Hypothetically, if someone went to arbitration and the panel's verdict was that the person should be barred from the industry, could that person go RIA?

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Asking for a friend? 😉

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God I hope not

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Bar decisions are not made by arb panels, but that’s besides the point. A bar from Finra does not necessarily mean a bar from industry, but if the offense was enough to get you barred by Finra, SEC will be paying close attention. Plus it would be very hard to get registered with the state. Long winded way of saying if you get barred, you’re f*cked.

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MP, you bring up an interesting point. Everyone talks about RIA’s being fiduciaries, etc; but in reality they are under way less oversight than a FINRA registered rep. As more reps find it harder to operate in the Finra regulated world, it will be interesting to see if the SEC/states increase their oversight.

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RVP, I think the you are right. I think far more will move to the RIA space because of the freedom.

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No. One of the questions for the SEC asks if you have ever been barred from any regulator agency.

I guess RVP is more accurate. I assumed if they ask the question, they would not allow you to be an IAR for a RIA. But I could be wrong. They might just be asking for disclosure reasons.

Don’t RIA’s have more challenges with compliance and oversight? More specifically, are you pretty much on your own to make sure you are maintaining in compliance, versus the wire houses and big companies that provide “big brother” for you?

NW, the compliance for a RIA is different, not more challenging. I had an SEC audit last year and in my opinion, it was easier. You have two weeks to get a bunch of info for them ready. Then you have about a two hour meeting explaining why your policies are in place.

FINRA has strict rules. Like a folder for incoming communications, even if it’s empty, you have to have one. SEC wants to know what your policy is for if you get a correspondence. (This is just an example).

In short, if you have worked where you have gone through a few FINRA annual audits (the internal kind put on by BDs) you would do fine by the SEC. As a hybrid we have to follow both. FINRA is a headache to me, SEC is actually less leg work but far more in depth on the “why” you do things.

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