Operating a registered investment adviser requires integrating legal obligations directly into your daily advisory operations to maintain ongoing compliance. For smaller firms that may lack a large in-house compliance staff, Ryan P. Smith Law, PLC provides nationwide regulatory counsel to help manage these complex responsibilities. As an experienced RIA compliance attorney, Ryan helps small investment advisers, principals, and chief compliance officers (CCOs) build, execute, and maintain practical compliance infrastructure designed to address applicable federal and state requirements.
Ryan brings a distinct, realistic perspective to RIA compliance. Serving as a practical chief compliance officer (“CCO for CCOs”), his background includes working as a former in-house FINRA attorney.
Combined with his active Series 24 General Securities Principal registration and his experience representing both broker-dealers and RIAs, Ryan understands how regulatory examiners evaluate a firm’s operations. This experience allows Ryan P. Smith Law, PLC to provide practical regulatory counsel tailored to each investment adviser client’s needs.
Get a clear, practical read on your firm's compliance posture — no jargon, no Wall Street price tag.
Navigating SEC registration versus state registration depends heavily on firm-specific facts, including total assets under management, physical location, and client types. Depending on these factors, an advisory firm will fall under the jurisdiction of the SEC or state securities regulators. Because regulatory thresholds and local rules can evolve, determining the appropriate jurisdiction requires careful attorney verification before submitting initial applications.
Establishing a firm involves preparing and maintaining core disclosure documents. Ryan assists with drafting and filing Form ADV Parts 1 and 2, preparing Form CRS where applicable, and handling IARD system filings. Additionally, he helps register each investment adviser representative across required jurisdictions. Maintaining accurate, timely disclosure amendments as your advisory business grows or changes is critical to meeting regulatory expectations.
If you are looking to hire an RIA compliance attorney to establish or update your advisory registration, discuss your RIA compliance needs with Ryan P. Smith Law, PLC.
Under the Investment Advisers Act of 1940, SEC-registered advisers must comply with Rule 206(4)-7. This rule requires advisory firms to adopt and implement written policies and procedures reasonably designed to prevent, detect, and correct violations of securities laws. It also mandates designating a chief compliance officer and conducting an annual review of the compliance program’s adequacy and effectiveness. State-registered firms face similar requirements under various state regulations.
A tailored compliance program must accurately reflect how your firm actually manages risk and conducts business. An off-the-shelf manual may be at odds with your firm’s operations if it does not match operational reality. Ryan designs tailored compliance manuals that address portfolio management, trading practices, fiduciary duty obligations, conflicts of interest, books and records retention, privacy policy enforcement, business continuity planning, and custody requirements.
Regular testing and remediation help confirm that your written procedures continuously match your firm’s daily advisory practices.
Complying with the SEC marketing rule (Rule 206(4)-1) requires careful legal review of all firm communications. Ryan evaluates public-facing materials across key regulatory categories, including general advertisements, testimonials, endorsements, third-party ratings, and performance information.
Because regulatory scrutiny of marketing claims is high, oversight must be tied directly to proper disclosure and strict books and records retention. Advice regarding specific promotional materials depends entirely on the unique facts of the communication.
As your advisory business changes—whether through new service offerings, personnel changes, technology adoption, or updated cybersecurity protocols—your compliance infrastructure must adapt. Ryan provides ongoing regulatory counsel to keep your policies, privacy policy disclosures, and Form ADV amendments aligned with business growth. Proper guidance is tailored to whether your firm is SEC-registered or governed by state securities regulators, maintaining ongoing compliance as rules evolve.
For additional guidance on digital communications, review our resources on social media recordkeeping.
Facing a regulatory examination requires organized execution. Ryan assists RIAs with examination readiness by conducting mock examinations, evaluating the completeness of books and records, and comparing the compliance program with the firm’s prior annual review. As an experienced RIA compliance lawyer, he helps CCOs organize document responses and prioritize issues that require attention. During an active examination, he can clarify regulator inquiries and advise the firm on its response.
Learn more about current regulatory priorities by reading our overview on code of ethics examination priorities or explore Ryan’s regulatory and compliance background.
Ryan P. Smith Law, PLC offers transparent pricing for ongoing regulatory counsel and fixed-fee compliance projects:
Note: Specific scope and applicability must be confirmed with Ryan prior to engagement.
Whether you are launching a new registered investment adviser, updating your Form ADV disclosures, preparing for a regulatory examination, or seeking ongoing regulatory counsel, Ryan P. Smith Law, PLC provides practical nationwide guidance tailored to your firm. Discuss your RIA compliance needs today to evaluate your compliance program. For broker-dealer-specific guidance, please visit our broker-dealer compliance attorney page. Firms with dual or hybrid operations should discuss the appropriate scope of counsel with Ryan.
Get straightforward guidance from a CCO for CCOs — schedule your free consultation today.
A: RIA compliance is an adviser’s operational framework for meeting its legal, fiduciary, registration, disclosure, policy, recordkeeping, marketing, privacy, and examination responsibilities. A compliant program must accurately reflect the firm’s actual business activities, client risks, and regulatory jurisdiction, rather than relying on generic templates.
A: Registered investment advisers are regulated principally by either the SEC or state securities regulators, depending on assets under management, business model, and jurisdictional rules. Additional federal or state statutes may apply to specific business activities, but no single agency governs every advisory firm universally.
A: Costs for an RIA compliance consultant vary based on firm complexity and service scope. Ryan P. Smith Law, PLC offers The Highlands at $475 per month and The Patriot at $895 per month; each requires a six-month commitment. The firm also offers a Policies and Procedures Review for $595 and a Mock Examination for $1,595. Legal counsel and consulting services differ in scope.
A: A compliance attorney interprets securities regulations, drafts policies, reviews Form ADV filings, advises on conflicts and marketing, prepares firms for regulatory examinations, and advises on remediation. The attorney provides specific legal guidance while firm management and the designated chief compliance officer retain operational responsibility.
A: An IAR can potentially be registered with a broker-dealer. Individuals may operate under dual or hybrid arrangements as both an investment adviser representative and a broker-dealer registered representative. However, registration, disclosures, supervision, conflicts of interest, and the capacity in which recommendations are made require careful, fact-specific legal review.
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