The playbook · Edition 043

The $312 licence: registering as a one-person investment adviser, and what it is actually worth

The step-by-step playbook behind Of 271 federally registered internet advisers, 107 told the SEC they had no clients.

What is inside

1. The one-page conclusion
2. Phase A · Standing it up
3. Phase B · The first client
4. Phase C · The build
5. Fees and venues
6. The rules that govern it
7. Delivery, end to end
8. Records and the examination pack
9. Counterparties
10. Who is responsible for what
11. Risk, gates and the long watch
12. Cost, timeline and break-even
13. Launch checklist and the 30 / 60 / 90
14. Not yet verified
15. Sources