Posts in Investment Advisers.
Top 3 Considerations During the Breakaway & Transition Process

In recent years, there has been a considerable increase in the number of financial advisors who are looking to break-away and transition to careers with registered investment advisory firms (“RIAs”) or even launching their own RIA seeking more independence, control, growth opportunities, and increased compensation.

SEC Charges Morgan Stanley Smith Barney with Providing Misleading Information to Retail Clients

On May 12, 2020, the Securities and Exchange Commission (“SEC”) announced that Morgan Stanley Smith Barney (“MSSB”) agreed to settle charges that it provided misleading information regarding transaction costs and services to retail clients in its wrap program for the period from 2012 to 2017.

SEC Proposes Updated Definition of Accredited Investor, Qualified Institutional Buyer

The Securities and Exchange Commission (“SEC”) voted to propose amendments to its definition of an “accredited investor,” which, if approved, will allow more investors access to invest in private offering opportunities.

A Costly Failure to Follow Written Policies and Procedures

On November 22, 2019, the Securities and Exchange Commission ("SEC") ordered Channing Capital Management, LLC ("Channing"), a registered investment adviser located in Illinois, to pay a $50,000 civil penalty for failure to enforce its own written policies and procedures. This specific case underscores the importance of following the safeguards you put in place to protect all clients at all times.

Charging Clients Fees Not Disclosed in Form ADV: State Street Settles with SEC for $88 Million

The Securities and Exchange Commission ("SEC") announced it had settled charges against State Street Bank and Trust for overbilling mutual funds and other investment company clients by more than $170 million over a 17-year period.

The North American Securities Administrators Association (NASAA) has released its 2018 Enforcement Report (the Report) that says 2017 was the first year on record in which enforcement actions against registered investment advisors (RIAs) has outnumbered enforcements against broker-dealers and...

Intentional and unintentional conflicts of interest are nothing new in the world of finance, but a recent instance of alleged fraud serves to underscore how damaging these cases can ultimately. In this particular case, Mario Hinojosa and his wholly-owned...

Proper disclosure of the costs of investing, including disclosure of all fees and their potential effects on the value of investments, is critical for all firms. However, despite a focus, for years now, on this issue by the SEC, FINRA...

Growing older is something that every single one of us does. It's a simple fact of life that we will all age with time. Those who advise aging clients may be among those that are the most acutely aware...

On the surface, a Form U5 seems straightforward. Direct from FINRA's general instructions, it's the uniform termination notice for securities industry registration. A firm must file a Form U5 anytime one of its registered employees leaves the firm. The...

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