What is a registered investment advisor?

A Registered Investment Advisor is defined by The Investment Advisers Act of 1940 as a "person or firm that, for compensation, is engaged in the act of providing advice, making recommendations, issuing reports or furnishing analyses on securities, either directly or through publications."  An investment advisor has a fiduciary duty to his or her clients, which means that he or she has a fundamental obligation to provide suitable investment advice and always act in the clients' best interests.  Registered Investment Advisors with more than $100 million in assets under management are registered with the Securities and Exchange Commission.  Other Registered Investment Advisors are registered with the state securities authorities. 

Third Millennium Advisors is registered with the Commonwealth of Virginia.  Third Millennium Advisors can work with clients in other states.  Many states have reciprocity agreements with Virginia, and we can work with a small number of clients in these states before we have to formally register in these states.  In the states that do not have a reciprocity agreement with Virginia, we would have to register directly with that state before we could work with any client in that state.