Florida is on its way to becoming a state that allows financial advisory firms to make major changes in their businesses without interruption while awaiting regulatory approval.

Florida's state legislature approved the measure today. If it is signed by the governor, advisory firms will be able to change broker-dealer affiliation, move to another location within the state and, in the case of advisory firms headquartered outside of Florida, open a new branch within the state immediately upon notification to Florida Office of Financial Regulation.
The state regulator would then have 30 days to order a stop or alterations to the changes.
With the governor’s signature, Florida will join the rest of the states in the nation to allow advisory firms to make these changes merely by notifying the state regulator
Chris Paulitz, Financial Services Institute senior vice president for membership and marketing, called the legislative approval a major victory for advisors. He said under the current system, some advisory firms had to cease doing business for weeks while awaiting state approval for changes.