Whoops- What is Up with Ritholtz WM - Either You are SEC Registered or You Are Not

Business Insider, Market Watch and other media types are all abuzz since a few guerilla marketing types started a wealth management firm to "educate" and help the public with their "neglected" investments.  

We are all in favor of those that want to help the trillions that must be properly invested in the retirement market, but we believe in proper SEC filings, past performance against a measurable index, and a well-publicized investment strategy.  An investor must analyze publicly published performance results, that have withstood the test of time.  These published results are the single most critical prerequisite in helping investors select the portfolio manager for their cherished nest-egg.  An investor, with the prevalence of fraud today, needs the comfort that the SEC is indeed tracking the stated filings and performance of those to whom one entrusts their savings.

 The ability to get air time in the Washington Post or CNBC is not a standardized measure of performance against an approved index or equivalent to a SEC filing.

"Brown will act as CEO and Ritholtz will act as CIO and Chairman of the firm. It's registered with the SEC, which means Ritholtz Wealth Management has over $100 million AUM and can serve clients nationally from its Park Avenue office.

Business Insider adds:  "Ritholtz and Brown, who write the blogs The Big Picture, and The Reformed Broker respectively, have spent years writing about the lack of transparency and conflicts of interest that run rampant on Wall Street. They consider this new venture a chance to manage money with integrity."

Mr. Rithotlz writes today on his Blog, The Big Picture:

"I have some news:

I am pleased and excited to let you know about a new venture we have officially launched today: Ritholtz Wealth Management.

Myself, Josh Brown, and our entire team have decided to spin out as a stand alone firm. Effective today, we are an investment advisory firm registered with the Securities and Exchange Commission. We are fiduciaries focused exclusively on asset management and wealth planning."

Whoops -  The Derivative Project just checked with the SEC.  There is no record on file for Ritholtz Wealth Management or record that Mr. Ritholtz is a SEC Registered Investment Adviser.   Mr. Brown is registered with Fusion Analytics Investment Partners LLC as a registered investment advisor.

Whoops - In checking the SEC public Adviser Firm filings , Mr. Ritholtz's and Mr. Brown's firm is soliciting business, but no ADV is yet to be filed.

Whoops, Mr. Brown is on the board of Brightscope, that tracks advisors for the public. Brightscope says Mr. Rithotlz hasn't been registered since 2010 and Mr. Brown is registered with Fusion Analytics.

Mr. Ritholtz goes on to say..."Last, we want to pursue the truth, wherever it takes us. This means investigating to the best of our abilities the data that underlies the market; the policies of the various institutions that impact those markets, including Central Banks, Congress, the SEC, and public companies themselves. The pursuit of Truth has not been a traditional Wall Street value, but it is one of ours. If that means we are, to use a word that has become cliched, Disruptive, so be it."

Oh, that is disruptive. No measurable published investment performance, nothing available publicly on the requisite SEC filings on fees or business strategy, and management. It is unusual that one is launching a new firm and soliciting business before the SEC has any published public record of that firm and no publicly ADV available.

Interesting new business model...

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