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RIA firm that is fully owned and controlled by the individual advisor. Many independent broker-dealers allow for this arrangement which allows the advisor to have greater independence, control, and financial reward on the advisory side of his or her practice. While a hybrid setup allows an advisor to offer both brokerage and advisory services, it should be noted that this arrangement is generally under greater regulatory scrutiny given the potential conflicts of interest. It is very important that if you are considering joining an independent broker-dealer that you first confirm that the broker-dealer allows you to have your own independent RIA firm. After this has been confirmed, it may make sense to begin the RIA registration process.
The investment advisor registration process is administered at either the state or SEC jurisdiction level. FINRA regulates broker-dealers, but it does not have any regulatory authority over registered investment advisors. Do keep in mind that there are some exceptions to these general guidelines. Each state’s registration process is also unique to the individual state. As part of the RIA registration process, it will be important to disclose your outside business activity as a registered representative with the broker-dealer. This is a very important step of the process as it’s crucial that any potential conflicts of interest be fully disclosed.
Licensing Requirements: Series 65, Series 66 and Series 7 combined, or CFP, CFA, CIC, ChFC, PFS. Solely holding the Series 7 license may be sufficient to register as a representative with a broker-dealer but will not be sufficient for establishing your own RIA firm. IARD system to process applications. The Form ADV Part 1 is the on-line component to your Firm’s registration documentation.
Note: The Form ADV Part 1 primarily discloses information about the FIRM. Individual information is primarily disclosed in the Form U4 as detailed below. The Form ADV Part 2A acts as your Firm’s Brochure. It is a narrative description of your services, fees, disciplinary disclosures, as well as several other Firm details. The Form ADV Part 2A must be provided to all Clients and Prospective Clients. This form contains employment, educational, conflict of interest, and disciplinary information. Generally, Executive Officers, any person generating investment advice provided to clients, and any representative advising clients must have a Form ADV Part 2B.