For them it’s not about preventing advisors from hurting the public, it’s whom they can catch to charge a fine against them…just follow the money…

I'm asking myself the same question.  I don't know about the compliance (cost) aspect of RIAs.  We may be jumping from the kettle into the fire? I'm tired of having to run all promotion, e-mail, mailers, etc., thru the "sales prevention dept". 

I'm reading an article in IA about starting your own open-ended mutual fund.  A turnkey fund service provider costs around $40,000 a year.  

I don’t see how starting a mutual fund would lighten the regulatory
load.  If anything I could see it piling on the load.  I know
a guy who started a fund and every client gets a small part of their
portfolio put into the fund.  It really hurt his credibility with
his clients I’ve spoken with about it.  He runs a great business
but I think that mutual fund is holding him back.



We are a small firm and will eventually do away with our own B/D and
switch to another firm we’ve already agreed upon - it’s just whether
moving everything to our own RIA wouldn’t be a better solution. 

Its not an endorsement, just coincidence that I was reading that article while considering all the alternatives outside of the B/D structure. 

What kind of regulations would apply under your own RIA?  Unless its changed, I remember that the SEC doesn't require registration if your assets AUM are under $25 M.  

I don’t know - I would be state registered at first and am starting the process of getting into that.

[quote=skeedaddy2]

Its not an endorsement, just coincidence that I was reading that article while considering all the alternatives outside of the B/D structure. 

What kind of regulations would apply under your own RIA?  Unless its changed, I remember that the SEC doesn't require registration if your assets AUM are under $25 M.  

[/quote]

Over 25m you have to register with the SEC.  Under 25m you have to register with the state authorities....