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Nicole Crum was quoted in the article "SEC in Talks to Raise AUM Threshold for Advisor Registration," published by ThinkAdvisor on June 30, 2025.

The article discusses the SEC's active consideration of raising the $100 million asset threshold for investment advisors required to register with the agency, a move that could push thousands of midsize firms under stricter and more complex state regulations, raising compliance burdens and straining state regulatory resources. While the SEC is in early discussions with state regulators and evaluating the impact, industry experts note uncertainty remains about the timing, details, and whether states are prepared to supervise the influx of advisors and complex investment products.

Noting that the SEC doesn't just "casually mention things," referring to former acting SEC Chairman Mark Uyeda's statements on the issue from April, Nicole considered what priority such a switch might be for the agency. "I have heard there are discussions," she said, referring to talks between the SEC and states. "There's either a feeling of relief [from advisors] or a feeling of concern."

The SEC may be "feeling it out," she added. "Is it information gathering? Or are they really ready to push through and doing this? That isn't clear, but it does seem to be a priority." The discussions could indicate the SEC may "be taking a risk-based approach or an approach prioritizing states where ... it made more sense to get more information than others," Nicole said.

She added that raising the AUM threshold above $100 million "will change the dynamic for some [firms] and I think definitely I've heard about it enough times to suspect that it remains an agenda item."