Advisor Payments and Conflicts of Interest

Todd Cipperman, founding principal of both Cipperman & Company and Cipperman Compliance Services. Moderated by Byron Bowman, SVP and General Counsel for fi360.

September 25, 2013

This webinar will focus on compensation and expense issues including best execution, soft dollars, and solicitation fees.  

We will focus on recent best execution cases against advisors, including the Schmeidler and Goelzer cases.  We will discuss how advisors should conduct best execution reviews and testing.  How should advisors deal with clearing brokers?  What if a firm has an affiliated broker?  What if a firm only uses one broker-dealer for custody?  How can firms do compliance testing for best execution?  How should firms do directed brokerage?  Are advisors required to use ATS platforms?

We will address the increasing regulatory focus on soft dollars.  Why does the SEC care about soft dollars?  What is an advisor’s obligation?  What should an advisor do about a large soft dollar credit balance?  What kinds of expenses are soft dollarable?  What type of ADV disclosure is required?

We will discuss solicitation and revenue sharing arrangements as well as pay-to-play.  What are the agreement and disclosure requirements?  Must solicitors get registered/licensed?  When does the pay-to-play rule apply, and what are the reporting requirements?   What about the state securities regulators?  What about the recent focus on private equity firms?  What is the impact of state lobbying rules?  What about fund revenue sharing?