Advisor Business
Mark Spangler Indicted On 23 Counts Of Fraud And Money Laundering; Government Seeks $41.7 Million
Former NAPFA chairman Mark Spangler was indicted by a Seattle grand jury Thursday, charged criminally with diverting $41.7 million from investors into risky start-up ventures in which he had an ownership stake.
The 23-count indictment (see below) was handed down just after the Securities and Exchange Commission filed a civil complaint against Spangler.
Harold Evensky, Long A Champion Of The CFP Designation, Explains Why He Is Joining The Board Governing The RMA Designation
Harold Evensky, long a leading voice in the movement to make the financial advice business a profession, is joining the board of governance for the Retirement Management Analyst (RMA) designation. Evensky’s embrace of the RMA designation represents another big win for the fledgling new financial advisor licensing body. But why would a past chairman of the CFP Board embrace a rival designation? Why would a staunch advocate for the CFP embrace a designation that was a shortcut to the CFP? Why create a competitor? Evensky answered these questions in a phone interview earlier today.
Practical Suggestions For Seguing Your Business Include Early Compensation And Partnership Stake Valuation
Setting up a succession plan to segue your business to junior partners sounds like a great idea. But it may be a difficult one to implement. Issues segueing advisors face include how much compensation to pay while the junior partner gets needed experience, how a partnership stake should be priced, and how is the best way for an inexperienced advisor to actually get the needed funds.
FINRA's Estimate Of Cost Of Establishing And Maintaining An SRO For RIAs Challenged By Coalition Representing RIAs
The Financial Industry Regulatory Authority's (FINRA) estimate of the cost to setup, operate and oversee a self-regulatory organization (SRO) for investment advisers (IA) underestimates overhead costs and overestimates IA examiner productivity, according to a new review of FINRA's estimate.
How You Break Away Will Have A Critical Bearing On Your Future Success
Missteps when breaking away to form your own advisory firm can cost you dearly. Taking confidential client information or disclosing to clients before you leave that a move is imminent can result in legal action. And your actions may become difficult to defend.
It can also impact your reputation for confidentiality with clients. If you’ve acted inappropriately at one firm, what’s to keep you from acting inappropriately at another?
