Legal Counsel Retail Advisory Services

About the Role

The Legal Counsel will be a member of the legal team supporting the firm's U.S. retail wealth management businesses. The Legal Counsel will provide practical legal advice and guidance on the design, distribution, and ongoing operation of advisory solutions for retail investors, including managed accounts, financial planning, digital and advisor-delivered investment advice, and broker-dealer recommendations. The role will support workplace and retail retirement accounts and related rollover and individual retirement account matters.

The Legal Counsel will analyze and interpret applicable laws, regulations, and regulatory guidance, including the Investment Advisers Act of 1940, Regulation Best Interest, the federal securities laws, FINRA rules, ERISA, and the Internal Revenue Code; provide legal advice regarding retail advisory and brokerage products and services, including client agreements, disclosures, regulatory filings, and related governance and supervisory matters; and provide legal support for strategic business initiatives, product development, and regulatory matters affecting the firm’s retail wealth management businesses. This role will coordinate with senior attorneys and collaborate closely with business, compliance, risk, operations, product, technology, and other stakeholders.

 

Note: This is an individual contributor role.

 

Role Summary

Requires specialized knowledge and expertise in retail investment advisory, broker-dealer, and retirement matters and experience integrating related legal and regulatory disciplines.

Supports a legal discipline or cross-functional program of notable risk; uses sophisticated analytical thought to identify practical and innovative solutions.

Accountable for own work and may provide guidance to others; contributes to standards and approaches used by the legal team.

Works independently, with guidance in complex situations.

Acts as a legal advisor to management and key internal and external stakeholders on broad-ranging projects.

 

Responsibilities

• Provides legal advice and guidance on retail investment advisory and broker-dealer products and services, including managed account programs, financial planning, digital and advisor-delivered investment advice, broker-dealer recommendations, and related client experiences. Advises on the design, launch, enhancement, and ongoing operation of these offerings and on the application of fiduciary and conduct standards, including the Advisers Act fiduciary duty and Regulation Best Interest.

• Advises on workplace and retail retirement matters, including participant education and advice, plan and IRA distributions, rollovers, and retirement income solutions. Analyzes issues under ERISA and the Internal Revenue Code, including fiduciary standards, prohibited transaction restrictions, and applicable exemptions, and coordinates with senior attorneys on novel or particularly complex matters.

• Reviews business issues arising from covered activities; conducts legal research and analysis; and develops solutions that balance business objectives and stakeholder interests with legal, regulatory, financial, and reputational risk. Provides thoughtful and thorough legal advice under tight deadlines and prioritizes competing requests.

• Drafts and reviews client agreements, program documents, disclosures, and other legal documentation supporting covered activities. Advises business partners and other stakeholders on legal and regulatory issues associated with product design, distribution practices, conflicts of interest, fees and compensation, account and product recommendations, marketing and communications, regulatory filings, and related governance and supervisory matters.

• Analyzes and interprets new laws, regulations, regulatory guidance, and enforcement developments and advises on their impact on covered activities. Maintains in-depth knowledge of applicable requirements under the Securities Act of 1933, Securities Exchange Act of 1934, Investment Company Act of 1940, Investment Advisers Act of 1940, ERISA, the Internal Revenue Code, and SEC, FINRA, and Department of Labor rules and guidance.

• Collaborates with business leaders and other stakeholders, including Compliance, Risk, Audit, Operations, and Privacy, to evaluate legal and regulatory issues and develop practical solutions on complex matters presenting significant legal or regulatory risk.  May provide legal support in connection with regulatory examinations, inquiries, and interactions with regulators and outside counsel, as appropriate.

• Maintains an in-depth understanding of relevant products, services, business models, and regulatory expectations. Advances knowledge through participation in external industry or professional events. Handles a portfolio of moderate to complex, often specialized legal matters and provides guidance and mentoring to other Legal Department colleagues.

 

Qualifications

Required:

• Juris Doctor (J.D.) degree from an ABA-accredited law school and active membership in good standing in the Maryland State Bar or another U.S. state bar.
• 6+ years of relevant legal experience, including experience providing legal advice to regulated financial services firms on retail investment advisory, broker-dealer, or retirement products and services.
• Demonstrated experience advising on matters arising under the Investment Advisers Act of 1940, Regulation Best Interest, the Securities Act of 1933, Securities Exchange Act of 1934, Investment Company Act of 1940, FINRA rules, ERISA, the Internal Revenue Code, and related rules, regulations, and regulatory guidance.
• Experience providing legal counsel regarding managed account programs, digital or advisor-delivered investment advice, broker-dealer recommendations, financial planning, workplace and retail retirement accounts, IRAs, and rollover-related matters.
• Strong analytical, problem-solving, drafting, negotiation, and communication skills, with the ability to provide clear and practical advice on complex matters.
• Ability to work independently, manage competing priorities, and build effective partnerships with a diverse group of internal and external stakeholders.

Preferred:

• Attorney with in-house legal experience at an asset manager, wealth manager, registered investment adviser, broker-dealer, retirement services provider, or other regulated financial institution.

• Experience advising on Form ADV, Form CRS, advisory and brokerage agreements and disclosures, conflicts of interest, retail communications and marketing, and related governance and supervisory matters.

• Experience advising on ERISA fiduciary and prohibited transaction matters, workplace retirement programs, rollover recommendations, IRA matters, participant education and advice, retirement income solutions, and related Department of Labor guidance, exemptions, and regulatory developments.

• Experience supporting digital advice, financial planning tools, managed account programs, or other technology-enabled retail wealth management solutions.

• Demonstrated ability to collaborate effectively with other attorneys, legal analysts, compliance professionals, business leaders, and outside counsel on complex, cross-functional matters.

 

FINRA Requirements

FINRA licenses are not required and will not be supported for this role.

Work Flexibility 

This role is eligible for hybrid work, with up to one day per week from home. 

Base Salary Ranges

Please review the job posting for the location of this specific opportunity.

$145,000.00 - $247,000.00 for the location of: Maryland, Colorado, Washington and remote workers
$159,000.00 - $272,000.00 for the location of: Washington, D.C.
$181,000.00 - $309,000.00 for the location of: New York, California

Placement within the range provided above is based on the individual’s relevant experience and skills for the role.  Base salary is only one component of our total compensation package.  Employees may be eligible for a discretionary bonus, which is determined upon company and individual performance.

Commitment to Diversity, Equity, and Inclusion

At T. Rowe Price, our associates are our greatest asset. We thrive because our company culture is built on inclusion and because we sustain a work environment where associates can bring their best selves to work every day. The backgrounds, talents, and experiences of our global associates allow us to embrace new ideas and perspectives that move our business priorities forward and enable us to deliver strong client outcomes. Here, you can expect equal opportunity and fair and consistent treatment for all. 

Benefits

T. Rowe Price is an equal opportunity employer and values diversity of thought, gender, and race. We believe our continued success depends upon the equal treatment of all associates and applicants for employment without discrimination on the basis of race, religion, creed, color, national origin, sex, gender, age, mental or physical disability, marital status, sexual orientation, gender identity or expression, citizenship status, military or veteran status, pregnancy, or any other classification protected by country, federal, state, or local law.