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Home Interest Areas Personal Financial Planning Resources PFP Practice Center Regulatory

Regulatory

Regulatory 

Welcome to the Regulatory section of the PFP Practice Center. As a personal financial planner, you face a confusing array of compliance guidelines. Here you will find valuable information on:

  • Determining when you cross the line between providing financial planning advice "solely incidental" to your practice and providing investment advice that is not "solely incidental."
  • The securities regulations to consider when providing investment services.
  • Selecting the right business model for your firm.
  • The registration and compliance entailed within that business model.
  • Resources available to you as you start and grow your firm.

CPAs who are providing personal financial services (including tax, estate, retirement, investment and/or insurance planning) to their clients are in an optimal position to add investment advisory services to their business. Surveys show that CPAs are ranked among the most trusted advisers. They put their clients’ interest first when providing advice, which is an especially critical element that the American public seeks in investment advisers. There is significant untapped revenue in the investment advisory market, but many CPAs do not enter into this line of business because they believe the regulatory issues are too complex to navigate. The content within the Regulatory section of the PFP Practice Center is meant to provide you with a broad overview of some of the issues you will face in this area.

Be sure to check out the valuable information contained in the The CPA's Guide to Investment Advisory Business Models.

The content in the Regulatory section is not intended as legal advice. CPAs with a PFP practice should consult legal or other appropriate professional counsel.

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Other Regulatory Resources

Link:  In addition to the information in the PFP Practice Center on registration and compliance issues for financial advisers, consider these other useful resources.
Published on March 07, 2013

Registration and Compliance

Overview:  Investment Advisers, Investment Adviser Representatives, Broker-Dealers and Solicitors may be subject to certain SEC and state registration and compliance issues.
Published on March 06, 2013

The Basics of Providing Investment Advice

Guide:  Learn the basics of providing investment advice, including the the definition of Investment Adviser and SEC and state registration requirements.
Published on February 05, 2013

Types of Business Models

Overview:  PFP firms come in all shapes and sizes. View the array of business models and learn more about each of them.
Published on September 21, 2012

Business Models Investment Adviser

Article:  Learn about the Investment Adviser business model, its structure, how to implement it, and the registration and compliance issues.
Published on October 25, 2010

SEC Release 1A - 1092

Guidance:  Contains SEC Release 1A - 1092 - Applicability of the Investment Advisers Act to Financial Planners, Pension Consultants, and Other Persons Who Provide Investment Advisory Services as a Component of Other Financial Services.
Published on May 07, 2010

Compensation Models

Overview:  Learn about the fee versus commission compensation models for financial advisers.
Published on April 09, 2010

Structure and Implementation

Guide:  This section summarizes structure and other considerations in implementing an investment services business.
Published on April 09, 2010

Business Models Financial Analyst

Overview:  Learn about the Financial Analyst business model, its structure, how to implement it, and the registration and compliance issues.
Published on April 09, 2010

Business Models Portfolio Manager

Overview:  Learn about the Portfolio Manager, its structure, how to implement it and the registration and compliance issues.
Published on April 08, 2010

Business Models Solicitor/Referral

Overview:  Learn about the Solicitor/Referral business model, its structure, how to implement it, and the registration and compliance issues.
Published on April 08, 2010

Business Models Registered Representative

Overview:  Learn about the Registered Representative, its structure, how to implement it and the registration and compliance issues.
Published on April 08, 2010

Business Models Broker-Dealer

Article:  Learn about the Broker-Dealer business model, its structure, how to implement it, and the registration and compliance issues.
Published on April 08, 2010

Business Models Investment Adviser Representative

Article:  Learn about the Investment Adviser Representative, its structure, how to implement it, and the registration and compliance issues.
Published on April 08, 2010

What do you do

Assessment:  Navigate the regulatory minefield and compliance issues with this interactive quiz that will help you determine which business model suits you and your firm and will direct you to the applicable compliance issues and other important matters
Published on February 18, 2010

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