An RIA, or Registered Investment Advisor, is a professional or firm that provides investment advice and financial planning services to clients for a fee. RIAs are regulated by the U.S. Securities and Exchange Commission (SEC) or state securities regulators, depending on the size of the firms assets under management (AUM) . Here are some key points about RIAs:

• RIAs are registered with either the U.S. Securities and Exchange Commission (SEC) or state securities administrators.
• RIAs and the people who work for them have fiduciary obligations to their clients, meaning that they have a fundamental duty to always and only provide investment advice that is in their client’s best interests.
• An RIA is a company registered with federal or state regulatory agencies to provide investment advice.
• The employees of an RIA are called Investment Adviser Representatives (IARs).
• RIAs are permitted to make risky investments, which can result in significant losses.
• Fees are typically as a percent of assets under management (AUM), and around 1%.
• Unlike mutual funds, RIAs may not report their overall performance, since they represent a varied number of clients and investment objectives.
• RIAs often work with high-net-worth clients and institutional investors to manage their assets.

In summary, an RIA is a financial firm that advises clients on securities investments and may manage their investment portfolios. They are registered with either the SEC or state securities administrators, and have fiduciary obligations to their clients. They charge fees as a percent of assets under management and are permitted to make risky investments.