Results for "Fiduciary Corner"

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Redefining an accredited investor

March 15, 2015

For more than three decades, the Securities and Exchange Commission has measured the ability to bear the risk of investing in private placements by financial assets, not acumen. That may be about to change. In 1982, the SEC adopted Regulation...

Due diligence in the age of flash crashes

February 22, 2015

May 6 will be the fifth anniversary of an event most advisers would like to forget: the 2010 Flash Crash, which resulted in stock market losses of nearly $1 trillion, with the market largely recovering within minutes. Because the event didn't...

Monitoring investments doesn't end

January 18, 2015

A case under review by the Supreme Court pits the interests of plan sponsors against plan participants and promises to resonate across future plan litigation. The outcome of Tibble v. Edison will either reduce litigation risks for plan sponsors...

Regulators can't keep up with change

December 21, 2014

Cheers to the new year and another chance for us to get it right.” That quote, while attributable to Oprah Winfrey, expresses what SEC commissioners must be feeling about their fiduciary rule making. The Securities and Exchange Commission...

What the Pimco saga can teach advisers

November 23, 2014

Fund due diligence is both an art and a science. The science relies on rules for making decisions based on quantitative factors, such as investment performance. The art, on the other hand, involves qualitative judgments and is often what fiduciaries...

Finra's CARDS plan is likely to be a game changer

October 26, 2014

Released for public comment Sept. 30, CARDS Version 2.0 is an ambitious effort by the Financial Industry Regulatory Authority Inc. to develop mega-data on the brokerage industry and its millions of customer accounts for enforcement purposes....

Fiduciary: Contentious, unsettled

September 28, 2014

Earlier this month I participated in the Fiduciary Leadership Summit hosted by TD Ameritade Institutional, which brought together investors, regulators, legislative staff members, financial service company leaders and representatives of professional...

Fiduciary duty's impact on succession planning

August 31, 2014

Does succession planning impose fiduciary obligations for investment advisers? This recently has become a hot topic of conversation, due in large part to the high volume of mergers and acquisitions in the adviser space. A good example of commentary...

Target date funds: Adviser's checklist

July 27, 2014

Target date funds should be a panacea for in-vestors and advisers. Professional management, coupled with a preprogrammed asset alloca--tion glide path to accommodate in-vestors' changing wealth, risk tolerance and liquidity needs, should make...

Industry preparing for an adviser SRO

June 22, 2014

Self-regulation is a hot topic at many conferences for investment advisers. Most often, sessions on the subject center on the question of whether the Securities and Exchange Commission should continue to provide direct regulatory oversight of...

Fiduciary case law provides insight

May 25, 2014

Most of today's headlines about the fiduciary standard are about deadlines, not details. Will or won't the Securities and Exchange Commission and Labor Department move forward with changes to the fiduciary standard? The devil, of course, is...

Prepare early for regulatory exams

March 2, 2014

Why should an ad- viser spend time preparing for a regulatory exam? Only about 60% of SEC-registered investment advisory firms have undergone a compliance examination. Congress blusters about holding the Securities and Exchange Commission accountable...

IRA rollovers offer a huge opportunity

February 2, 2014

IRA rollovers represent a huge and growing market, and there are many retirement plan participants seeking help with their rollover decisions. Individual retirement accounts constitute $5.7 trillion of the $21.7 trillion held in retirement accounts,...

Finra's call to arms to put clients first

January 5, 2014

Have you made a New Year's resolution for your business? Here's a suggestion: Worry less about what new laws and regulations are in the offing and concentrate more on how your company's culture serves clients. In the interest of proper attribution,...

Fiduciary Corner: The importance of the investment policy statement

October 27, 2013

The purpose of the investment policy statement is to document the investment plan and provide guidance for consistent, informed decision-making. It should be the central component of all advisory relationships, serving as both a roadmap to investment...

Considering money market reforms

September 29, 2013

For a harrowing three days in September 2008, financial advisers could only wonder, “What next?” after the Reserve Primary Fund fund broke the buck. Though some of us think those days are behind us, regulators haven't forgotten, and neither...

Best execution a critical obligation

September 1, 2013

As fiduciaries, investment advisers are obligated to seek the best execution of securities transactions for clients. Like most fiduciary obligations, best execution involves having policies and procedures in place to regiment business practices...

A disturbing portrait of the industry

July 28, 2013

"Wall Street's future leaders ... have lost their moral compass, accept corporate wrongdoing as a necessary evil and fear reporting this misconduct.” That quote captures a major conclusion reached by law firm Labaton Sucharow LLP from its...

'Coordination' is code for dilution

May 26, 2013

Regulatory “harmonization” has become a catchphrase for efforts to roll back investor protections to a universal, lowest-common-denominator standard governing investment advice. Now “coordination” has entered the regulatory reform vernacular...

SEC on a fiduciary fishing expedition

March 31, 2013

On March 1, the Securities and Exchange Commission took a highly unusual — perhaps unprecedented — action. The agency issued a “request for data and other information” in advance of proposing a rule. Specifically, the commission requested...

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