10 See yourself as an RIA.
RIA LAUNCH GUIDE
Step 2: Find a legal and
compliance partner.
Regulatory requirements often top the list of questions advisors have
about becoming an RIA. Partner with a trusted provider to help you meet
your regulatory requirements and establish your business.
Your legal and compliance partner(s) can help you:
• Determine the right entity and legal structure (LLC and S-Corporation
are the two most common structures)
• Determine who will be your Chief Compliance Officer
• Register your firm with the Securities and Exchange Commission (SEC)
and/or your state.
1
Complete your Form ADV creation and filing
• Create your Form CRS and investment advisory agreements
• Build your investment management agreements, privacy policy,
compliance manual and code of ethics, and other required documents
• Develop your compliance policies and procedures for ongoing
compliance oversight and maintenance
• Establish a business continuity plan to ensure your RIA can continue
to operate during unexpected events, such as a natural disaster or
systems failure
• Confirm that all financial advisors meet the required licensing
requirements and take the necessary exams.
2
1
Firms with under $100 million in assets under management may only need to register
with their state, versus larger firms, who are required to register with the SEC as well as
their state in some cases.
2
Depending on your jurisdiction and the type of services you plan to offer, you may need
to pass certain exams, such as the Series 65 exam and the Uniform Investment Advisor
Law Examination, which is required for RIAs.
Recommended legal and
compliance partners
SEI works with several legal and compliance
providers. These partners have been vetted
and have demonstrated success in helping
RIAs build, launch, and manage their business.
A regulatory compliance solution for
investment advisors and wealth managers.
They have helped over 4,000 RIAs start their
firm. Their services include registration,
compliance program management technology,
communications archiving and review,
employee trade monitoring, cybersecurity, IAR
continuing education, and more. RIA in a Box
is an SEI strategic partner.
Provides compliance programs for investment
advisors, including managing regulatory
compliance, cybersecurity and risk, and
performance verification. ACA Group (formally
Foreside) is an SEI Strategic Partner.
A regulatory compliance and legal solution
for investment advisors and wealth managers.
Their RIA Incubator program provides
prospective RIAs with a comprehensive
suite of services to help them fulfill their
registration obligations, install an initial
compliance program, and more.
