Compliance
Massachusetts Settles Allegations With Five Independent Broker Dealers For Improper Sales Of Non-Traded REITs, Returning Over $11 Million To Investors
- Details Category: Regulatory
Ameriprise, Commonwealth Financial, Lincoln Financial, Securities America and Royal Alliance yesterday settled charges and agreed to a censure by the Commonwealth of Massachusetts for selling non-traded real estate investment trusts that amounted to more than 10% of the liquid net worth of Massachusetts residents.
Are Brokers Fiduciaries, Even Though They Accept Commissions? Yes, Says Financial Advice Ethics Expert Ron Rhoades
- Details Category: Registered Reps
A lot of fee-only advisors think that advisors who accept commission compensation cannot be fiduciaries. That’s not necessarily true. Legal experts say the Securities Exchange Act of 1934 imposes a fiduciary obligation on brokers accepting commissions similar to the fiduciary standard under the Investment Advisers Act of 1940, and financial advice ethics experts Ron Rhoades published a pamphlet earlier this week saying that brokers are required to act as fiduciaries under state common law. Yet the issue continues to be highly contentious and has been the main sticking point separating F
RIA Brochure Delivery Rule: Do I Really Have To Deliver This "Thing" To Clients If I Made No Material Changes Since Last Year?
- Details Category: Advertising Compliance
A Registered Investment Adviser’s ADV Part 2A--also called a "brochure"--is one of ithe most critical documents an an advisory firm creates. It's your public disclosure form, the document everyone you work or hope to work with with must see.
As securities attorneys, we spend many hours interpreting the SEC’s instructions and tailoring brochures to each RIA's business--your people, products, style, and operations.
Here are some insights into the process of creating this important disclosure document, including one that forever quashes the notion that you a
Securities Lawyers Investigate Losses In UBS Willow Fund
- Details Category: Advertising Compliance
Securities attorneys at Klayman & Toskes say they are investigating claims of UBS Financial Services customers who purchased the UBS Willow Fund, a private hedge fund formed in 2000. In October of 2012, investors were notified that the Fund would be liquidated. With the massive losses losses reportedly sustained by investiors in this UBS hedge fund, it's wise for RIAs to be aware of the case.
Consumer Financial Protection Board Weighs In On Senior Advisor Designations; Says SEC, States, And Other Lawmakers Must Act
- Details Category: Regulatory
Consumer Financial Protection Board (CFPB), an agency created by Dodd-Frank Act as an uber-regulator of financial services in the U.S., issued a report and recommendations today addressing the problem to senior citizens by of designation proliferation. The report offers some very sound conclusions that any sensible, informed, and well-meaning individual would have to agree with, but whether or not CFPB’s recommendations will prompt any reform is anybody’s guess.
More Articles ...
- In A Show Of How The SEC Is Tightening RIA Compliance, A Chicago Advisor Is Barred From Securities Business
- Identity Theft Rule Adopted By SEC; Provides New Guidance And Red Flags About How BDs and RIAs Must Protect Clients
- Former SEC Chair Schapiro Reportedly Joining Consulting Firm; Another Former Regulator Cashes In On Contacts In A Subtle, Legal Form Of Corruption
- One-Time CFP, Long-Time Financial Planner Charged With Stealing Client Money On Top Of Previous Charges Of Tax Fraud
