RIA GROWTH spawns more compliance service providers Specialization options emerge
The number of registered investment advisors (RIAs) with the U.S. Securities and Exchange Commission (SEC) continues to swell. There are now more than 13,500 RIAs in the country, based on information from statista.com, the Hamburg, Germany-based leading provider of market and consumer data. The growth of RIAs has also driven a rise in specialty firms dedicated to serving them. The good news is there is plenty of expertise, consultants and legal talent for an RIA to consider—and for every budget. What follows, in no particular order, is a snapshot of such firms—companies that can help with compliance and regulatory matters, freeing up financial advisors to concentrate on their client interests and overall business. [Ed. Note: This is not an exhaustive list and Advisors Magazine makes no endorsements. Rather, consider it a short-list directory for starting an initial search of such services.]
MY RIA LAWYER
Website: Atlanta Legal & Compliance Specialist | Atlanta, GA 30339 - My RIA Lawyer Securities attorney, self-de-
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MAR 2022
scribed “compliance nerd,” and RIA expert Leila Shaver founded My Ria Lawyer in 2012 to help financial advisors and firms navigate the legal complexities of the RIA world. She was a Chief Compliance Officer for a $2 billion AUM firm, General Counsel and CCO for a $600 million AUM firm, and compliance and legal partner for a $1 billion Turnkey Asset Management Program (TAMP). The firm specializes in three practice areas: general counsel, regulatory defense, and compliance. With more than 75 years of experience, the practice has grown to now serving all 50 states. It has in excess of 100 clients and has litigated more than 100 successful cases. Current locations include Atlanta, Chicago and Dallas, but after growing
900 percent last year, the firm is in expansion mode. The staff of 15 provides My Ria Lawyer with a legal team, a compliance team and a support team. “In life, it’s not that we don’t have enough time; it’s that we lose so much of it,” Shaver notes on the website. “We waste time on things that can be outsourced instead of spending time on things and people we love. I’d rather pay someone to clean my house and take that time to spend with my children. Our clients are happier letting us ‘clean house’ while they work with their clients. In the end, they have more satisfaction in their businesses and they’re happier overall.”
RIA LAWYERS
Website: RIA LAWYERS – Trusted counsel for investment advisers. Launched January 10 of this year, RIA Lawyers is a new specialty legal practice dedicated to representing investment advisors. Founded
