Preparing for your first legal meeting as a financial advisor is easier when you know exactly what to bring and what to ask. The checklist below is designed for owners and principals of advisory businesses—independent RIAs, hybrid advisers, and small advisory teams—who want to make the most of an initial consultation. It focuses on practical items that help counsel understand your structure, risk profile, compliance posture, and growth plans.
This is general information for advisory businesses operating in the United States. Laws and regulations vary by state and by regulator, and specific steps for your situation may differ. Use this checklist to get organized, then plan to discuss your priorities and goals during the meeting. For related guidance, see Legal Counsel for Financial Advisors: Employment, Transition, and Business Matters.
What Your First Meeting Can Cover (and How to Make the Most of It)
Your initial consultation can be a focused session to surface risks, confirm priorities, and map near-term next steps for your advisory business. Typical discussion points include entity structure and ownership, governance and control rights, registration and compliance posture, client and vendor contracts, employment and compensation practices, intellectual property and marketing, data security, and planned transactions or growth initiatives. For related guidance, see Privacy and Cybersecurity for Financial Advisors: Safeguards, Policies, and Incident Response.
To make the session productive, arrive with a clear picture of your business model: who you serve, how you charge, where you are registered, who owns what, who has authority to bind the entity, and which third parties are critical to service delivery. Bring the documents listed below in electronic or printed form. If you do not have a document yet, bring your current draft, outline, or even a bulleted list of intended terms.
Most first meetings end with a prioritized action list—what to fix now, what to monitor, and what to plan for as you scale. The more complete your materials, the more targeted that plan can be.
Document Checklist: Entity, Registration, and Governance Records
Core entity and ownership
- Articles/Certificate of Formation or Incorporation (LLC, corporation, or other entity)
- Operating Agreement, Shareholders' Agreement, Partnership Agreement, or Bylaws
- Any Member/Shareholder ledgers and capitalization tables
- Equity grants, subscription agreements, buy-sell agreements, and option or profits interest documents
- Resolutions, consents, and minutes establishing authority, signers, and officer/manager roles
- DBA/trade name filings and any fictitious business name registrations
- EIN confirmation letter
Registration and licensing
- Most recent Form ADV Parts 1 and 2 (and Part 3/Form CRS, if applicable)
- Regulatory correspondence or examination letters, if any
- State notice filings and any branch registrations
- Form U4s/U5s for advisory personnel and any registered representatives, if relevant
- Any exempt reporting adviser filings or other exemptions claimed
Governance and control
- Voting agreements, management rights letters, side letters among owners, or advisor agreements with parent/affiliate entities
- Board or investment committee charters, if applicable
- Compliance committee charters and risk oversight memos, if any
Document Checklist: Client Agreements, Vendor Contracts, and Policies
Client-facing forms and disclosures
- Standard Investment Advisory Agreement(s) for individuals, retirement plans, and institutions
- Investment Policy Statement templates and any risk tolerance questionnaires
- Privacy notice, Form CRS, fee schedules, and account opening packets
- Marketing and advertising materials, including website pages, pitch decks, performance presentations, social media content, and any testimonials/endorsements
- Custody-related documents: standing letters of authorization, fee deduction authorizations, and any related client consents
Vendor and platform relationships
- Custodial agreements and service addenda
- Sub-advisory or model marketplace agreements
- Portfolio management software, CRM, and trade order management contracts
- Compliance technology, cybersecurity, and data processing agreements
- Lead generation, referral, solicitor, or affiliate marketing agreements
- Any revenue sharing, platform fees, or other economic arrangements with third parties
Policies, controls, and testing
- Compliance manual and Code of Ethics
- Business Continuity and Disaster Recovery plan
- Cybersecurity and data governance policies (including incident response)
- Email retention, archiving, and communications surveillance policies
- Annual compliance review summary and any risk assessment results
- Trade error, best execution, and soft dollar/third-party research policies
Financial and Operational Materials to Bring
Financials and revenue model
- Recent P&L, balance sheet, and cash flow snapshot (even if internally prepared)
- Breakdown of revenue sources: AUM-based, fixed, hourly, subscription, performance-based (if applicable), and any referral-based income
- Fee billing procedures, samples of invoices or fee calculations, and any performance fee disclosures
- Current AUM and number of client relationships by type (retail, ERISA plans, institutions)
Operations and supervision
- Org chart with roles and supervisory responsibilities
- List of investment adviser representatives and supervised persons
- Trade workflows, reconciliation processes, and exception handling procedures
- Documentation of model delivery, rebalancing, and drift thresholds
- Records retention schedules and technology stack overview
HR and compensation
- Employment agreements, offer letters, and role descriptions
- Independent contractor agreements and staffing agency agreements
- Compensation plans, variable pay/bonus structures, and incentive metrics
- Non-compete, non-solicit, confidentiality, and invention assignment agreements
- Employee handbook and any separate compliance attestations
Strategic plans and transactions
- Growth plans, geographic expansion, and target client segments
- Letters of intent, NDAs, or draft documents for potential acquisitions, lift-outs, or team hires
- Any custodial transitions or product changes under consideration
If some items are missing, bring what you have. Drafts, redlines, or screenshots can still accelerate the discussion and help identify immediate priorities.
Key Questions to Ask About Risk, Compliance, Employment, IP, and Data
Entity structure, ownership, and governance
- Is our current entity type aligned with our risk profile, tax considerations, and growth goals?
- Do our Operating Agreement or Bylaws clearly define authority, voting thresholds, and buyout terms?
- Are there gaps in control provisions that could cause deadlock or disputes?
- What changes would streamline decision-making while preserving minority protections?
Regulatory posture and disclosures
- Are our Form ADV, Form CRS, and disclosures consistent with how we actually operate?
- Where are we most exposed to claims of misleading marketing or inadequate risk disclosure?
- Do our fee schedules and billing practices align with our contracts and disclosures?
- Are there filing or notice obligations triggered by our current AUM, client mix, or locations?
Client agreements and conflicts
- Which clauses most affect liability and dispute resolution (e.g., limitation of liability, arbitration, venue)?
- Are our solicitation, referral, and endorsement practices documented and disclosed appropriately?
- How should we handle discretionary authority, trading errors, and best execution obligations in our agreements?
- Do our custody arrangements, SLAs, and standing letters of authorization create additional obligations?
Marketing, advertising, and IP
- What approval process should we use for performance advertising, hypothetical illustrations, and testimonials?
- How do we protect our brand, content, and proprietary models or algorithms?
- What licenses or permissions do we need for third-party content, data, or benchmarks?
- Are there policies for social media, podcasts, webinars, and public speaking that fit regulatory expectations?
Employment, compensation, and restrictive covenants
- Do our offer letters and agreements align with current laws on non-competes, non-solicits, and confidentiality?
- How should we structure variable compensation, revenue splits, and clawbacks?
- What supervisory responsibilities and training should managers document?
- What is the cleanest approach to handling client ownership and portability when advisors join or depart?
Vendor risk, data privacy, and cybersecurity
- What due diligence and ongoing monitoring should we require of custodians, technology providers, and data processors?
- Which data processing, breach notification, and subprocessor terms should be non-negotiable?
- How do we align our incident response plan, data retention, and encryption standards with regulatory expectations?
- What updates to our privacy notices and internal access controls are advisable as we scale?
Transactions and growth
- For a merger, acquisition, or lift-out, which documents should we prepare first and which approvals are typically required?
- What are the key milestones and timelines to avoid regulatory delays during a transition?
- How do earn-outs, rollover equity, and restrictive covenants typically align with advisor retention goals?
When you are ready to discuss hiring counsel for your advisory business, use our contact form or call 414-253-8500 to schedule a consultation and talk through representation and next steps.
How to Prepare, Meeting Logistics, and What Happens Next
Before the meeting
- Prioritize your goals: e.g., “refresh client agreements,” “streamline ownership,” “prepare for an exam,” “plan a custodian transition,” or “evaluate a potential acquisition.”
- Assemble documents: Use the checklists above. If time is short, focus on governing documents, Form ADV, advisory agreements, and any urgent vendor or HR contracts.
- Summarize pain points: List recent issues such as billing disputes, trade errors, marketing review delays, or cybersecurity events.
- Identify decision-makers: Note who can approve changes to agreements or policies and who will attend the meeting.
- Gather timelines: If there is an exam, launch, or transaction date, bring target milestones and any dependencies.
During the meeting
- Walk through business model and disclosures first: Align facts with filings and agreements.
- Flag hot spots: Compensation conflicts, marketing claims, third-party relationships, and custody issues often drive priorities.
- Decide sequencing: Determine what to fix now versus what can be phased in over the quarter.
- Define ownership of tasks: Assign internal leads for document collection and policy updates.
After the meeting
- Action plan: Expect a list of recommended updates (e.g., amend operating agreement, revise ADV disclosures, update advisory agreement, refresh policies, modify vendor contracts).
- Document drafts and reviews: Plan for rounds of redlines, internal review, and sign-off, with version control.
- Implementation: Align internal training, compliance attestations, and client communications with the updated documents.
- Ongoing cadence: Consider a quarterly check-in to track legal and compliance initiatives against business goals.
Print-Ready Checklist: Bring These to Your First Attorney Meeting
Corporate and registration
- Articles/Certificate of Formation or Incorporation
- Operating Agreement, Bylaws, or equivalent
- Cap table and owner ledger
- Resolutions and officer/manager designations
- Form ADV Parts 1 and 2, and Form CRS if applicable
- Regulatory correspondence or exam letters
Client and vendor contracts
- Advisory Agreement templates and fee schedules
- Custodian, sub-advisor, model marketplace agreements
- CRM, PMS, TAMP, and other technology contracts
- Referral/solicitor or affiliate marketing agreements
Policies and procedures
- Compliance manual and Code of Ethics
- BCP/DR plan and cybersecurity policies
- Annual review summary and risk assessment
- Records retention and communications surveillance policies
Financials and operations
- Recent financial statements and AUM summary
- Fee billing examples and calculations
- Org chart and supervisory structure
- Marketing materials and website printouts
Employment and strategic items
- Employment/contractor agreements and compensation plans
- Non-compete, non-solicit, and confidentiality agreements
- NDAs, LOIs, or drafts related to transactions
Common Red Flags to Surface Early
- Misalignment between Form ADV disclosures and actual fee practices or service descriptions
- Outdated advisory agreements missing critical clauses on discretionary authority, dispute resolution, or cybersecurity representations
- Vendor contracts lacking data security, breach notice, or audit rights appropriate for client information
- Unclear ownership and buyout terms that could cause deadlock or hinder succession planning
- Marketing materials with performance claims or testimonials lacking proper substantiation or required disclosures
- Compensation or referral arrangements not fully documented or disclosed
- Incident response plans not aligned with your technology stack and custodial relationships
How to Prioritize If Time Is Tight
If you can only bring a subset of materials, start with:
- Operating Agreement or Bylaws, cap table, and recent resolutions
- Form ADV, Form CRS, and current advisory agreement
- Compliance manual and Code of Ethics
- One month of fee calculations and sample invoices
- Top three vendor agreements handling client data (custodian, CRM, portfolio management)
Pair these with a one-page summary of your objectives, known risks, and upcoming deadlines. That combination is usually enough to generate a focused, staged plan.
What Advisors Often Ask in the First Meeting
Advisory principals typically want to understand what should change now versus later, how to align disclosures with reality, and how to reduce friction in marketing and growth initiatives. Consider asking for recommendations that fit your exact workflow and client mix, not just generic templates. Discuss how changes will be rolled out to clients, and who will own each step internally.
Short Q&A for Your First Consultation
Do I need to bring my Form ADV, compliance manual, and code of ethics to the first meeting?
Yes. Those documents anchor the discussion about how your business is described to clients and regulators and how your team operates day to day. Even if they are in draft form, bring the latest versions so gaps can be identified quickly.
If I am starting a new RIA, which entity and ownership documents are most important to review first?
Bring your Articles/Certificate of Formation or Incorporation and your Operating Agreement or Bylaws. If ownership is split among multiple principals, include any side letters, buy-sell terms, and the draft cap table. Clear control and exit terms early on can prevent costly adjustments later.
Can we discuss both business formation and client contract terms in the same initial meeting?
Yes. Formation, governance, and client agreements are closely connected. Addressing them together helps align how authority is structured internally with how obligations are described externally.
What if I do not have all documents yet—should I still schedule?
Yes. Bring what you have and a list of what is in progress. A targeted action plan can still be created, including templates and a document collection roadmap.
How detailed should my questions be for a first consultation?
Be specific about your business model, timelines, and concerns. Bullet points are fine. The goal is to identify priorities and set a clear sequence for drafting, review, and implementation.
Next Steps
Use this checklist to assemble your materials and clarify your goals. When you are ready to discuss representation for your advisory business, reach out using our contact form or call 414-253-8500 to schedule a consultation. We can talk through your objectives, review documents, and outline a practical plan for near-term updates and longer-term initiatives.
Disclaimer: This article provides general information for financial advisory businesses and is not legal advice. Laws and regulations vary by state and may change. Consult an attorney about your specific situation before taking action.
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