Episode Summary

Kurt Wolfe, securities attorney with Troutman Pepper, discusses the final updated rules from the SEC on adviser marketing. The rule hasn't changed in nearly 40 years, so Jeff, Bruce and Kurt have plenty to discuss, including what is allowed under the new guidelines and differences for brokers vs. advisers. Chuck Failla also joins to chat about InvestmentNews' upcoming RIA summit on May 18-19.

Episode Notes

Kurt Wolfe interview — 1:30-23:00

• The long-awaited change to the RIA marketing rule — starting the clock on compliance
• What is allowed under the new guidelines — principles-based approach
• FINRA vs. SEC and brokers vs. advisers
• Questions around remaining restrictions
• Effect of change in SEC Chair
• How industry consolidation might affect compliance

Chuck Failla interview — 24:00-37:30

• What set Chuck on the path to breaking away
• What the RIA event will offer
• The challenges that come with setting up an RIA business
• Brokerage house paranoia and the move to custodial business as a fallback

Receive 20% off of your RIA Summit registration using the code RIA20. https://investmentnews.eventscase.com/EN/RIASummit/Agenda   

Guest Bio: Clients call on Kurt Wolfe when facing complex internal investigations and government enforcement inquiries. A trusted adviser, Kurt is known for delivering tailored, practical advice on securities regulatory and enforcement matters.

Chuck has been a financial advisor for more than 25 years. He started in the early 90s as a "cold calling cowboy" in NYC selling individual stocks. As he built his book, he always planned to go independent and did so in 1999 by opening an independent branch of Raymond James Financial. At that time, Chuck earned his CFP® designation and transitioned from individual stock picking to financial planning and asset allocating using mutual funds and SMAs. Chuck's practice evolved into what is today Sovereign Financial Group, Inc., an SEC registered RIA.

Chuck is also the Director of Sovereign Advisor Solutions (SAS)-- a division of Sovereign Financial Group, Inc. SAS helps advisors transition to RIA by offering a comprehensive plug and play solution for going independent.

Chuck's ties to the financial planning community run deep. He currently serves on the Board of Directors for the FPA of Connecticut and Chairs their Pro Bono / Public Outreach Committee.

Chuck received his degree in Finance from The University of Connecticut and completed his coursework for the CFP® certification with The American College. He resides in Connecticut with his wife, two children, black lab and cats. In his spare time, he enjoys all things outdoors -- on the weekends you will find him with his family hiking, camping, skiing, boating or just enjoying the trees while grilling in the backyard.