Glossary
Registered Investment Adviser (RIA)
A registered investment adviser (RIA) is a firm registered with the SEC or a state securities regulator to provide investment advice for compensation, owing clients a fiduciary duty at all times.
The registration is the firm's; the humans are investment adviser representatives (IARs), typically qualified by the Series 65 exam. RIAs are legally distinct from brokerages: an RIA is paid for advice and must put clients first, while a broker is paid for transactions under a best-interest sales standard. Every RIA files a public Form ADV disclosing fees, conflicts, and any disciplinary history.
Why it matters in practice
"Financial advisor" is a marketing title anyone can print on a card; RIA and IAR are legal statuses with enforceable duties. Verifying which one a person actually holds takes two minutes at adviserinfo.sec.gov. Note that RIA status governs duty, not price — an RIA can still be expensive — so the fiduciary duty and the fee structure are separate questions worth asking separately.
In California
Smaller advisory firms based in California generally register with the state's Department of Financial Protection and Innovation (DFPI) rather than the SEC; the duty to clients is fiduciary either way. Aduna Capital LLC is a DFPI-registered adviser (CRD #311270).
Related terms: Fiduciary · Fee-Only · Series 65 · Form ADV · Suitability