California Closes the Door on “Stay-or-Pay”
California recently enacted two new statutes—section 16608 of the California Business and Professions Code and section 926 of the California…
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When Financial Advisors Move: Trade Secrets, Competition, and Transition Risk
Even the most carefully planned advisor transition presents risk. The former firm may seek emergency relief in court within days…
Read MoreThe SEC’s Growing Focus on Private Credit and Private Market Valuations: What Registered Investment Advisers and Financial Professionals Need to Know
In a typical private credit transaction, a non-bank lender (often a specialized fund managed by an investment adviser) provides financing…
Read MoreCould Thousands of Investment Advisers Be Forced Back to State Registration?
The Securities and Exchange Commission's recent review of the investment adviser registration threshold could have significant consequences for thousands of…
Read MoreReceived a FINRA Rule 8210 Letter? What Financial Advisors Need to Know
A Rule 8210 letter from the Financial Industry Regulatory Authority, or FINRA, is not ordinary correspondence. For financial advisors, registered…
Read MoreWhen AI Picks the Trades: Liability Risks for Broker-Dealers, RIAs, and Registered Representatives
Artificial intelligence is no longer a back-office tool in financial services. It is now embedded directly in how retail investors—particularly…
Read MoreThe Department of Labor’s New Independent Contractor Proposal and Its Potential Impact on Independent Financial Advisors
The U.S. Department of Labor has issued a new Notice of Proposed Rulemaking addressing how to determine whether a worker…
Read MoreRegistered Reps and Broker-Dealer Alert: Recent SEC No-Action Relief Allows B-D’s to Pay Transaction-Based Compensation to Personal Service, Pass-Through Entities Rather Than to Registered Persons, Subject to Limitations
On November 17, 2025, the staff of the Securities and Exchange Commission (“SEC”) issued a no-action letter to the Financial…
Read MoreCalifornia’s Clean Slate Act vs. Federal Disclosure Requirements for Financial Advisors
California’s Clean Slate Act, composed of Assembly Bill 1076 and Senate Bill 731, aims to expand opportunities for individuals with…
Read MoreNavigating the Aftermath: Financial Advisor Terminations and The Form U5
Being fired is never easy, but it is a particularly challenging and uncertain time for licensed financial advisors and their…
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