Registered investment advisors are already familiar with the paperwork hassles that accompany SEC oversight. Yet as states take over regulation of RIAs with up to $100 million in assets under management, many firm owners are wondering if the transition will prove difficult.
The change, which will impact roughly 3,200 firms, is part of the Dodd-Frank law enacted more than two years ago. Unlike other parts of Dodd-Frank, which have been challenged and delayed by large financial firms and their advocates, the switch to state regulation for certain financial advisors is continuing apace. By mid- year, the regulatory transition should be complete.
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