RIABiz

News, Vision & Voice for the Advisory Community

RIABiz

Michael Kitces picks his moment to demand the SEC close two giant faux-RIA loopholes -- the hat-switching 'hybrid' advisor and the wirehouse 'financial advisor'

The XPYN founder wants the SEC to honor its 'Merrill Lynch Rule' promise from 15 years ago, demanding the most fundamental truth in advertising.

Author Lisa Shider October 1, 2021 at 10:33 PM
2 Comments
no description available
Michael Kitces: "If you're going to be a hybrid broker/advisor, you can't market that you're an advisor - and then swerve into being a broker."

Hybrid RIA

|

RIA Compliance


Jeff Spears

Jeff Spears

October 2, 2021 — 1:01 PM
Money talks and brokers have more money.
Richard M Allison, CFP®

Richard M Allison, CFP®

October 4, 2021 — 1:15 PM
Sometimes the most obvious solution is the one that has been staring everyone in the face for a long time. If you are licensed as a registered representative then, that and only that goes on your business card. If you are licensed as an investment adviser representative, then that and only that goes on your business card. No hybrids. If you are a registered rep, then you cannot be an investment adviser rep. Period. Point blank. End of story. This would allow consumers to know the difference. Simple.

Related Moves

January 12, 2022 at 3:13 AM

Alan Moore is the No. 2 busiest man in the RIA business and he just convinced the No. 1 busiest man to budget $200,000 to hire a 'rockstar' to replace him

Alan Moore is CEO of both XY Planning Network and AdvicePay -- and he has three young kids; Michael Kitces agreed to let him hire a full-time replacement CEO for AdvicePay -- with some giant reqirements for the new exec.

February 14, 2023 at 3:15 AM

November 18, 2022 at 2:56 AM

UBS bets its 'wealth' future on ex-Schwabbie Naureen Hassan, a corporate digital A-lister, who analysts give a fighting chance to transcend PaineWebber's ossified culture

Still a $2-billion cash-flow cow, the Swiss bank's 6,000-broker, US-based wirehouse is milking aging broker relationships with aging investors but needs a new kind of human presence, empathy, mindset and smarts to draw in Gen Z.

July 16, 2022 at 1:35 AM

See more related moves

Mentioned in this article:

Nexus Strategy
Consulting Firm
Top Executive: Timothy D. Welsh

Kitces.com
Consulting Firm
Top Executive: Michael Kitces



RIABiz Directory

The Industry Sourcebook for RIAs

   |    LISTING


RIABiz Directory sponsored by:

Directory Sponsor Logo

White Paper Postings


Common Tags


Recent Articles


Popular Writers


RIABiz logo

RIABiz

About Us

Directory

Archives

Connect

RIABiz, Mill Valley, California
Copyright © 2009-2024 RIABiz Inc. All rights reserved.