Under the Dodd-Frank law, most registered investment advisers (RIAs) with assets under management (AUM) below $100 million will soon be required to withdraw SEC registrations and register with the state where their primary office is located.

The SEC has estimated that 4,100 RIAs must make this change, and time is of the essence.

All RIAs who are SEC-registered as of July 21, 2011, must amend their Form ADVs by Aug. 20 to report the market value of assets under management. By Oct. 19, any RIAs who aren't eligible for SEC registration must switch to state registration, or else the SEC will cancel their registrations.

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