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Posted by Ben Aikin on May 13, 2013 in>>>>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...
Posted by fi360 Team on May 06, 2013 in 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...
Posted by Duane Thompson on April 24, 2013 in Fiduciary BasicsMy son turns 18 in August. At that point he plans to sign an engagement letter with an independent financial planning firm in Texas, and with a personal advisor he’s never met, or at least doesn’t remember meeting as a child. My daughter, 21, graduates from college in another month, and is also a fiduciary client, at least in a limited engagement. Both inherited a very modest amount of shares in a family-owned business that was sold last November. Big changes, as they say, are ‘a-coming. The financial planner in question is mine...