Investment Advisory

We represent investment advisors and RIA investors in a wide variety of matters. Our services include performing legal and compliance due diligence for our clients’ acquisitions of RIAs. We work directly with the RIAs to conduct risk assessment reviews, annual compliance reviews, and compliance training. We also conduct internal investigations; represent RIAs during SEC and state examinations, investigations, and enforcement actions; and advise RIAs on regulatory and compliance matters.

In addition, we offer a full suite of transition-related services to advisors forming new RIAs, including advising on employment transition and risk mitigation issues; entity formation; Form ADV completion and filing; and drafting business agreements, advisory contracts, compliance manuals, and code of ethics documents.

We also represent broker-dealers, RIAs, and their advisors in litigation stemming from general commercial disputes, as well as litigation arising from advisor departures and recruitment.  We have successfully litigated TROs in federal and state courts across the country, negotiated favorable settlements on our clients’ behalf, and defended advisors in arbitration proceedings brought before FINRA and other arbitration venues.

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Looking Forward

We expect that the SEC will continue its focus on the economic relationship between advisers and their clients—especially retail clients. We anticipate that the SEC will scrutinize disclosures regarding conflicts of interests, paying particular attention to the sources of revenue that advisers, and their affiliated entities, receive in connection with advised accounts. We also anticipate that the SEC will provide advisers with feedback regarding their Form CRS filings.

After an initial pause in the first quarter of 2020, the pace of recruiting has resumed and appears in line with pre-pandemic activity. We expect this trend to continue into 2021.