“…………With many RIAs staring down the onerous task of registering in multiple states, while coping with a new, more demanding ADV form, frustration is mounting at the lack of information from the SEC and the lack of uniformity among the states…….”
Here’s more news about the ever more challenging regulations for smaller RIAs that must register with states. It’s getting more complicated by the day. Even the head of NASAA (North American Securities Administrators Association) doesn’t quite understand the implications of new regs. When faced with increased requirements and administration in other areas as well, smaller RIAs may begin to seek options, including merging with other firms.