Services

Investment Adviser Registration

The Law Offices of Patrick J. Burns, Jr., P.C. (“PJB Law”) is well equipped to assist advisors seeking to form state or SEC registered investment advisers. Starting a new investment advisory practice can seem overwhelming. By outsourcing the project to our firm, we handle the entire registration process.

Our engagement typically includes handling the creation of Form ADV Parts 1 and 2 (Firm Brochure, Wrap Fee Program Brochure and Brochure Supplements), Client Agreements, Privacy Policy, Compliance Manual, Code of Ethics, Business Continuity Plan, as well as the establishment of an appropriate legal entity, review of marketing materials and creation of solicitor’s agreements and disclosure statements. We spend the time necessary to consult with our clients and draft customized documents to ensure our client’s investment advisory firm gets off the ground as smoothly as possible.

Transition Counseling

PJB Law works closely with transitioning advisors to understand their unique circumstances and develops exit strategies to help make the move to independence a success. We counsel advisors on the Protocol for Broker Recruiting, protocol requirements and eligibility, and resignations. For those not able to utilize the Protocol for Broker Recruiting, our firm examines alternate transition options and provides guidance on the most effective approach for departure. We encourage transitioning advisors to visit our website to read our whitepaper and AdvisorOne interview covering this issue.

Business Entity Formation

PJB Law helps advisors assess, select and create the most advantageous type of legal entity for registration. For breakaway advisors, our firm employs a heightened degree of sensitivity to help ensure the transition process remains confidential. One misstep in the formation of a legal entity can spell disaster for a transitioning advisor by prematurely revealing his or her plans to depart their current employing firm. We also assist with drafting the chosen business entity’s governing documents (e.g., operating agreements for limited liability companies or bylaws for corporations).

Employment/Partnership Agreement Review and Creation

In addition to reviewing and advising employment and partnership agreements, PJB Law also drafts tailored versions of these agreements to allow for optimization of the desired business structure. Our services in this area cover situations ranging from advisors starting their own investment advisory firms to those joining an existing practice as an employee or partner. We specialize in non-compete and non-solicit provisions, trade secrets and confidentiality issues, among other employment matters affecting advisors.

Promissory Notes

PJB Law encounters many breakaway advisors subject to promissory note obligations. We have had great success in renegotiating the terms and conditions of advisor’s promissory notes. PJB Law created an industry recognized whitepaper, Understanding the Burden: Considerations for Going Independent with a Retention or Recruitment Bonus, which covers many issues of importance to transitioning advisors who have a financial obligation to their employing firm.

Mergers and Acquisitions

Our firm works with buyers and sellers of investment advisory firms. PJB Law offers a suite of services which includes document drafting, deal negotiation and structuring terms.

Outsourced General Counsel

PJB Law specializes in assisting investment advisory firms who need knowledgeable legal counsel.  We assist with general  business and day-to-day legal issues, corporate governance matters, serving as the firm’s general counsel on the Form ADV and other relevant firm documents, executive issues and compensation, contract drafting, review, and negotiation, non-compete, trade secret, non-disclosure, and non-solicitation agreements.  In addition, we assist with strategic advice on recruitment of advisors, employment agreements, professional services agreements, development of outsourcing agreements, financing agreements, vendor and services agreements, leases, other commercial contracts, employment and human resource matters, mergers and acquisitions (document drafting, negotiation, support and implementation), privacy and data security, risk management, supervision or evaluation of local or special counsel and special projects.