Ever since the financial crisis of 2008, we have witnessed an increase in registered investment advisory business growth. Traditional brokers are “breaking away” to form their own independent businesses and existing registered investment advisers are joining forces with other advisers in order to accelerate growth opportunities in the marketplace. Also, mergers and acquisitions are becoming more and more common place as a result of strategic transition and business succession planning. Each of these scenarios has a series of regulatory compliance considerations the business must face, whether on the breakaway path or on the merger and acquisition side. This month’s legal tip will focus on those considerations that businesses should keep in mind prior to implementing the transition plan.