Posted by Rich Lynch on May 22, 2013
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In honor of the release of the updated Prudent Practices, fi360 COO Rich Lynch recounts the history and development of the Practices and handbooks, both in the US and abroad.
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Posted by Duane Thompson on May 20, 2013
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Fiduciary Excellence
Fiduciary Links
>>>>New SEC Chairman Mary Jo White’s honeymoon with Congress may be rapidly drawing to a close. Not that it was expected to last forever. Last week the former Wall Street lawyer, in office for only a month, testified before the House Committee on Financial Services about the need for more resources to examine investment advisers. The SEC’s fiscal year 2014 budget would add 325 IA examiners, or nearly half of all new staff hires at the Commission. About 250 of the examiners would inspect traditional advisers with the remainder focused...
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Posted by Ben Aikin on May 13, 2013
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>>>>Advisory councils are not something new to the financial services industry, but an article in InvestmentNews this week highlights why advisors may want to consider creating one. If you’re willing and able to commit the time and thick-skinned enough to actively solicit constructive criticism, it can certainly pay dividends. Council members are typically current clients who are encouraged to provide feedback about what they like and, perhaps more importantly, don’t like about you, your organization, and the services you provide. There are many questions that relate to starting and...
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Posted by Kathy Stewart on May 08, 2013
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Fiduciary Excellence
Putting Process into Practice
>>>>We know that investors often assume that their financial advisor is a fiduciary. That might be accurate or not depending on the circumstances. Trying to simplify the explanations is perhaps a bit cumbersome. Those who offer financial planning services, in situations unrelated to ERISA’s realm, like other financial advisors, may or may not have a fiduciary duty to their clients depending on the specifics of the engagement. Financial planners, much like other functional fiduciaries, are deemed to have fiduciary responsibility when their activities fall under the definitions found in applicable...
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Posted by fi360 Team on May 06, 2013
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Fiduciary Links
>>>>FINRA has released guidance to member firms regarding how they should be communicating to investors regarding REITs and real estate direct participation programs. The memo addresses eight areas in which firms have shown deficiencies when communicating about the products: dislcosures, distribution rates, stability/volatility claims, redemption features and liquidity events, performance of prior related real estate programs, use of indices and comparisons, pictures of specific properties, and capitalization rates. In each section, the notice provides guidance for how these aspects should be communicated in a way that does not mislead investors. In addition to the specific...
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