Compliance
Wells Fargo Advisor Who Bilked At Least A Dozen Clients Makes Front-Page News In Today’s New York Times
- Details Category: Regulatory
Philip Horn, a Los Angeles-based advisor at Wells Fargo who managed assets for ultra-high-net worth individuals is the subject of a story on the front page of today’s New York Times in a story about a fraud by financial advisors.
Hedge Funds Will Become More Of A Target For SEC When JOBS Act Provision Is Enacted
- Details Category: Regulatory
The SEC will be sharpening its monitoring of hedge funds wishing to get into the retail mutual fund space.
Bruce Karpati, Enforcement Division asset management unit chief, says that easier access to hedge funds has resulted in direct investment by unsophisticated retail investors.
SEC Extends For Two Years Principal Trading Rule For Non-Discretionary Accounts
- Details Category: Regulatory
A controversial rule that allows brokers to trade as principals in non-discretionary advisory accounts has been extended by the SEC for another two years.
The rule was adopted in 2007 and was designed to allow principal trading in accounts that had been converted to fee-based compensation.
FINRA Makes Arbitration Forum Available To Registered Investment Advisers
- Details Category: Registered Investment Advisors
For many years, the vast majority of disputes between retail investors and their securities brokers have been resolved in arbitrations administered by the Financial Industry Regulatory Authority (FINRA). But, FINRA-administered arbitrations were not available to investors, or their financial advisors, where the client’s relationship was with a Registered Investment Adviser (RIA) not affiliated with a securities broker/dealer firm, as FINRA does not have authority over RIA firms.
This is changing.
How Investment Advisors Can Hide Endorsements In Their LinkedIn Profiles To Be Compliant: The Movie
- Details Category: Advertising Compliance
RIAs know that they're not supposed to have any form of testimonials in their advertising materials. On LinkedIn, that has always meant not posting any "recommendations" to your profile. About two month ago, LinkedIn added "endorsements" to everyone's profiles, and investment adviser reps must now turn those off.
Bill Winterberg, CFP, a technology consultant who writes regularly about advisor technology, has made a very helpful two-minute video that shows you how to remove LinkedIn endorsements from your profile. It's not a Hollywood blockbuster, but it is ver
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