What are Held-Away Assets in the context of a Registered Investment Advisor (“RIA”)?

Definition: This typically refers to investment assets a client has that are not held directly in an account the financial advisor manages for them. Instead, they are “held-away” where the advisor’s value is more limited to advising the client on what to do with such assets, while relying on the client to implement the recommendations themselves. (Ex: a client’s 401k account.)

When used in an RIA context: “The financial advisor works to advise the client on their held-away assets, as well as the assets the advisor manages for the client directly.”

See also: Vendors (Held-Away Assets)