The process of becoming a registered investment adviser can be broken down into five steps:
These five steps are the cornerstones regulators will look for once you become a registered investment adviser (RIA).
The first step is the most critical: you must understand your business. This is the first question I ask whenever I am approached by a person working toward their RIA status. If they cannot tell me in plain language what would set their services apart from their competition, I direct them to return to the drawing board. Knowing what problem you are trying to solve does more than create clarity - it informs your next step and can impact the future of your business.
Next, take concrete actions to form your business. Often this reveals whether or not the first step was completed. If it wasn’t, this is when someone realizes the company they want to run is not the one they outlined initially. This results in lost time, as that person must return to step 1 and repeat the entire process.
To hear the rest of the process, watch the full video.
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About Michael:
Michael founded United Atlantic Legal Services in 2020. He graduated from Nova Southeastern University Shepard Broad College of Law and is a licensed attorney in Florida and a registered solicitor in the United Kingdom. He has passed the FINRA Series 7, 24, 63, and 65 examinations. Michael is the founder of FinProLaw (www.finprolaw.com), a legal and compliance learning platform where he has created and taught many industry courses.
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