https://riabiz.com https://riabiz.com/a/2026/11/7/sec-schwab-and-michael-kitces-all-improbably-allied-successfully-to-protect-sub-1-billion-rias-by-reclassifying-them-as-small-but-move-may-create-vulnerability-the-commission-gained-leverage-to-push-firms-to-state-registration RIABiz en 2026-11-07T02:55:16.975000+00:00 SEC, Schwab, and Michael Kitces all improbably allied successfully to 'protect' sub-$1 billion RIAs by reclassifying them as 'small,' but move may create vulnerability -- the Commission gained leverage to push firms to state registration