Ep #78: Compliance Mailbag with Jim Cullen

December 14, 2016


This week on #XYPNRadio, Jim Cullen joins the podcast again for a compliance mailbag episode. Jim is the President of Financial Planners Assistance Corp., a compliance firm that works with independent RIAs and financial planning firms.

Often our mailbag episodes receive 5-7 questions from our VIP Facebook group. This time, we received 20 questions. Compliance is definitely a topic that advisors struggle with and Jim is the right expert to help us think through the issues that advisors need to know about when dealing with regulators.

Are you on the verge of starting your own firm and want to know how to get started while still being employed by an existing RIA? Jim has some great practical advice for you. We also talk about quite a few other topics, like what to expect when being audited and how giving gifts can create unintended consequences. Obviously, all information offered today should be considered general advice. Follow up with your state regulators for more specific information.

This episode is loaded with helpful information to help you comply with regulators in your state and at the federal level.





Listen to the Full Interview:

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What You'll Learn from This Episode:

  • Why referring to a monthly retainer as a subscription is easier related to compliance.
  • Whether "testing the water" and collecting client leads while working for another firm is a reasonable way to start a new firm.
  • Why you want to start a new firm as a sole proprietor when working for an existing RIA.
  • The pros and cons of taking custody of client accounts.
  • How to avoid creating unregistered cash solicitors from referral client gifts.
  • How to prepare for compliance audits with states vs the SEC.
  • Issues involved with using shared, co-working spaces to run your RIA.

Featured on the Show:

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