An advisor must meet specific requirements and guidelines to start an RIA in Oklahoma. This article will cover what you need to know.
Oklahoma requires advisors to register their RIA with the state if they meet the following criteria:
- The RIA is located in the state.
- The advisor manages less than $100 million in AUM.
- They solicit their financial services in Oklahoma or manage assets for more than five Oklahoma state residents.
Advisors may consider hiring a compliance consultant to help set up their RIA in Oklahoma.
Oklahoma requires that advisors have one of the following professional designations: Series 65, Series 7 & 66, CFP, CFA, CIC, ChFC, or PFS.
In addition to paying all the registration and filing fees, IARs must complete the following tasks and submissions with the state of Oklahoma:
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Submit FINRA Entitlement Paperwork
Oklahoma requires advisors to apply for an account to FINRA’s WebCRD/IARD online system to submit their RIA application. FINRA does not supervise or regulate RIAs, but the state uses the system to process applications. -
Form ADV Part 1 (online only)
Form ADV Part 1 will contain information about the RIA: ownership, clients, business practices, disciplinary events related to the advisor or its employees, and any affiliations. It is also used to upload ADV Part 2A and ADV Part 2B. -
Form ADV Part 2A (paper and online)
Form ADV Part 2A will have information related to the RIA’s fees, services, disciplinary disclosures, and other information related to the firm. Form ADV part 2A also acts as the Firm’s Disclosure Brochure. Oklahoma requires this to be given to prospective and current clients and written in plain, understandable English. -
Form ADV Part 2B (paper and online)
Form ADV Part 2B will have information about the RIA. This brochure (also given to clients) contains information about their education, employment history, potential conflicts of interest, and any disciplinary actions. Also, any Executive Officers or representatives who advise clients must complete this form.
If sponsoring a wrap fee program, Appendix 1 is also required. -
Form U4
Form U4 registers your firm’s Investment Advisor Representative (IARs).
If you’re seeking approval as a state RIA for the first time, you will need to complete the following:
- IARD/CRD Access & Authentication
- E-billing establishment & processing
- SAA Creation & FINRA Entitlement
Oklahoma may also require the following documents and processes:
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Client Advisory Contract
Oklahoma requires this filing to ensure the RIA meets the regulatory standards for client advisory set by the state. -
Policies and Procedures Manual
The RIA will use the Policies and Procedures manual as an internal guide to upholding internal processes and procedures. This manual will contain information from how the RIA handles clients' complaints to how it trains new IARs. It should also include information about Business Continuity, Anti-Money Laundering, Information Security, and Anti-Insider Trading plans. -
Privacy Policy Statement
Every RIA’s privacy policy statement will be unique to their firm, but it must meet the state of Oklahoma’s compliance requirements. This document must explain how the firm handles, stores, and discloses client information. It must also be given to clients at the start of the working relationship and every year after that. -
Code of Ethics
The state of Oklahoma requires RIA’s to meet specific fiduciary standards, and this filing ensures that.
Starting an RIA doesn’t have to be overwhelming with the right resources, such as our comprehensive RIA launch kit.
At Altruist, we strive to make independent financial advice better, more accessible, and more affordable. Our platform gives back precious time and capital to RIAs, so you can focus on what matters most: your clients and business.
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Our dedicated customer support team is here to help advisors that are planning to make the leap from their wirehouse. Our team will help ensure a smooth transition with exceptional ongoing service.
To see how we’re helping RIAs streamline operations, reduce overhead, and elevate the client experience, book a call with one of our transitional specialists now.
*Altruist and its affiliates do not provide legal advice, so it’s important to check with a qualified professional for each state’s registration requirements.
