I would not call being a registered investment advisor a particularly risky business.

While it is true that RIA firms handle a range of sensitive information and issues for clients, they do not habitually engage in the sorts of a missteps could incur a fine, the loss of the well-regarded CFP or some other punishment. We spoke to at least a couple of compliance consultants who say that is precisely the sort of thinking that ensnares a lot of firms.

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