Registering a new IA with the SEC

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Aug 3, 2011 2:12 pm

Hello,

I'm in the process of registering my firm as an IA. I was led to believe by some colleagues that with a few hours' effort per week, I could do this myself, so I decided to take on the challenge.

I am the senior partner of the firm, and will also be the main IA representative. My question is, which form should I submit first, the U4 (for the individual, me), or the ADV for the firm?

Thanks in advance for your help. I'm sure I'll be here often with additional questions.

Aug 4, 2011 8:52 am

Like registering a new BD, you typically cannot submit a U4 when there's no firm registration to associate with so the ADV should go first.  Take your cue from the IAPD system and the state licensing staff.

Proceed cautiously and perhaps consult with an attorney for consultative purposes.

Aug 4, 2011 4:40 pm

Thank you for your help.

Aug 10, 2011 12:19 am

Liberum Advisor Solutions can help you with all aspects of starting or expanding your RIA business.  I can give you assistance with not only the compliance of registering your firm, but also building an efficient RIA platform that includes CRM, Trading, Billing, Client Proposal & Reporting, and Portfolio Mananagement.  Give me a call, I would be glad to help.

Mar 18, 2012 10:03 pm

I was led to believe by some colleagues that with a few hours' effort per week, I could do this myself, so I decided to take on the challenge.

I am the senior partner of the firm, and will also be the main IA representative. 

Hi Iveras,

I hope you were able to successfully get your RIA firm properly registered.  I can't stress to you enough how important it is to have a good knowledge of compliance and to really keep up with all of the rules and regulations. Obviously, you and other readers may think that I am saying this to promote my compliance consulting services, however that is not the case.  In my opinion, given your time-consuming responsibilities of the firm of a senior partner and main IA representative, it is a good idea to consider outsourcing compliance support, or at least have a firm that you work with that you can call and ask questions such as the one above regarding registration.  One of the things that the SEC and states are looking at during their examinations is the qualifications of the person conducting their compliance activities, as well as an approximate percentage of time that is being spent on compliance.

Just some things to think about.  Good luck!

Regards,

Tiffany Chamberlain

Managing Director, Polaris Compliance Consulting, LLC

www.polariscompliance.com

[email protected]