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Total Posts: 133
Joined: Sep 2015
Posted: 2021-01-10 14:08
Has anyone on here started an RIA?

Would you be open to speaking?



Total Posts: 500
Joined: Mar 2005
Posted: 2021-01-15 01:19
FX or bookies?

On a laager on a hill. A long way from Avondale.


Total Posts: 90
Joined: Jul 2018
Posted: 2021-01-15 19:29
Is this in the US? You mean like submitting Form ADV to the SEC, registering the associated IARs, putting together the partnership/company and subscription agreements and PPMs, putting together enough AUM past the ERA threshold, and doing all of the blue sky filings?

I have experience doing that but I recommend using a compliance firm to do it for you because there's nuances of everything - gates, liquidity terms, crystallization, incentive fee vs allocation, maintaining GAAP vs non-GAAP books, scope of management expenses etc. that you'll need to decide and then sync with your fund admin and promo materials. Hard for a random stranger on the internet like me to walk you through all the specifics, dot all the i's and cross the t's - and I'm not a licensed attorney.

Most law firms will do it for you but my experience is that most of them charge a large premium for simple paperwork, which Form ADV really is; and some of them are very passive and will not remind you of any upcoming regulatory filings or changes to compliance requirements. So if a compliance firm can take care of both the setup and compliance for you, it would be my preferred route these days. We did most of it inhouse and with an internal CCO. If you go the law firm route, in my experience SRZ and Sidley have the best private fund practices. If you go the compliance firm route, you can always get word-of-mouth recommendations by speaking to fund admins (auditors and tax people usually have a code of ethics against making recommendations).


Total Posts: 133
Joined: Sep 2015
Posted: 2021-01-16 01:55
Thanks Prikolno.

Yep, this is the type of business model I had in mind.

Generally, although I appreciate the detailed response, the questions I am looking to ask would be more related to a case study (what was or is your business, what worked or what didn't, what were unexpected hurdles to success...etc).

If these are questions you'd be in a position to answer, I'd be happy to more formally introduce myself over e-mail, call (telegram,..whatever).
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