Tuesday, September 25, 2012

Massachusetts seeks to deny registration to adviser

If you have not heard AdvisorAssist preach the importance of accurate filings in the past, here's the reason.

Dan Jameison of InvestmentNews.com put out a great article today about an RIA firm that allegedly has mis-calculated assets under management. The firm was setting AUM at $25 million over the past several years (the former SEC minimum threshold). The assets were not accurate and the state believed that they included assets under their broker-dealer affiliation, which are not assets of the RIA.

The Massachusetts Securities Division has denied registration to this RIA firm and they no longer qualify for SEC registration. Effectively, they are out of business.

Read the full story at InvestmentNews.com

AdvisorAssist has created a blog post that discusses the calculation of Regulatory Assets Under Management at http://alerts.advisorassist.com/2012/01/calculating-regulatory-assets-under.html

As always, please contact us with any questions regarding your firm.

The AdvisorAssist Team

0 comments:

Post a Comment