Now is the time to rethink your RIA firm’s compliance and regulatory support. As we regain our footing in 2021, are you confident that your firm’s filings are in order? In such turbulent times, regulators require RIAs to exhibit organizational resiliency. The pandemic brought about new issues, such as PPP loan disclosures, and it added urgency to business continuity matters, …
Did you know that IRS liens don’t have to be paid off to qualify for removal from your BrokerCheck and CRD record?
As we begin the new year and officially close the book on 2020, it’s more important than ever to take control of your online presence and protect your good name. That becomes especially true when removing IRS liens – the most damaging of all public disclosures – from your record. Advisors with tax debt disclosures on their CRD and BrokerCheck …
When setting up a new RIA firm, should advisors use template services or professional compliance teams?
Launching your own registered investment adviser (RIA) firm is an exciting, but complicated, new chapter in your career as a financial professional. From drafting the ADV to communicating with regulators, registering a new RIA firm can be an overwhelming task. Although online document template services are cheap and simple to use, those services don’t come without their drawbacks. This past …
AdvisorLaw’s new “Rideshare Program” helps financial advisors expunge customer disputes and U5 termination disclosures
AdvisorLaw is now offering a “Rideshare Program” for financial advisors seeking to expunge customer dispute or U5 termination disclosures for the entire month of December. With over 40 million visitors to BrokerCheck® every year, you and your teammates can’t afford to lose a client over a meritless disclosure on your record. But we can help to restore your good name. If you …
Succession: Who will inherit your book of business?
Advisory practices around the U.S. have been faced with a new priority focus: succession planning. With many of the youngest baby boomers approaching their 60s, it’s alarming to learn that only one-fourth of all advisors have a succession plan in place. Without a plan, many retiring advisors risk losing decades of efforts spent building their client relationships to another advisor who may not provide the level of service that their clients have come to expect.
Is A Social Media Post Worth Your Job?
Lately, AdvisorLaw has been hearing from more and more financial advisors who have imperiled their careers with social media posts and comments. We like to say that “it’s a free country,” and it is — the First Amendment guarantees that the government won’t put you in jail or punish you in any way for what you say. However, it does not guarantee …
Will old investor complaints have to be disclosed after the SEC’s Reg BI takes effect?
Will investment advisors with customer disputes over ten years old have to disclose them on their Form ADV under the new SEC Regulation Best Interest Rule that’s taking effect after June 30, 2020? The short answer is, yes. Advisors will be required to disclose these old investor complaints on their ADV Part 3.
Working from home? Stay socially distant, virtually connected.
When working remotely, there are some things to keep in mind to remain compliant and productive. First, look up your firm’s Business Continuity Plan.Be sure you’re following the written policy and any written guidance provided by your supervisor or home office compliance. Ensure your communications are properly monitored.Once you’re sure that you’re in line with the written BCP, consider whether …
FINRA Is Jacking Up The Cost Of Expungement For Brokers
Proposed rule changes in front of the SEC exponentially increase the minimum fees for FINRA disclosure expungement from $50 to $1,575. So, a typical expungement case would ultimately jump from $768 to well over $10,000. As we previously warned, on February 7, 2020, FINRA issued a Rule Filing Status Report (SR-FINRA-2020-005). The 219-page status report provides some insight into the …
A Stacked Deck: Inside the 2019 FINRA New Customer Dispute Expungement Process
The House always wins. FINRA has filed rule changes to strip financial advisors of a critical right. News that expungement of qualified customer disputes was under fire from the regulators first became known on December 6, 2017; when FINRA published Regulatory Notice 17-42. Since then, the industry has been anxiously waiting for the FINRA Board of Governors to tell the industry precisely …
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