NC Hybrid -- legal

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Jun 6, 2010 1:35 pm

Is there any law unique to NC that would prohibit a hybrid advisor?  The goal is to be an an SEC registered RIA and also have an affiliation with a BD.  This is very commonplace today but we were informed of some NC issue but have not been able to find anything in the NC statute. Help please.

Jun 6, 2010 10:26 pm

I'm a Managing Director for a NC headquartered BD and I have not heard of any NC issue.  We have a couple RIAs who use our BD, but we will not accpet any new advisors under those premises.  I would be surprised if more BDs don't got that route as well.  It just isn't worth all the extra work for your FINRA audit b/c the BD is still responsible for monitoring the RIA business even if it isn't run through the BD.

PM me if you would like to learn more about our BD/RIA.  Sophisticated platform and competitive fees.  We clear/custody with Pershing.