Move Comes as Ranks of RIAs are on Upswing With $80 Trillion in Assets Managed
Fort Lauderdale, FL– July 29, 2020 -- The law firm of Bressler, Amery & Ross today announced the formation of an Investment Advisory Practice Group. The practice group, focusing on servicing both federally covered, state registered investment advisers (“IAs”) was formed in an effort to accommodate the growing needs of investment advisers in the U.S. and U.S. regulated IAs abroad.
The practice is led by co-chairs Kerry Zinn, a Principal in the Fort Lauderdale office and Mark Knoll, Managing Principal of the firm’s New York office.
With in-depth knowledge of the range of issues that impact federally covered and state IAs, Bressler’s Advisory Practice Group provides IAs of all sizes with a one-stop-shop for legal and compliance services. Members of the practice group assist IAs with their day-to-day needs including registration and licensing, preparation of Form ADVs, advisory contracts, solicitation agreements, effective compliance and supervision and regulatory and litigation risk avoidance. The practice group also includes seasoned enforcement attorneys who assist IAs during regulatory inquiries, investigations and enforcement actions by federal and state government regulators. Notably, the practice group is familiar with and experienced with the unique challenges and issues that impact U.S licensed foreign IAs who engage in cross-border advisory services.
“Adding a dedicated investment advisory practice is a logical next step for Bressler. A significant number of our attorneys already represent members of the financial services industry and are well versed in capital market issues and regulation and some are former industry regulators,” said Ms. Zinn. “In addition, Bressler already represents investment advisers so we are poised to seamlessly expand in that space, particularly because we have an existing pipeline of prospective investment adviser clients through our longstanding broker-dealer and financial industry relationships.”
According to Ms. Zinn, the sector is on the upswing. She cited a 2018 FINRA report showing that the retail financial services industry is shifting away from the broker-dealer model. From 2008-2017, the number of standalone broker-dealers declined by 21%. Dual registrants registered as both broker-dealers and federal covered IAs declined by 35.9%. During that same time period, the total number of IAs increased by 22.6%. As of 2018, it is estimated that IAs manage over $80 trillion in assets.
The firm represents investment advisers who operate in the U.S. and U.S. licensed IAs who operate around the world. Its clients include small, medium and large retail advisory firms, family offices, fund advisers, asset managers and more. Bressler also offers a unique general counsel services package to small IAs so they can obtain cost-effective legal services.
The addition of the new practice enhances the firm’s national footprint and prominence in the financial institutions industry and strengthens the synergy of the firm’s seven offices. “We are strategically focused on expanding our capabilities in an effort to better serve clients’ needs,” said Mr. Knoll. “With the increase in assets under management by investment advisers, we have assembled a multidisciplinary team of attorneys to help steer clients through the highly regulated and complex body of law.”