Anyone have RIA?

Robert Morse said:
The catch phrase is "Any person who does not hold herself or himself out to the general public as an investment adviser." To market yourself or get paid out of the trading account, you need to be an RIA.
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I'm not doing any marketing. My clients are appearing from friends and family. I start out coaching them and they end up handing over their account and say "you trade it", then they come to the conclusion to pay me 10% of profits.
 
How difficult is the RIA, can't be that bad considering some of the results i've come across. So far none of my 3 clients reside in Florida.
 
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lylec305 said:
How difficult is the RIA, can't be that bad considering some of the results i've come across. So far none of my 3 clients reside in Florida.
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It's not "easy," but it's getting "easier." Interactive Brokers has a pretty good platform for small RIAs. I would read every single link on this page (several times) to understand what's involved.

https://www.interactivebrokers.com/adv/en/main.php


[No affiliation with IB]
 
Robert Morse said:
http://www.flofr.com/StaticPages/DivisionOfSecuritiesFAQ.htm

2. What is Florida's de minimis exemption for Federal Covered and State Registered Investment Advisers?

Florida's de minimis exemption for investment adviser registration is:

“Any person who does not hold herself or himself out to the general public as an investment adviser and has no more than 15 clients within 12 consecutive months in this state.”

The de minimis exemption for federal covered advisers is:

The investment adviser does not have a place of business located within Florida and has had less than six clients who are Florida residents during the preceding 12-month period.

Please refer to Chapter 517.021(14)(b), Florida Statutes, and the Investment Adviser section on this website for additional information.
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Does this men you can have upto 15 clients in Florida, 5 in NY, 2 in TX etc. etc. and still NOT be required to register as an RIA in any state. This ofcourse assuming you stay under the radar of "minimum" allowed clients in other states. I am just assuming that 5 is min. NY and 2 in TX etc. for the sake of an example.


If AUM is more than $25M then one has to ofcourse register with SEC.
 
lylec305 said:
Would a trader need RIA to trade other people's money for fee?
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I don't know about Florida, however, in California, it varies depending upon if the investors are nonacredited, accredited or qualified investors.
 
"Generally only larger advisers that have $25 million or more of assets under management or that provide advice to investment company clients are permitted to register with the Commission. " That sounds to me like you have the option to register with the SEC vs your state rather than a requirement. I can't claim to be an expert on this.
 
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