Archive for December, 2014

The Exodus to RIA

Wednesday, December 31st, 2014

CEOs of @DynastyFP and @Pershing, Shirl Penney and Mark Tibergien, give @newsfromIN great context on the exodus to independence. #MSUM14

The Exodus to RIA

Wednesday, December 31st, 2014

CEOs of @DynastyFP and @Pershing, Shirl Penney and Mark Tibergien, give @newsfromIN great context on the exodus to independence. #MSUM14

SEC Investor Advocate Favors User Fees for Advisers

Wednesday, December 24th, 2014

The SEC’s Investor Advocate, Rick Fleming, added to the noise about how the SEC should improve investment adviser examinations.  InvestmentNews reported that Mr. Fleming feels that the SEC’s $150 million budget increase is insufficient to make a significant improvement in examination coverage (currently at approximately 10% of advisers per year).  Mr. Fleming did not opine on how frequently advisers should be examined.  He is an advocate of charging advisers user fees for the SEC to fund more frequent examinations.  The user fee bill introduced by Representative Maxine Waters (D-CA) seems to be dead at this current time.

2014 has been an interesting year for the SEC’s initiative to “improve investment adviser examinations.”  Improving exams has become synonymous with doing more exams, rather than really considering improving efficiency and effectiveness.

The SEC published a report in January 2011 which recommended: i) requiring advisers join an SRO, ii) imposing user fees on advisers to pay for exams, or iii) giving SROs that examine broker-dealers (aka FINRA) the authority to examine the advisory activities of those firms.  Since then, a fourth option, independent examinations of advisers, has also been discussed.  Over that four years, each option has taken turns being the favorite.

So where do we stand now?  An SRO for advisers has fallen behind the other options, but it’s never dead.  User fees seems to be the favorite, but independent examinations are picking up steam.  A benefit of going the independent examination route is that the SEC would not need congressional support to implement it. However, it doesn’t appear that we are much closer to any conclusion going in to 2015.

MarketCounsel Joins @DynastyFP in Welcoming Fortiter Wealth Management to Independence

Tuesday, December 23rd, 2014

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MarketCounsel Joins @DynastyFP in Welcoming Fortiter Wealth Management to Independence

Tuesday, December 23rd, 2014

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SEC Needs More Funding to ‘Solve’ Advisor Exam Deficiency, says @ThinkAdvisor @thinkadv_career

Tuesday, December 23rd, 2014

Brian Hamburger @HDelux argued, however, that it’s not the “industry’s responsibility” to pay the SEC to conduct exams, as user fees would require.

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The ABCs of an Advisor’s ADV @CNBC

Tuesday, December 23rd, 2014

@MarketCounsel’s Brian Hamburger @HDelux points to the parts of the SEC’s Form ADV that help consumers find a financial advisor.

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The ABCs of an Advisor’s ADV @CNBC

Tuesday, December 23rd, 2014

@MarketCounsel’s Brian Hamburger @HDelux points to the parts of the SEC’s Form ADV that help consumers find a financial advisor.

Read more.

 

Straight Talk with Brian Hamburger @NBCNews

Tuesday, December 23rd, 2014

Brian Hamburger (@HDelux) appears on NBC News to discuss the ABCs of and Advisor’s Form ADV.

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Straight Talk with Brian Hamburger @NBCNews

Tuesday, December 23rd, 2014

Brian Hamburger (@HDelux) appears on NBC News to discuss the ABCs of and Advisor’s Form ADV.

Read more.