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RIA CONSULTANTS, NEWS SOURCES, GOVT. REGULATORS WHAT DO THEY KNOW ABOUT CONTRACTS AND TERMINATION?
News Sources:
Michael Kitces
PR Newswire
RIA Biz
Think Advisor
Bob Veres
Govt Regulators???
SEC
FINRA
Consultants:
RIA in a Box
Greenwich Compliance
I spoke with RIA in a Box, I spoke with Greenwich Compliance. RIA in a Box said they would get back to me and have not. Greenwich Compliance told me they do not advise RIA's about contracts, or termination. They refer the RIA to the BD.
I spoke with Michael Kitces, a very good man, trying to help and after 1 email response he has now ignored my emails. I have contacted RIA BIZ, Brooke Southall, and he listened, but has not written on this subject. Think Advisor wanted to write a story about me, not about the issue.
Bob Veres and I went into this subject for about 20 minutes and he may add something to the body of his work.
The SEC and the states do not require disclosure when an RIA switches BD's. The RIA may or may or may not choose to revise their ADV. The Broker Dealers are required to report Suspicious Activities to the SEC, but under no other disclosure requirement. FINRA does not address the subject. So how does an RIA get information about this subject? Right here....I am going to find out all I can and put it here.
RIA's deserve to know. Their clients don't deserve to get a cold dispassionate email or letter notifying them their RIA may no longer execute trades on their behalf. It scares them. There needs to be openness here.