State Appointed RIA

[patch36]

As I understand, in some states, it is possible to become a state only appointed RIA without being involved with a BD or RIA firm. I am no longer with my old RIA/BD and do not wish to sell securities, unless FIA's become securities.

How do you do it?

I currently have a 6, 63, & 65. It is my understanding that my 65 will allow me to do the state appointed RIA but I am having trouble wading through the verbage on the state site as to what I need to do and what the requirements are as far as licensing and regulations.

I have seen someone mention they went this route and I am curious about the process, advantages and disadvantages. I am also curious whether this will allow an agent to sell FIA's if the new SEC/FINRA proposals pass.

 

[xrac]

Here is a resource:

The RIA's Compliance Solution Book: Answers for the Critical Questions (Hardcover)

by Elayne Robertson Demby (Author)

 

[patch36]

Thanks, I ordered it.

This help more than justifies the annual membership dues I am paying to belong to this site.

 

[xrac]

If you are interested in being a RIA this article may be of interest:

Keep your head when establishing an RIA

 

[patch36]

I am one, but am no longer registered with a BD/RIA firm, and am curious how to maintain RIAR status without registering with FINRA/SEC. Thanks for the info, it is a good article.

 

[URDRWHO]

I was a fee only, State Registered RIA. I went with the State and not Fed SEC.

My State required $5,000 set aside in something that can't be touched. I had to have a CPA verify the account. You'll need to put together your ADV. It really isn't hard to do but does take some admin work. Requirements for State RIA are not in general a need for license but is based more on experience. Now to get the experience you would have had to be previously licensed.

Do you have thoughts of continuing as a commission / fee RIA without a BD- FINRA association? IF so....I believe you'll need to reconsider it.

It's been 7 years since I gave up the RIA thing and my facts are hazy. Having minimal sleep last night doesn't offer clarity to the situation.

Because I don't like billing people, I didn't like the fee based business.

As I understand, in some states, it is possible to become a state only appointed RIA without being involved with a BD or RIA firm. I am no longer with my old RIA/BD and do not wish to sell securities, unless FIA's become securities.

How do you do it?

I currently have a 6, 63, & 65. It is my understanding that my 65 will allow me to do the state appointed RIA but I am having trouble wading through the verbage on the state site as to what I need to do and what the requirements are as far as licensing and regulations.

I have seen someone mention they went this route and I am curious about the process, advantages and disadvantages. I am also curious whether this will allow an agent to sell FIA's if the new SEC/FINRA proposals pass.

 

[patch36]

I am simply exploring the possibilities. I have 20 more months to place my securities licenses or lost them. I lost them due to no BD a few years back and got them back again. The deciding factor will probably be what happens to the FIA's.