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- SEC Opens Door for Social Media Endorsements of Fiduciary Advisors
- Fiduciary Links: Should the SEC consider third-party audits?
- Fiduciary Links: 3d Party Fiduciary Assessments Would Enhance SEC Inspection Cycle
- Fiduciary Links: The Growing Business of Banks and Advisory Services
- Fiduciary Links: Are you ready for your first SEC exam?
Posted by Duane Thompson on April 09, 2014 in>>>Recent guidance from the Commission will make it much easier for advisors to refer to favorable public commentary about themselves on independent social media sites without running afoul of the SEC’s highly restrictive client testimonial rule. The only catch is they must provide equal prominence to any unfavorable commentary, just as you would find in restaurant or movie reviews on Yelp. In a March 31st release, SEC staff provided guidance in the form of a question-and-answer format describing how registered investment advisers can use social media that feature public commentary about them...
Posted by on March 24, 2014 in>>>fi360 and CEFEX recently submitted comments to the SEC regarding its National Examination Program for registered investment advisers. There seems to be no end in sight to the chronic underfunding of the SEC, leaving the agency unable to meet its inspection targets. The SEC has previously considered incorporating independent compliance reviews into their enforcement program, a solution that we believe they should pursue. In our comments, we suggest that if a firm has undergone a reliable, third-party audit, then that can be used as a factor when formulating an internal risk rating for each firm and deciding...
Posted by Duane Thompson on March 17, 2014 in Fiduciary Links>>>The Securities and Exchange Commission once again faces bleak prospects that Congress will approve its budget request for the next fiscal year, which begins October 1st. Earlier this month the Obama Administration requested $1.7 billion for the agency, a 26 percent increase over fiscal year 2014. Last year budget gridlock resulted in almost no new funding for the SEC, which would have added 250 examiners to its inspection program of advisory firms. This year the SEC is asking for similar increases in personnel with probably even less chance of securing approval. House Appropriations Chairman Hal Rogers, R-Ky., last...
Posted by fi360 Team on March 10, 2014 in Fiduciary Links>>>Bankers will grow, conservatively, in their competition with RIAs in the next five years, according to this Fidelity Institutional Wealth Services study. The study, which included over 140 bank executives, uncovered a few keys to success, as well as the unique challenges faced by bankers in the wealth management business. The findings represent a change from recent years, and a shift in focus for management. The unique challenges perceived included internal training and the need to keep up with technology. First on the list was the perception of investors. Read the list, and accompanying information, here. A large...
Posted by fi360 Team on March 03, 2014 in Fiduciary Links>>> In his most recent Fiduciary Corner column for InvestmentNews, fi360 CEO Blaine Aikin highlights SEC's initiative to examine many advisers who have never before been examined. There are currently 4,000 SEC-regulated RIA firms who have never been subject to an SEC exam. The new initiative will result in approximately 25% of those firms to finally be examined. Blaine makes the case that whether or not your firm does become targeted for an examination, now is the time to start preparing for it. For one, you don't want regulators to bring to light any deficiencies which you...