RE: Not formed RIA yet, but I recall seeing somewhere that RIA's under Raymond James brokerage services are prohibited from signing up clients who are NOT residents of their home-state. Let's say I am a non-SEC but state registered RIA due to small size, but have plans to grow larger. So (my understanding) then if potential investors from out of state with to invest with your RIA, are you prohibited from doing this ? See this site and the small print at bottom of screen http://www.questadvisor.com/the-quest-team.htm This site is published for residents of the United States only. Raymond James financial advisors may only conduct business with residents of the states for which they are properly registered. Therefore, a response to a request for information may be delayed. Please note that not all of the investments and services mentioned are available in every state, Investors outside of the United States are subject to securities and tax regulations within their applicable jurisdictions that are not addressed on this site. Contact our office for information and availability. Anyone care to expand on this ? What is the "work around" for say wealthy citizens of another country who wish to invest via my RIA, in US Markets, due to lack of confidence in their own markets ? Thank you
I don't think you can have foreign investors if you have a state-registered RIA, however I believe you CAN have foreign investors if you're set up as a hedge fund, which of course is more complicated and more expensive. Check out this link for more info regarding RIA compliance. http://www.ria-compliance-consultants.com/faq_investment_advisor_registration.html