Hello,
I am currently a financial advisor in Canada and own my own independent practice. I recently had a friend sell their business in the USA and would like me to manage the proceeds. The size of the business is obviously large enough for me to be going through with this. As it is, my broker-dealer in Canada will not allow me to take on US clients (Cross border compliance issues). My understanding however is that the CFA designation (which I hopefully will receive August 9’th) is enough to satisfy the licensing to become an RIA in the USA (certain states). This would require me to open an office in the USA which is not a problem, the revenue from this client is more than enough to spend $750 a month to rent an office for a postal address in the USA.
My question to any American RIA’s is which custodian you use or would recommend using for holding client assets. Also any recommendations on which compliance company to help get set up with. I have been recommended RIA Registrar and NCS for compliance and have spoken to TD Ameritrade to act as a custodian of the assets. These recommendations came from a 10 minute phone call with TD Ameritrade Institutional.
I would also be open to simply joining a firm down there to bring over the client if that were an option as well, any advice on that would be appreciated.
Kind Regards,
Borson