M. Jacko
Managing Partner and CEO

Michelle L. Jacko, Esq.

Managing Partner and CEO

Michelle L. Jacko, Esq. is the Managing Partner and CEO of Jacko Law Group, PC (“JLG”), which offers securities, corporate, real estate, and employment law counsel to broker-dealers, investment advisers, investment companies, hedge/private funds and financial industry professionals. In addition, Ms. Jacko is the Founder and CEO of Core Compliance & Legal Services, Inc., a compliance consultation firm.

Ms. Jacko specializes in investment adviser, broker-dealer, investment company and private fund regulatory compliance matters, internal control development, regulatory examinations, transition services, and operational risk management. Her consultation practice is focused on the areas of regulatory exams and formal inquiries, investment and merger and acquisition transactions, exit and succession planning, annual reviews, policies and procedures development, testing of compliance programs (including evaluation of internal controls and supervision), mock exams, senior client issues, cybersecurity, Regulation S-P, and much more.

Over the years and through a transformative market, Ms. Jacko has also developed service solutions throughout her practice, focusing on regulatory, compliance, commercial and corporate strategic solutions for the financial industry. Her practice focuses on formations and registration of broker-dealers, investment advisers and funds and platforms associated with each of these business models.  She focuses on transition and succession planning for companies, spearheading Jacko Law Group’s mergers and acquisitions practice area. She aligns her legal team to directly apply experienced legal acumen and business-savvy foresight to assist clients navigate and traverse the breakaway, formation, and growth plan for their corporation’s continued achievement, expansion, and upward trajectory.

Throughout this process, Ms. Jacko uses her 27 years of regulatory compliance experience to provide risk mitigation strategies to businesses.  She provides her clients with risk assessments, annual reviews and gap analysis, and serves as lead attorney for SEC and FINRA enforcement matters, regulatory formal inquiries, and regulatory examinations.  She has developed a practice that successfully helps our clients to be prepared for examinations through meticulous preparations, including mock interviews, compliance program document reviews, and counsel to members of senior management and interfacing with regulators throughout the process.   She frequently provides counsel on Chief Compliance Officer liability issues, assists advisors with regulatory reporting of disciplinary events and customer complaints, provides counsel on various representative onboarding and exit considerations and drafts complex agreements and client disclosure documents.

Utilizing an unparalleled service with a visionary strategy, Ms. Jacko’s counsel contributes to client success. She fosters trust amongst her team and has forged a path for JLG’s growing and multifaceted merger and acquisition practice, general corporate counsel services and regulatory compliance practice areas.

As a frequent presenter at national financial industry conferences, Ms. Jacko delivers insightful and thought-provoking workshops regarding industry hot topics and rising compliance issues. She is a frequent contributor to various industry journals and publications, including Barron’s Advisor, Charles Schwab, Investment Adviser Association’s IAA Today, National Society of Compliance Professionals’ CurrentsLawyer Monthly MagazineThomson Reuters, and more.  She also is a featured author in Modern Compliance, Vol. 1 and 2.

Ms. Jacko served as the former Vice-Chair of Education of the Corporations Committee for the State Bar of California Business Law Section and is a two-time Board member alumn of the National Society of Compliance Professionals. She is the Co-Founder and a member of the Southern California Compliance Group and also is a FINRA Arbitrator. Ms. Jacko is a member of Vistage International and actively participates in her community.

JLG and Ms. Jacko are proud to be members of the National Women Business Owners (NABWO) Corporation.

Throughout her career, Ms. Jacko has established herself as an influential leader, both locally and industry-wide. She has received numerous accolades and recognitions for her contributions, impact, and thought leadership. Since 2019, she has been selected as a finalist for San Diego Business Journal’s (SDBJ) CEO of the Year Award (2019-2022). She has also been selected for inclusion for the SDBJ’s 2022 Women of Influence 50 over 50, 2021 -2022 Women of Influence in Law SDBJ’s 2018-2022 Business Woman of the Year, 2020-2022 San Diego 500 Influential Business Leaders Award, 2020-2022 SD500, and prestigious 2020 Most Admired CEO Awards. Alongside the many awards from the SDBJ, Ms. Jacko  also was selected as a finalist for San Diego Magazine’s 2020–2021 Influential Women: Woman of the Year Award and was honored as a finalist for the 2019 NAWBO Bravo Awards - San Diego. International magazine CEO Today also selected Ms. Jacko as one of the 2019 and 2020 Business Women of the Year Awards. She also received Acquisition International magazine's Global Excellence Awards: Most Influential Woman in Securities Law 2019–2020 - San Diego, and locally was selected by San Diego Metro as one of the 12 Women of Influence in San Diego, CA.

Before starting both companies, Ms. Jacko previously served as Of Counsel at Shustak & Partners, PC. Prior to that, she was Vice President of Compliance and Branch Manager of the Home Office Supervision team at LPL Financial Services, Corporation (Linsco/Private Ledger). She also served as Legal Counsel of Investments and Chief Compliance Officer at First American Trust, FSB and held the position of Compliance Manager at Nicholas-Applegate Capital Management. In addition, Ms. Jacko was with PIM Financial Services, Inc., and Speiser, Krause, Madole & Mendelsohn, Jackson.

Ms. Jacko received her J.D. from St. Mary’s University School of Law and B.A., International Relations, from the University of San Diego. She is admitted to the State Bar of California and United States District Court, Southern District of California. Michelle holds NSCP’s Certified Securities Compliance Professional (CSCP) designation and is a member of the National Association of Women Lawyers (NAWL).

In addition to her many accomplishments, Ms. Jacko is also dedicated to giving back to her community and charitable organizations. Throughout the years she has dedicated her time and efforts to numerous organizations, including the Autism Tree Project, Wounded Warriors Project, the ASCPA, the San Diego Food Bank, School of the Madeleine and more. She also supports whenever she can the military community.  It is her dedication to her team, her practice and her community that has laid the foundation for JLG’s impact and continued growth and success.

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Practices :
Mergers & AcquisttionsPrivate Equity & Private Fund ServicesSEC/State: Regulatory Compliance Services
Sample Relationship Summary for Investment Advisers and Broker-Dealers: Feedback Generally Positive
January 17, 2019

The complex nature of investments leaves many retail investors needing assistance from investment professionals to help navigate the endless possible investment opportunities available to them.

To satisfy investor needs, many investment professionals associate with broker-dealers, investment advisers, insurance agencies and others so that they can offer a diverse number of products and services to their clients. However, retail investors report a great deal of confusion regarding the differences between broker-dealers and investment advisers, including:

  • Terms of services;
  • Fees charged;
  • Standards of care; and
  • Obligations to their client investors.

(For more information on investor concerns, see “Background” section of this SEC Release)

To provide more clarity and transparency to retail investors so they are equipped to make informed decisions about working with an investment professional, the U.S. Securities and Exchange Commission (“SEC”) produced a Sample Relationship Summary in April 2018, and has continue to gather feedback since that time.

Putting the Sample Relationship Summary to the Test

In an early-November Press Release, the Securities and Exchange Commission’s Office of the Investor Advocate made public a report on investor testing conducted by the RAND Corporation that gathered feedback from 1,800 investors on the Sample Relationship Summary.

The survey found a mostly positive reaction to the Summary, with approximately 90 percent of respondents saying the resource would assist them in selecting investment accounts and services.

The Summary Found Mostly Successful

The aforementioned survey reveals a number of beneficial aspects of the Summary for investors, including:

  • Heightened understanding of key terms and conflicts of interest;
  • Providing a basis for conversation with an investment professional;
  • Side-by-side comparisons that can assist investors when selecting or deciding between a broker-dealer and an investment adviser; and
  • Important information on fees and costs (which was reported to be one of the biggest factors to help investors).

The Relationship Summary was found to be accessible and understandable, with most respondents indicating that as an investor, they would actually read the document.

Some Shortcomings in the Summary Revealed

Certain aspects of the Summary were reported as needing improvement, including:

  • Confusion regarding key differences between types of accounts or financial professionals; and
  • Difficulty understanding the “Our Obligations to You” section and the “conflicts of interest” section.

Although feedback seems positive overall, individuals with less education or less investment experience were less positive than those having more education or investment experience.

The Relationship Summary: Get Involved in the Process and Consider Your Disclosures to Investors

The Office of Investor Advocate is making the information available for public consideration and comment.

Based on the foregoing, we encourage all financial professionals to take the following actions:

  • Get involved in the process of shaping the direction of our industry going forward by reviewing the Summary and offering feedback through the channels mentioned above.
  • Take this opportunity to think about how you can best communicate and disclose your role and responsibilities to your clients, carefully considering how you define your relationship when speaking with a prospective client so that everyone is on the same page from the very beginning.

Click here to submit comments on the Relationship Summary or view all feedback that has been submitted.

The experienced attorneys at Jacko Law Group, PC, are ready to help with customizing this disclosure for you and can assist with your corporate and securities law legal needs. If you have any questions about the Proposed Relationship Summary, or if you need guidance on how to better communicate aspects of a broker-dealer or investment advisory client relationship, contact us for assistance – click here.

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