Advisor International Relocation?
We are a medium size RIA (SEC Registered/based in Texas). One of our advisor's will be relocating to a country in Asia for a 3 year assignment for their spouse's employment. Has anyone dealt with this before? We have an appointment with our compliance attorney's next week, but I am trying to crowd source the potential issues so we are better prepared to ask all of the correct questions.
The advisor manages a small book of clients (10-12 relationships) of primarily friends and family, serves as a paraplanner to our larger relationships, and manages the bulk of our compliance activities. The advisor feels like they can maintain communication with this small group of clients from abroad and will return to the US periodically for in person meetings/reviews. They do plan to work "one month in US and one month in Asia" to make sure they reside for AT LEAST 180 days in the United States. They will NOT be soliciting new business outside of the US in Asia or anywhere else for that matter -- ONLY maintaining their existing relationships.
Obviously, we will have logistical concerns with working remotely (IT security for remote access, time zone considerations, and office logistics). I'm looking to see if anyone out there has managed through something like this.
NOTE: We are SEC registered only as fee based advisors...no FINRA registration.