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Buying and Selling a Securities Firm

October 27, 2020
1:15 PM - 2:15 PM CDT
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Course Description:

The logistics of buying and selling a securities firm include special (and often counterintuitive) compliance requirements that, if ignored, can result in clients being left without an adviser, contracts being improperly assigned, IAR registration gaps, unanticipated conflicts of interest or other risks, and more. This session will provide concrete, real-world guidance on how to prepare a firm for sale, how to conduct remote due diligence on a prospective acquisition, preparing a practical timeline of steps that buyers and sellers must take before the purchase date, and identifying and responding to post-acquisition Red Flags. If selling or transferring ownership in your firm is part of your succession plan, you will want to attend this session.

Learning Objectives

After attending this session, attendees should be able to:

  • Assess the specific areas of compliance concern for any securities firm you may want to purchase
  • Prepare your firm for a smooth transition to new ownership
  • Create and manage a workable timeline for managing the acquisition process

This virtual course is being taught as part of the Fall 2020 Compliance Conference. To learn more, visit our main conference webpage.

Eric R. Vercauteren
Eric R. Vercauteren
Senior CounselCiti Private Bank Legal Department


Eric R. Vercauteren currently serves as Senior Counsel at Citi, supporting the traditional investment products offered by Citi Private Bank. Prior to Citi, Mr. Vercauteren was a Senior Director at Galliard Capital Management, Inc., a wholly owned subsidiary of Wells Fargo.

While at Galliard, Mr. Vercauteren had responsibility for and led the negotiation and oversight of investment management agreements covering institutional relationships representing more than $90 Billion of assets under management. Prior to Galliard, Mr. Vercauteren spent several years as an attorney with Oppenheimer Wolff & Donnelly LLP representing registered and exempt investment advisers, underwriters and issuers on various securities law and regulatory compliance matters.

Mr. Vercauteren holds licenses to practice law in Minnesota and Florida. He holds a juris doctor degree from the University of Minnesota and a bachelor of science in Finance from Winona State University.


John Van Der Wal
John Van Der Wal
ConsultantNRS


John Van Der Wal brings over 20 years of compliance and industry related experience to NRS. Prior to joining NRS in 2014, John was president and founder of Compliance Advisory Services, LLC for 12 years, providing compliance consulting services to SEC and State registered investment advisors and broker-dealers. He has worked in a variety of securities and investment related environments, including financial services, asset management and consulting. John also spent 3 years with FINRA, conducting reviews and oversight of member firms from its San Francisco District Office.

John earned his undergraduate degree from the University of California at Davis and received an MBA from the University of San Francisco.


Rob Stirling
Rob Stirling
Executive ConsultantNRS


Rob Stirling has worked with NRS as a Senior Consultant for much of the past four decades: from October 1991 to June 2000, from May 2002 to June 2004, on a part-time basis staring in December 2007, and returning full-time in August 2008.

Rob is based in Miamisburg Ohio and has prepared, reviewed and/or updated hundreds of ADVs representing firms of all sizes and engaged in every aspect of investment advisory services. He has helped design and monitor specialized compliance programs for advisers to private investment vehicles (including hedge funds, funds-of-funds and private equity funds), advisers based in Europe and Asia doing business in the United States, and Internet-based advisers.

He regularly reviews advertising and marketing materials, including websites, for compliance with SEC guidelines. Rob has performed well over two hundred mock examinations of advisory firms, and he has spoken at numerous compliance conferences and seminars.

During his times away from NRS, Rob was himself a compliance officer. Rob was Chief Compliance Officer of PrivateAccounts, Inc. from July 2000 to October 2000, when Private Accounts, Inc. was purchased by E*TRADE Financial, where Rob worked as a Compliance Manager from November 2000 to May 2002. Rob was Chief Compliance Officer and General Counsel of Eubel Brady & Suttman Asset Management, Inc. of Dayton, Ohio from June 2004 through July 2008. Rob’s experience as a CCO allows him to bring a practical, real-world approach to addressing compliance matters facing investment advisers of all sizes.

Rob graduated from the American University with a Bachelor of Arts in Religion and received a Juris Doctor degree from the University Of Connecticut School Of Law. Rob is admitted to the Connecticut bar.


For Whom: Designed to increase the professional competence of Investment Advisers and Broker-Dealers.

Suggested Skill Level: Intermediate

Maximum Recommended Credit Hours for this session will include CLE, IACCP® and CPE .

CA MCLE = 60 minutes
IACCP® = 60 minutes
CPE = 60 minutes

For more information, check out the NRS Continuing Education Guide.