The Distinction Between Free Custodian Services and Soft Dollars
Let's consider two seemingly similar situations. In the first, an investment adviser recommends that its clients custody their assets with a large institutional custodian, like Schwab or Fidelity. As part of that relationship, the custodian gives the adviser access to a variety of products and services, like trading technology, billing tools, reporting tools, market data, customer support, practice-management resources, and investment research. The adviser doesn't pay separat
Isaac Mamaysky
Oct 6
What is the Status of Refer-a-Friend Programs Under the Marketing Rule?
Many RIAs have some version of a “refer-a-friend” program, including requests for introductions and webpages on which clients can submit contact information for a friend, family member, or colleague. This raises an interesting question under the Marketing Rule: Does the resulting referral constitute an “advertisement” and is it subject to the disclosure obligations and other Marketing Rule requirements for testimonials and endorsements? In other words, does a referral from an
Isaac Mamaysky
Oct 1
Can a Terminated Adviser Invoke the Broker Protocol?
This article appeared in Advisor Perspectives on May 5, 2026. To see the full article there, please visit this link. An interesting question recently came across my desk: Can an adviser who was involuntarily terminated move their clients to a new firm under the Broker Protocol? The Broker Protocol is often discussed as if it applies only when an adviser resigns, but there is a credible argument that an adviser who is involuntarily terminated can still invoke the Protocol. Wh
Isaac Mamaysky
Apr 23
Why The SEC May No Longer Allow “Hedge Clauses” In Client Advisory Agreements (And How To Replace Them Compliantly)
This article was written for and originally appeared on the Kitces Nerd's Eye View blog. It's always a pleasure to work with the Kitces team and I'm grateful for their excellent suggestions, editing, and collaboration. To see the full article on Kitces, please use this link. Executive Summary (Written by Kitces Editorial Team) Advisory firms often rely on long-standing Investment Management Agreement (IMA) templates that include liability waivers without revisiting whether th
Isaac Mamaysky
Apr 15
Solicitors, the Marketing Rule, and Registration: Navigating Paid Referral Arrangements
This is a draft working paper that is forthcoming with Kitces. Paid referral arrangements are common in the investment advisory space. RIAs often work with “solicitors” or “promoters,” who refer prospective clients in exchange for compensation. [FN 1] These include client referral firms, individual wholesalers, accountants, online adviser matching platforms, compensated bloggers, and other centers of influence that direct prospective clients to advisers. The defining feature
Isaac Mamaysky
Mar 30
Paying Advisers: Considerations Surrounding Cash Compensation
Many RIAs reach a point of growth when informal compensation arrangements no longer scale. Early on, paying advisers can be a one-off, case-by-case decision, but as a firm grows, brings on additional advisers, and professionalizes its employment agreements, compensation stops being something that can be handled informally and becomes a core part of how the firm operates. Firms need a compensation structure that is appealing to advisers, scalable so it can apply to a team (the
Isaac Mamaysky
Mar 6
(Presentation) Noncompetes and Restrictive Covenants
It was a pleasure to speak about the legal landscape of noncompetes and restrictive covenants for the Financial Experts Network. Click the link below to watch on the Financial Experts Network website.
Isaac Mamaysky
Feb 4