RIA vs Independent Advisor
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Yoo-hoo, HARLEY43!!
We’re still waiting for your answer … how many more days do you suppose you’ll need?
[quote=Morphius] Yoo-hoo, HARLEY43!!
We’re still waiting for your answer … how many more days do you suppose you’ll need? [/quote]
Enjoy!
Bilo, to answer your question I simply googled the following information. I hope you find it helpful to understand the difference between the two.
Registered Investment Advisor
Investment Advisor (IA) is an informal designation describing a person or firm in the United States who has registered with the U.S. Securities and Exchange Commission or state regulatory agency (where the primary business is situated or multiple States in some cases) in connection with the management of the investments of others. The proper designation for a person so registered would be “An Investment Advisor registered with the SEC” (or a specific state if so registered).
By definition an investment advisor is considered to be acting in a fiduciary capacity on behalf of clients with a higher standard of disclosure and due care, a commitment to disclose, minimize and resolve conflicts of interest than would be found in a traditional securities brokerage environment. In addition, most IAs are compensated on a fee basis (usually as a percentage of assets under management) rather than a commission basis.
In general IAs managing assets totaling less than $25 million must register with each state in which they have more than 5 clients. Firms managing more assets can register nationally with the Securities and Exchange Commission. Registration can be a complex process, taking longer than a month and costing several hundred dollars in filing fees, depending on the state or SEC. Registration requires that all employees of the IA (except those limited to clerical duties) pass the FINRA Series 65 exam or have completed an approved professional designation.
Registration does, however, cause one to become legally responsible for the investment advice given requiring more disclosure to existing and potential clients, filing of periodic reports with various regulatory bodies and to keep longer, more accurate records of the financial advice given to clients.
Enjoy!
Bilo, to answer your question I simply googled the following information. I hope you find it helpful to understand the difference between the two… and, because you are too f*ckin’ lazy and stupid to tell the difference it is just a matter of time before you end up in the slammer or on the front page of the WSJ because of your incompetence so I suggest retaining legal counsel now.
There, I finished the sentence for you, Harley.
[quote=MoodyIsAPunk]
Enjoy!
Bilo, to answer your question I simply googled the following information. I hope you find it helpful to understand the difference between the two… and, because you are too f*ckin’ lazy and stupid to tell the difference it is just a matter of time before you end up in the slammer or on the front page of the WSJ because of your incompetence so I suggest retaining legal counsel now.
There, I finished the sentence for you, Harley.[/quote]
It’s obvious that MoodyIsNotTheOnlyPunk.
Ooh YOO-HOO, Harley!! You took, what - three days? And you still didn’t even answer the question?!?
[quote=Harley43] Enjoy!
Bilo, to answer your question I simply googled the following information. I hope you find it helpful to understand the difference between the two.
Registered Investment Advisor
Investment Advisor (IA) is an informal designation describing a person or firm in the United States who has registered with the U.S. Securities and Exchange Commission or state regulatory agency (where the primary business is situated or multiple States in some cases) in connection with the management of the investments of others. The proper designation for a person so registered would be “An Investment Advisor registered with the SEC” (or a specific state if so registered).
By definition an investment advisor is considered to be acting in a fiduciary capacity on behalf of clients with a higher standard of disclosure and due care, a commitment to disclose, minimize and resolve conflicts of interest than would be found in a traditional securities brokerage environment. In addition, most IAs are compensated on a fee basis (usually as a percentage of assets under management) rather than a commission basis.
In general IAs managing assets totaling less than $25 million must register with each state in which they have more than 5 clients. Firms managing more assets can register nationally with the Securities and Exchange Commission. Registration can be a complex process, taking longer than a month and costing several hundred dollars in filing fees, depending on the state or SEC. Registration requires that all employees of the IA (except those limited to clerical duties) pass the FINRA Series 65 exam or have completed an approved professional designation.
Registration does, however, cause one to become legally responsible for the investment advice given requiring more disclosure to existing and potential clients, filing of periodic reports with various regulatory bodies and to keep longer, more accurate records of the financial advice given to clients.
[/quote]
What a piece of work you are!! After all that complaining, and all that time, and all that googling, and all that pasting and cutting, you still can’t even manage to address the original question, much less answer it as you so naively claim! Do you even remember the original question - the one you were so mad I didn’t answer - the one where BiLo asked:
[quote=BiLo] I know I’m probably going to catch grief for this question but WHAT ARE THE DIFFERENCES between RIA and being Independent?
Is it that RIA’s don’t do individual securities and only mutual funds and wrap accounts?
Indy’s can do everything RIAs can do if they have a 66 right?[/quote]
He did NOT ask for someone to copy and paste the definition of Registered Investment Advisor. He asked what the difference was between being an RIA and being independent, which you don’t even begin to address. Remember - this was, as you said, a “very simple question”:
[quote=Harley43] I am curious why do find the OP lazy, ignorant and demanding the OP just asked a very simple question. [/quote]
You’ve now had several days to google and search and do whatever you wish, using whatever resources you can, to answer this “very simple question” and all you can come up with is a cut and past definition of what an RIA is?!
To understand the difference between two things, you have to actually ADDRESS BOTH things - not simply cut and paste the definition of ONE of the two things.
Are you even paying attention to the question?! Are you even awake?! You criticize me for not answering the question - intentionally - and yet even with days to research it and an explicit challenge to do so you can’t manage to provide an answer yourself. Beautiful!
That was one supremely weak and embarrassing effort, young fella. But then again, you’re probably not used to the hard work of actually thinking or researching anything yourself - you obviously prefer to have others to do your work for you, and when they don’t you complain like the immature child you are.
I know you’ve had days already - but you might want to give that answer another go. Your first shot was pathetic.
We’re still waiting, Harley …
Oh master Morph I am so sorry to have failed you. To cut and paste was a horrible mistake on my part. I should have ADDRESSED BOTH things. Define “things” for me. By that do you mean both questions? Or the difference between the two registrations. Try to be specific so I can better understand what you are wanting from me. Be honest Morph when you graded my post did you give me a D or and F? The entire forum is watching and I want to do better next time. One more item master Morph. When I can snatch the pebble from your hand. Will it be time for me leave? This young grasshopper needs to know.
I doubt even you are as clueless as that, Harley, although I can’t be sure. How many times do you need the original question repeated for you?!? Are you also unable to read for yourself?
Here’s the original question for you - one more time - not that it will do you any good.
[quote=BiLo] I know I’m probably going to catch grief for this question but what are the differences between RIA and being Independent?
Is it that RIA’s don’t do individual securities and only mutual funds and wrap accounts?
Indy’s can do everything RIAs can do if they have a 66 right?[/quote]
All this time and all this complaining about how easy the question is and yet you still have not even BEGUN to answer the question. Why is that, Harley? Do you need yet another extension on this easy assignment?
Hint: You can try Google again, or you can simply use the search button for this forum. The exact answer can be found there, just waiting for you to apply your impressive copy and paste skills.
But please hurry! Poor BiLo is still waiting for someone like you to do this heavy lifting for him so that he isn’t inconvenienced with it. Maybe if the two of you join forces you might have half a chance …
What was the question again?
Never mind. You've already answered it loud and clear.
Yet another child who indignantly complains that others don't do for him what he is unwilling to do for himself.
Three pages of b.s. to scarcely answer one “simple” question. And you wonder why people are reluctant to search for previously covered topics.
And your point is?Three pages of b.s. to scarcely answer one “simple” question. And you wonder why people are reluctant to search for previously covered topics.
Morph - The guys’ name is opal. Is it possible to even take them seriously?
Well, that plus there is always that minor fact that he is not even a FA - he is a recruiter - who is apparently still trolling this forum in the hopes of figuring out the RIA world before his client wakes up and realizes he retained a recruiter who has no experience or understanding in this particular area.
I sure would hate to disappoint in any way this non-FA who stands to make a lot of money if he can only get other people to do part of his work for him for free. I don't know how I could sleep at night with that on my conscience.