Broker-dealers and registered investment advisers operate in demanding regulatory environments with their respective laws, rules, standards – and regulatory expectations. Each firm must understand which rules apply to its activities and maintain policies, records, disclosures, and supervisory practices that reflect how the business actually operates.
This can be especially challenging for smaller firms without large in-house legal and compliance resources. Ryan P. Smith Law, PLC provides nationwide regulatory counsel to broker-dealers and RIAs, and their principals, and chief compliance officers, who need practical guidance for day-to-day compliance and significant business changes.
The firm helps clients evaluate obligations, strengthen compliance programs, prepare for examinations, and respond to evolving regulatory expectations. This page provides an overview of the firm’s compliance practice. The dedicated service pages explain the distinct support available to broker-dealers and registered investment advisers.
Get a clear, practical read on your firm's compliance posture — no jargon, no Wall Street price tag.
Ryan P. Smith brings an uncommon combination of legal, regulatory, and operational experience to compliance counsel. He is a former in-house counsel to two broker-dealers and FINRA, an active Series 24 General Securities Principal, and a current chief compliance officer. He understands how regulators review a firm’s program, but he also understands the practical realities of implementing that program with limited time and resources.
Ryan works directly with clients rather than relying on generic, one-size-fits-all advice. He helps firms identify the rules and risks relevant to their business model, then translate those requirements into workable policies, supervisory controls, filings, and review processes. His objective is to help clients address compliance as part of ordinary operations instead of waiting for a regulator, filing deadline, or business change to expose a gap.
To learn more about his experience, admissions, and professional background, visit Ryan P. Smith’s attorney profile.
Broker-dealers answer to overlapping requirements under federal securities laws, SEC regulations, FINRA rules, and applicable state laws. A firm’s compliance responsibilities include keeping current with FINRA requirements, maintaining written supervisory procedures, managing registration requirements, reviewing communications, maintaining complete and accurate books and records, conducting reviews, making the proper regulatory reporting, and keeping examination readiness.
Effective compliance requires more than keeping a manual on file. Written procedures should match the firm’s actual offerings, personnel, communications, and supervisory practices. Regulatory filings should remain accurate as ownership, business lines, offices, or other material facts change. Testing and periodic review can help firm leaders identify operational gaps before they become larger problems.
Ryan provides focused outside regulatory counsel to help broker-dealers evaluate these responsibilities and strengthen their supervisory systems. Read more about the firm’s broker-dealer compliance attorney services.
Registered investment advisers operate under their own regulatory structure. Depending on the firm’s facts and jurisdiction, an adviser may be regulated by the SEC or one or more state securities authorities. Its compliance work may include initial and ongoing registration, Form ADV and related disclosures, written compliance policies, annual reviews, marketing oversight, books and records, privacy and cybersecurity practices, conflicts management, and examination preparation.
An RIA’s compliance program should reflect how the firm provides advice, communicates with clients, manages conflicts, protects information, and documents its decisions. As services, personnel, technology, or regulatory expectations change, an RIA may need to revisit its disclosures and procedures. Advice about registration, filings, or a particular communication must be based on the adviser’s specific facts.
Ryan helps investment advisers build and maintain practical compliance infrastructure, prepare for SEC or state examinations, and address regulatory questions as their businesses evolve. Explore the firm’s RIA compliance attorney services for a closer look at this work.
Some firms and professionals operate in both brokerage and advisory capacities. These arrangements can create overlapping registration, disclosure, supervision, recordkeeping, and conflict considerations. The proper analysis depends on the individual, the service being provided, the type of compensation, and the capacity in which a recommendation or other activity occurs.
Coordinated counsel can help a dual or hybrid firm distinguish its broker-dealer and RIA obligations while reviewing how the two programs interact. That may include aligning written policies, clarifying roles, reviewing disclosures and communications, and identifying where a shared operational process must still satisfy separate regulatory requirements.
Outside regulatory counsel can be useful when a firm is launching, changing its business, updating a compliance program, or preparing for regulatory review. Consider contacting Ryan P. Smith Law, PLC when your firm needs help with:
The appropriate scope of counsel depends on the firm’s activities, regulator, and objectives. Ryan works with clients to identify the issue, define the project, and provide advice tailored to the business rather than a generic compliance checklist.
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A: Broker-dealers and RIAs perform different regulated functions and operate under different primary legal frameworks. Broker-dealer compliance commonly emphasizes FINRA membership, supervision, transaction-related obligations, and broker-dealer books and records. RIA compliance commonly emphasizes advisory registration, fiduciary obligations, disclosures, conflicts, marketing, and investment-adviser records. A firm involved in both activities may need coordinated but distinct programs.
A: Every firm must meet the requirements that apply to its business, but a compliance program should be tailored to the firm’s size, services, risks, and operating model. A smaller firm may have fewer employees or business lines, yet it still needs policies and controls reasonably designed for its activities. Outside counsel can help a firm focus its resources on the obligations that matter to its actual operations.
A: Yes. Counsel familiar with both regulatory frameworks can help a broker-dealer, RIA, or dual registrant identify which requirements apply to each part of the business. The analysis remains fact-specific, and each entity must maintain the registrations, disclosures, procedures, supervision, and records required for its activities.
Compliance obligations change as regulations, business models, personnel, and services evolve. Whether your firm is establishing a new registration, reviewing its written program, preparing for an examination, or seeking ongoing regulatory counsel, Ryan P. Smith Law, PLC can help you evaluate the next step.
Contact Ryan P. Smith Law, PLC to discuss your broker-dealer or investment adviser compliance needs.
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