Oct 3, 2023
Michelle Atlas-Quinn, J.D. is the Vice President of RIA Operations for AdvisorLaw. She is an Attorney licensed by the Colorado Supreme Court to practice law (active registration). She earned her Juris Doctorate from University of Denver Sturm College of Law. Michelle formerly held FINRA licenses Series 7, 63, and 24 and former Colorado life and health insurance license. She earned her Bachelor of Arts in Philosophy from the University of Colorado.
David and Michelle discuss the transition from working
with a broker-dealer to becoming an independent registered
investment advisor (RIA). Michelle shared her career journey which
led her to founding the RIA division at AdvisorLaw. She discussed
some of the benefits of being an RIA like lower fees, less
regulatory oversight, and more freedom in marketing. However, she
cautioned that as an independent advisor there is more
responsibility to ensure compliance. Michelle provided tips on
complying with regulations and working with a compliance partner
like AdvisorLaw. Overall, the discussion focused on helping
advisors understand the opportunities and responsibilities involved
in making the shift to the RIA space.
"The SEC Rule is, am I doing what's in the client's
best interest? Am I being careful with their money and making
decisions that I think are careful." - Michelle Atlas
This week on The Model FA Podcast:
Our Favorite Quotes:
"Anything that you collect a fee on, is Ria, anything you could collect a commission on, is a broker-dealer. And so you look at your book and you say, well, what else am I still collecting commissions on?" - Michelle Atlas
“From a marketing standpoint, in the RIA space, it's just nice that you can market your business more in alignment with the way that businesses are marketed today.” - David DeCelle
"So there are some challenges, but I think 85-90% of most people's books these days, if you look at them, are fee based, because they are using managed money." - Michelle Atlas
"FINRA derives their jurisdiction from the SEC. So instead of having three regulators, and if you're doing insurance, maybe four, you're down to three." - Michelle Atlas
Connect with Michelle:
About the Model FA Podcast
The Model FA podcast is a show for fiduciary financial
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