When it comes to compliance, does size matter? Not so much, according to an analysis comparing RIA firms of different sizes.
A recent report by the NASAA analyzed deficiencies found during examinations at larger RIAs that had switched to state oversight from the SEC in response to the Dodd-Frank Act, and compared them with those at (smaller) existing state RIAs. The key takeaway: RIAs with significantly higher AUM commit the same compliance mistakes as firms managing much less money.
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