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

Register or login for access to this item and much more

All On Wall Street content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access