New York - RIA Questions

[intluser]

Good day all!

I do not know if this is the correct forum, so if it is incorrect, I do apologize in advance. Anyway, I am a licensed P/C & L/H broker /agent in New York. I want to start to move into financial advisory services. I am already taking the 65 in a few weeks.

Anything else I need for RIA? I have no advisory clients yet, so I do not thing the RIAInABox.com website is for me yet. Anything else do I need as an independent?

 

[heavenborn]

Hey there!
Not sure if its the correct forum or not either but:

After passing the 65, you'll need to register with FINRA as either an RIA if you don't have an LLC, S-Corp ect or as an IAR under the LLC, S-Corp if your doing it that way.

I'd recommend Registered Investment Advisor (RIA) Compliance Consultantsto get you started if you have the extra capital. They draw up your advisory contracts and handle your registration with the state.

You'll need to disclose conflicts of interest to your clients, telling them you receive commissions from the sale of insurance products and such.

I'm in NY as well, and am in the process of registering now. Feel free to PM me if you have any questions I can answer. Good luck!

 

[intluser]

May just PM you to learn more.

 

[walthamny]

I am in MA and I started my RIA over 1 year ago. You need a company like RIAinabox to do the registration. Have you decided how you are going to custody the assets and how you are going to charge them a fee. If you are part of a broker/dealer you have to follow their rules, but if you are independent RIA, you have a lot of choice. TD, Charless Schwab and Fidelity wont let you custody if you have less than 10 million AUM. The choices under 10 million is limited. You can of course do everything on an hourly rate, but that has drawbacks as well. Please feel free to contact me for advice. I am learning something new everyday.