[WSBAPT] Statutory Trust Advisor- RCW 11.98A - Question

[JOHN J SULLIVAN]

Correction - typo - the question has to do with RCW 11.98A - NOT 11.96A.

John Sullivan

> On February 12, 2018 at 11:12 AM JOHN J SULLIVAN <sullaw at comcast.net> wrote:
> 
> 
> Mike:
> 
> Thanks. Yes. The proposed "Investment Advisor" is already licensed as an Investment Advisor with DFI and is a Registered Investment Advisor under the SEC. My question, however, is whether that suffices, if the RIA is appointed as an "Investment Trustee" under the Washington Directed Trust Act, at least in the eyes of the DFI. My concern is the language in Chapter 11.98A RCW that shifts some part of fiduciary responsibility and authority from the primary trustee - who is a DFI-Licensed "Trust Company," - to the RIA that while licensed as an Investment Advisor is NOT licensed as a Trust Company. 
> 
> Has no one come across this yet? 
> 
> I've made a few inquiries, with no response either. I spoke briefly with the DFI on an anonymous basis. They requested I pose the question in writing via email, which I'm reluctant to do without an inkling how they will respond. Was anyone on the Listserv part of the group that drafted the ACT in 2015? Was this question considered?
> 
> John Sullivan
> 
> 
> > On February 8, 2018 at 3:34 PM Mike Winslow <mike at winslegal.com> wrote:
> > 
> > 
> > John,
> > This may be of some help.
> > 
> > https://dfi.wa.gov/investment-advisers
> > 
> > 
> > Michael A. Winslow
> > 1204 Cleveland Ave.
> > Mount Vernon, WA 98273
> > Ph. 360-336-3321
> > Em. Mike at winslegal.com
> > 
> > This message is from an attorney, so it’s confidential. If you are not the intended recipient, it’s too late to stop reading this message, but you may not use it for any improper purpose. Huge Disclaimer available upon request.
> > 
> > 
> > -----Original Message-----
> > From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of John J. Sullivan
> > Sent: Thursday, February 08, 2018 2:55 PM
> > To: wsbapt at lists.wsbarppt.com
> > Subject: [WSBAPT] Statutory Trust Advisor- RCW 11.96A - Question
> > 
> > Listmates:
> > 
> > Must a legal entity such as a corporation or limited liability company obtain trust company powers from the DFI before serving as a statutory trust advisor/investment trustee under Chapter 11.96A?
> > 
> > Can the Trustor�s investment advisor firm so serve, or must it be one of its individual members?
> > 
> > John J. Sullivan
> > 
> > Sent from my iPhone
> > 
> > 
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