RIA Consultants Do Not Consult

smalladvisorsunite
Jul 19, 2021
1 min read

There are lots of RIA consultants in the marketplace, but none know what I know. None even address the issue of termination. What does the contract say? How will the Broker Dealer terminate should they decide to. I called RIA in a Box today. I hope to enlighten them. My aim is to probe into each BD, obtain contracts, ask questions, etc. No RIA should be surprised like I was.

Comments

Broker Dealers seem quite casual, if not indifferent, to informing RIA clients that they have terminated the contract with their advisor. Almost like telling a motorist he left his car lights on. Broker Dealers refer to these individuals as account holders, while RIA's refer to them as clients. If you ask a compliance person at a Broker Dealer how the recipients of the notice of termination are likely to "feel" after receiving notice, they will show you that they have not given the matter much thought, and really don't care.