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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.

Friday, October 1, 2021 – 10:33 PM by Lisa Shider
Admin:
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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."

Related Moves

Five RIA Doubletakes: An RIA-only law firm breaks away • Kitces launches picker of 'best of breed' RIA software bundles • Vanguard targets 2070 just as media targets TDFs • SEC fishing for RegBI Scofflaws, including RIAs • CFP appoints first African-American chair

RIA Lawyers will reject RIA custodians• Kitces Nascar montage is now interactive and helpful • Vanguard's super long TDF draws critics• SEC supply lines are stretched with new battle front • Kamila Elliot is ex-DFA, diverse and calling CFP shots

January 12, 2022 – 3:13 AM

UBS bets its 'wealth' future on ex-Schwabbie Naureen Hassan, a corporate digital A-lister, who analysts give a fighting chance to transcend PaineWebber's ossified culture

Still a $2-billion cash-flow cow, the Swiss bank's 6,000-broker, US-based wirehouse is milking aging broker relationships with aging investors but needs a new kind of human presence, empathy, mindset and smarts to draw in Gen Z.

July 16, 2022 – 1:35 AM

March 12, 2020 – 1:45 PM

Oleg Tishkevich builds instant McKinsey-killer in RIA consulting by offering gigs and equity to six solo stars, but good luck managing egos and economics, says someone who's been there

The restless Invent.us founder names (thus far) Tim Welsh, Suzanne Siracuse, Gavin Spitzner, Mark Hollingsworth and Brian Bleasdell as owners in exchange for being on call to tackle big gigs as a superteam

September 10, 2019 – 10:52 PM


Mentioned in this article:

Nexus Strategy
Consulting Firm
Top Executive: Timothy D. Welsh

Kitces.com
Consulting Firm
Top Executive: Michael Kitces




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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