Senior Legal Counsel – Retail Investment Adviser in Owings Mills, MD

$250K - $500K(Ladders Estimates)

T Rowe Price Group, Inc   •  

Owings Mills, MD 21117

Industry: Finance & Insurance

  •  

11 - 15 years

Posted 51 days ago

Primary Purpose of the Position:

The position will primarily service T. Rowe Price's Individual Investors (II) business unit with an emphasis on providing fast-paced legal counsel and partnership in support of the direct distribution of T. Rowe Price mutual funds and other T. Rowe Price products and services to retail investors, with a primary focus on investment advisory services and/or broker-dealer recommendations to such investors. This attorney will assist the II business unit by evaluating key business strategies for II management; advising senior management and business unit leaders on various aspects of their business and business strategy to enhance their understanding of corresponding regulations and legal risks. This work will include providing legal counsel relating to existing retail advisory products (including our robo-advisory service), changes or enhancements to existing products and services, and the development of new retail advisory products and services and broker-dealer initiatives. The attorney will also partner with other Legal Department associates to provide legal counsel with respect to digital enabled advice tools in support of the II business unit.

Principal Responsibilities:

  • Advice Solutions: Provides legal counsel, guidance and support to the II business unit on all aspects of investment advice and broker-dealer recommendations to retail investors regardless of platform or type of product. Serves as subject matter expert to Senior Management and business unit leaders and associates on investment advisory and broker-dealer legal issues and permissible activities under firm policy and applicable rules and regulations. The advice products may include direct (via representative) or digital enabled advice. This position will work with other Legal Department associates to support additional launches and maintenance of direct and digital advice platforms and tools (e.g., online advice services as well as various tools designed for goal planning).
  • Provides support for existing and new services or products provided by high net worth relationship managers within the II business unit and provides support for direct distribution of T. Rowe Price mutual funds. Researches rules and regulations, monitors regulatory developments, and communicates changes to business partners.
  • Works with senior business leaders and other business segment leaders to develop, communicate and implement strategies, procedures and technology systems designed to enhance the firm's compliance with applicable federal and state laws, rules, and regulations, contractual obligations, and adherence to consistent and legally sound practices and guidelines.
  • Drafts necessary client agreements and/or disclosures as deemed necessary to offer investment advice and/or broker-dealer recommendations to retail investors. Assists Legal Department's Vendor Contracts team with the negotiation of vendor contracts in support of the II business unit. Responsible for advising on the firm's regulatory filings, including Form ADV for the retail adviser. Provides legal advice and guidance to the II business unit and Compliance Department regarding investment advisory policies and procedures.
  • Participates in regulatory examinations and prepares responses for inquiries relating to investment advisory processes and procedures. Collaborates with appropriate stakeholders to develop and implement any necessary remediation plans. Assists Compliance Department associates in the development of communications regarding current issues in advisory compliance, and new or updated compliance policies or SEC regulations for business and compliance teams. Provides legal advice for projects, as requested by management.
  • Regulatory Compliance: Works with adviser and broker-dealer Chief Compliance Officer to provide legal support for compliance policies and procedures, compliance testing, investment advisory and broker-dealer compliance policies, suitability and surveillance processes.
  • General Legal Matters: Assists Senior Legal Counsel with various duties and/or projects, such as drafting comment letters to the SEC and other regulatory agencies, serves on trade association committees and various other sub-committees as needed, and attends related conferences.
  • Other Legal Matters: Assists Senior Legal Counsel with other legal research and issues relating to the II business unit, including broker-dealer, advisory and transfer agent product and service development, regulatory matters, and compliance, legal, regulatory, and legislative developments.

Qualifications:

Required:

  • College Degree
  • Law Degree from accredited School of Law
  • Active member in good standing of the bar of a United States state or jurisdiction
  • Senior attorney with 10+ years' in-depth specialized knowledge and experience providing legal advice and guidance for retail investment advisory and broker-dealer products and services that directly align with the specific responsibilities for this position
  • Strong analytical and problem-solving, drafting and negotiating skills
  • In-depth, specialized knowledge and familiarity with the Investment Advisers Act of 1940, the Investment Company Act of 1940, the Securities Exchange Act of 1934, the Employee Retirement Income Security Act's fiduciary standards and prohibited transaction restrictions, and SEC, FINRA, and DOL rules and regulations applicable to each
  • Excellent oral and written communication skills, including the ability to communicate detailed and complex information to others at all levels of the organization and the ability to effectively draft contractual documents and disclosures.
  • Ability to serve as a trusted advisor, strategic partner and collaborator with Legal Department colleagues, Senior Management and Business Unit leaders.
  • Ability to interact effectively and work in partnership with a diverse group of internal and external contacts
  • Demonstrated ability to develop policies and procedures reasonably designed to achieve compliance with Federal securities laws, including the Investment Advisers Act of 1940, the Securities Exchange Act of 1934, and rules and regulations thereunder, and FINRA rules
  • Demonstrated ability to lead, oversee and complete projects with minimal direction
  • High level of attention to detail
  • Ability to balance the needs of individual business units with a broader understanding of the objectives of the firm as a whole
  • Ability to apply structured, logical, thinking to analyzing issues, answering inquiries, evaluating risks, and interpreting legal principles relative to applicable laws, rules, regulations, and precedents
  • Ability to manage a complex workload, prioritize effectively, and meet deadlines

Preferred:

  • Prior experience working for medium-sized or large financial institution or law firm, with experience providing legal advice relating to both advisory and broker-dealer products and services.
  • FINRA Series 7 and 24


Valid Through: 2019-10-17