- Describes the solicitor’s activities and compensation for those activities;
- Requires the solicitor to adhere to the RIA’s instructions and the Advisers Act; and
- Requires the solicitor to provide the solicited client with a copy of the RIA’s client disclosure brochure, Form ADV Part 2, and a separate solicitor disclosure statement.
When providing these documents, the solicitor must ask the client to sign and date the solicitor’s disclosure statement, which must be maintained and made available to the RIA. Importantly, each state has different requirements for solicitor arrangements. Next week’s blog will focus on the stark differences between three of those states’ requirements: New York, Florida and California.