Investment Adviser Registration (RIA Registration)

Get Started with Your Investment Adviser Registration

Starting a registered investment adviser involves more than filing Form ADV. An investment adviser must determine the appropriate regulatory jurisdiction, establish its business and compliance structure, prepare required disclosure documents, register the firm and its investment adviser representatives where applicable, and implement the policies and procedures necessary to operate as a regulated investment adviser.

The LeGaye Law Group assists investment advisers throughout the registration process, from initial planning through SEC or state registration and the implementation of the firm’s compliance program.

We work with new and existing investment advisory firms to develop a registration strategy based on their proposed business, prepare and coordinate regulatory filings, prepare required compliance documents, and respond to questions raised during regulatory review.

A Structured Approach to RIA Registration

The appropriate registration process depends on the adviser’s business, assets under management, location, client base, and other regulatory considerations.

We begin by understanding the proposed advisory business, including its ownership and management, advisory services, client types, investment strategies, compensation arrangements, custody practices, affiliated activities, and personnel.

From there, we work with management to identify the applicable registration requirements and prepare the filings, disclosures, policies, procedures, and other documentation needed to establish the firm’s regulatory and compliance framework.

Our objective is to make the registration process more manageable while helping the firm’s principals understand the regulatory responsibilities that will continue after registration.

SEC and State Investment Adviser Registration

Investment advisers may be required to register with the Securities and Exchange Commission or with one or more state securities regulators, depending on the firm’s circumstances and applicable regulatory requirements.

The LeGaye Law Group assists firms in evaluating their registration requirements and managing the appropriate SEC or state investment adviser registration process.

For state-registered advisers, we also help identify applicable state requirements and coordinate registrations in additional jurisdictions as the firm’s business requires.

Form ADV Preparation and Filing

Form ADV is central to the investment adviser registration and disclosure process. It provides regulators and clients with important information about the adviser’s business, ownership, services, fees, disciplinary history, conflicts of interest, and other aspects of its operations.

We assist clients with preparing and filing Form ADV through the Investment Adviser Registration Depository (IARD), including the applicable portions of Form ADV and the firm’s disclosure brochure.

Our work focuses not only on completing the required filing but also on ensuring the disclosures accurately reflect the advisory business the firm intends to conduct and align with its other compliance documentation.

Developing the RIA Compliance Program

Registration requires an investment adviser to establish a compliance framework appropriate for its business.

Depending on the firm’s activities and regulatory requirements, we assist in developing and implementing documents and processes that may include:

• Compliance policies and procedures;
• Compliance Manual;
• Code of Ethics;
• Business Continuity Plan;
• Privacy policies and notices;
• Client advisory agreements and related documentation;
• Policies addressing personal trading and access persons;
• Advertising and marketing policies;
• Conflicts-of-interest identification and disclosure processes;
• Books and records policies;
• Cybersecurity and information-protection procedures, as applicable; and
• Other policies, disclosures, and documentation appropriate for the firm’s advisory activities.

The goal is to develop a compliance program that reflects the firm’s actual business rather than treating registration documents and compliance policies as separate exercises.

Investment Adviser Representative Registration

In addition to registering the advisory firm, individual personnel may be required to register as Investment Adviser Representatives (IARs) in one or more states.

We assist firms in identifying applicable IAR registration requirements and coordinating required filings, including Form U4 filings and amendments, as appropriate.

When a firm operates in multiple jurisdictions, we can also assist management in evaluatinghelp management evaluate the registration implications of its personnel and client locations.

Preparing for Regulatory Review

SEC and state regulators may raise questions or request additional information during the registration process.

We assist clients in responding to regulatory comments and information requests and in making necessary amendments to registration documents, disclosures, or compliance materials during the review.

Because those questions often concern how the proposed advisory business will operate, we work with management throughout the process to ensure that regulatory filings, client disclosures, agreements, and compliance policies consistently reflect the firm’s intended business model.

Registration Is Only the Beginning

Registration establishes the investment adviser as a regulated firm and initiates an ongoing series of regulatory and compliance responsibilities.

Registered investment advisers must maintain and periodically update Form ADV and their disclosure brochures, administer their compliance policies and Code of Ethics, maintain required books and records, address advertising and communications, monitor conflicts of interest, maintain registration information, conduct required compliance reviews and testing, and respond to changes in SEC and state regulatory requirements.

The LeGaye Law Group provides Ongoing Regulatory Compliance Services to assist investment advisers with these continuing responsibilities.

For firms we assist with registration, ongoing compliance support can provide continuity between the compliance program established during the registration process and the program the firm must administer after it begins operations.

Learn About Our Ongoing Regulatory Compliance Services →