Updated Saturday, April 19, 2014 as of 10:58 AM ET
Practice - Regulatory/Compliance
Preparing for Backup
Saturday, October 1, 2011

I own a registered investment advisor. I was talking to a friend who also owns an RIA about being backups for each other in case one of us is hit by the proverbial bus. As solo practitioners, we would like to reassure our clients that someone would be there if we were unavailable. What are the legal implications of this? Is the relationship something we must discuss in the ADVs (form required by the Securities and Exchange Commission—about a firm's officers and other matters)? Do we have to file anything with the regulators?

N.L., via e-mail

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