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NC Hybrid -- legal

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Jun 6, 2010 5:35 pm

LRogers

Joined: 2010-06-06Offline

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 7, 2010 2:26 am

mrclutch

Joined: 2006-09-23Offline

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.