Practical Tips for RIA Service Agreements – Making Sure Your Clients Are Happy and You Are Protected

Jan. 2012


It is a new year and with that comes a renewed spirit to protect your business by considering
high-profile regulations such as the Dodd-Frank Wall Street Reform and Consumer Protection
Act (“Dodd-Frank”). One of the best ways to commence this process is to review and where
necessary, update your advisory contracts to reflect not only new regulatory requirements, but
also clarifying terms to set expectations with your clientele. If you have not done so recently,
check to ensure that your agreements are carefully updated to reflect your current business
practices and ensure that it is written in plain English so that your clients are able to clearly
understand what each provision within the contract means. The purpose of this month’s Risk
Management Update is to provide helpful information and practical tips on how to review your
advisory agreement so that it is customized to your practice. This is not intended to provide legal
advice, but rather, a reference for you to consider and further discuss with counsel, as needed.


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