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Michael Kitces picks his moment to demand the SEC close two giant faux-RIA loopholes -- the hat-switching 'hybrid' advisor and the wirehouse 'financial advisor'

The XPYN founder wants the SEC to honor its 'Merrill Lynch Rule' promise from 15 years ago, demanding the most fundamental truth in advertising.

Author Lisa Shider October 1, 2021 at 10:33 PM
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Michael Kitces: "If you're going to be a hybrid broker/advisor, you can't market that you're an advisor - and then swerve into being a broker."

Hybrid RIA


RIA Compliance

Jeff Spears

Jeff Spears

October 2, 2021 — 1:01 PM
Money talks and brokers have more money.
Richard M Allison, CFP®

Richard M Allison, CFP®

October 4, 2021 — 1:15 PM
Sometimes the most obvious solution is the one that has been staring everyone in the face for a long time. If you are licensed as a registered representative then, that and only that goes on your business card. If you are licensed as an investment adviser representative, then that and only that goes on your business card. No hybrids. If you are a registered rep, then you cannot be an investment adviser rep. Period. Point blank. End of story. This would allow consumers to know the difference. Simple.

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Mentioned in this article:

Nexus Strategy
Consulting Firm
Top Executive: Timothy D. Welsh

Consulting Firm
Top Executive: Michael Kitces

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