The number of registered investment advisors (RIAs) with the U.S. Securities and Exchange Commission (SEC) continues to swell. There are now more than 13,500 RIAs in the country, based on information from statista.com, the Hamburg, Germany-based leading provider of market and consumer data.
The growth of RIAs has also driven a rise in specialty firms dedicated to serving them. The good news is there is plenty of expertise, consultants and legal talent for an RIA to consider—and for every budget.
What follows, in no particular order, is a snapshot of such firms—companies that can help with compliance and regulatory matters, freeing up financial advisors to concentrate on their client interests and overall business. [Ed. Note: This is not an exhaustive list and Advisors Magazine makes no endorsements. Rather, consider it a short-list directory for starting an initial search of such services.]
My Ria Lawyer - Website: Atlanta Legal & Compliance Specialist | Atlanta, GA 30339 - My RIA Lawyer
Securities attorney, self-described “compliance nerd,” and RIA expert Leila Shaver founded My Ria Lawyer in 2012 to help financial advisors and firms navigate the legal complexities of the RIA world. She was a Chief Compliance Officer for a $2 billion AUM firm, General Counsel and CCO for a $600 million AUM firm, and compliance and legal partner for a $1 billion Turnkey Asset Management Program (TAMP). The firm specializes in three practice areas: general counsel, regulatory defense, and compliance. With more than 75 years of experience, the practice has grown to now serving all 50 states. It has in excess of 100 clients and has litigated more than 100 successful cases. Current locations include Atlanta, Chicago and Dallas, but after growing 900 percent last year, the firm is in expansion mode. The staff of 15 provides My Ria Lawyer with a legal team, a compliance team and a support team. “In life, it’s not that we don’t have enough time; it’s that we lose so much of it,” Shaver notes on the website. “We waste time on things that can be outsourced instead of spending time on things and people we love. I’d rather pay someone to clean my house and take that time to spend with my children. Our clients are happier letting us ‘clean house’ while they work with their clients. In the end, they have more satisfaction in their businesses and they’re happier overall.”
RIA Lawyers - Website: RIA LAWYERS – Trusted counsel for investment advisers.
Launched January 10 of this year, RIA Lawyers is a new specialty legal practice dedicated to representing investment advisors. Founded by Cary Kvitka, Max Schatzow and Ryan Walter, the three are business partners and attorneys at RIA Lawyers. They each focus almost exclusively on representing registered and exempt investments advisers in legal, regulatory and compliance matters. Each is licensed to practice law in New Jersey. Cary Kvitka and Max Schatzow are licensed to practice law in Pennsylvania and New York, respectively. “We have each spent the better part of the last ten years counseling investment professionals about their legal and compliance needs, including the benefits of going independent,” they note on their website. “As we enter 2022, we thought it was finally time to practice what we preach. We believe that independence is important in the financial services industry as well as in the legal field.” RIA Lawyers says they can serve as outsourced Chief Compliance Officer and General Counsel, and that their service is most appropriate for advisors with between $100 million and $10 billion in assets under management.
Parker MacIntyre Legal, Regulatory and Compliance Services - Website: https://www.riacompliancelawyer.com/
With a staff of eight attorneys, Parker MacIntyre provides customized legal and compliance solutions for investment advisors and other financial professionals. The law firm “represents some of the best-known brokerage firms and investment advisors in the country,” according to its website. “Our experienced securities attorneys handle legal matters related to securities, securities regulation, broker-dealer regulation, investment advisor regulation, litigation and arbitration.” Many of Parker MacIntyre’s attorneys developed skills and specialized knowledge while serving as regulatory counsel and regulators, the firm notes. Others served as compliance officers for national broker dealers and investment advisors to private funds. “As a result, our BD and RIA compliance lawyers know the financial services industry from two perspectives: that of the regulator and of the regulated firm. This kind of understanding that only comes from experience is invaluable to us as we advise our clients.” Among its range of services, the firm also advises start-up and existing investment advisors, including those who must register with the SEC or with a state regulatory agency. Its RIA compliance lawyers prosecute and defend legal actions on behalf of individuals and firms that participate in the financial services industry. Parker MacIntyre’s attorneys are licensed to practice in Georgia, Alabama, Maryland, Washington DC, and North Carolina.
Schwartz Law Group, LLC - Website: http://www.ria-law.com/
Scare tactics are shunned by Todd E. Schwartz, partner at the Schwartz Law Group, according to his firm’s website. Instead, he works to ease clients’ concerns by “demystifying compliance mandates.” And since 2001, he has been helping investment advisors build their businesses without fear of regulatory repercussions. Clientele are investment advisory firms throughout the nation. The practice focuses entirely on investment advisory compliance and legal matters. Services include: investment advisory firm formation and registration, mock audits, Form ADV Part 1, Form ADV Part 2 and U-4 Form Updates, ongoing compliance support, SEC examination and state audit representation, breakaway broker strategies, FINRA arbitrations, investor fraud cases, SEC and state-based compliance manuals, corporate, employment and contract law expertise, and FINRA and CRD account administration. “Too often, when resolving compliance concerns, CYA trumps ROI,” Schwartz notes on his website. “Sure, limiting your RIA business’s liabilities is a primary concern. But what good is a compliance program if it does not balance business interests with compliance risks?” He adds: “We can provide you the perfect risk/reward balance based on the particular needs of your RIA firm. Whether you are seeking assistance with a SEC/State RIA registration or want to bolster your current compliance program Schwartz Law Group has a ‘common-sense’ compliance solution to fit your needs.”
RIA Compliance Consultants - Website: https://www.ria-compliance-consultants.com/
RIA Compliance Consultants (RCC) is a team of industry experienced professionals dedicated to working with investment advisors who are also committed to implementing good compliance and risk management strategies. By working together, RIA Compliance Consultants helps investment advisors navigate the maze of investment advisor compliance regulations and find the best ways to satisfy their obligations. RCC is not a law firm and does not provide legal advice. RIA Compliance Consultants offers a wide range of sample investment adviser compliance forms, training materials and webinars. Its mission statement: “RIA Compliance Consultants helps investment advisors identify regulatory and risk management challenges, and then build and implement practical solutions that protect their clients and meet their regulatory responsibilities.”
Lewitas/Hyman - Website: https://www.securitieslaw.com/
From their offices in Chicago the attorneys at Lewitas Hyman have extensive experience with financial services matters gathered from over 55 collective years of advocating on behalf of financial advisors, other financial professionals, the world’s largest financial institutions and investors. Having also worked for the SEC, they know well not only the Advisers Act, but also the rules and provisions specific to RIAs. The firm has helped RIAs deal with everything from formation to complex litigation and regulatory and compliance issues. Some examples include: Preparing and filing investment advisory and securities industry registrations on both state and federal levels, including Forms U4 and U5 and the Form ADV; Developing compliance policies and procedures; Drafting and reviewing client-facing advisory agreements; Drafting and reviewing employment contracts, non-compete and non-solicitation agreements; Advising on compliance examinations, investigations and enforcement actions initiated by the SEC, state regulatory agencies and other self-regulatory organizations.
AdvisorLaw - Website: https://advisorlawllc.com
AdvisorLaw, based in Colorado, notes on its website that it is not a law firm and does not provide legal services. “AdvisorLaw does have the expertise to advise and assist financial professionals when it’s time to defend your good name,” it says. The firm will partner with attorneys who specialize in issues facing financial professionals. Rather than trying to be all things to all people, AdvisorLaw stresses that its only focus is on the financial advisor or wealth manager. It claims to be the leading full-service firm providing industry representation to thousands of financial advisors and wealth managers, nationwide. With clients in all 50 states as well as Washington, DC and Puerto Rico, AdvisorLaw helps RIAs stay compliant with current SEC and state regulations. Its ongoing compliance service provides a custom portal and calendar designed to make task management and reporting easy. Through advanced technology integration, AdvisorLaw offers efficient automation and full control.
