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Apr 29, 2012 6:57 pm

I recently passed the 65 and am studying for the CFP exam in July. I'm looking to setup a firm mainly just so I can get registered with the state (California) and do some business for a handful of family and friends. I've been thinking about using a compliance consultant to get set up but since I don't plan on doing a lot of business for awhile I'm not sure how cost effective it would be. Almost no compliance consultant firms have any kind of pricing on their websites, so I'm curious if anyone has any recommendations for a consultant that can get a firm set up fairly cheaply without the frills a full-time adviser would need. Thanks.

Apr 30, 2012 7:56 pm

Hi jrroche,

I am a compliance consultant and I would be happy to provide you with a pricing brochure if you email me at [email protected].  I also have experience establishing RIAs with the State of CA.

Starting an RIA is not easy (or cheap, for that matter).  I find that pricing among the firms are fairly similar, but it's not going to be inexpensive with whoever you go with, because every RIA is subject to the same compliance requirements.  Although one may just want to advise and not have any AUM, they are still subject to the filing the Form ADV Parts 1&2, having a wirtten compliance manual, Code of Ethics, etc..  So it's not necessarily "frills" because many of the requirements would be the same.  And once you are registered, even if it's just you by yourself, you are still subject to a potential regulatory exam subsequent to approval where you will have to produce all of the required documents.  

Please feel free to view my webiste and contact me if you would like to discuss further, and I can provide some additional insight. 


Tiffany Chamberlain

Managing Director, Polaris Compliance Consulting

(888) 240-4299