I feel like there's some misunderstanding of what these terms are. All VCs are investment advisors (either Exempt Reporting Advisors or Registered Investment Advisor depending on assets under management and investment types).

The article is vague in what it actually means, but it sounds to me like A16Z is going through the process of giving up its VC exemption to the Investment Advisers Act and registering as a RIA. It could also mean they're registering as a broker-dealer and getting its relevant employees licensed as such (e.g. Series 65)

Source: I run a VC firm.

Here is some more info: https://www.strictlybusinesslawblog.com/2018/05/31/the-ventu...