Archive for November, 2016

The MSUM16 Event App has Been Released

Monday, November 28th, 2016

The app is available on both the Apple AppStore and Google Play Store.  Go to http://cnsl.me/MSUM16app and access with your attendee confirmation email. #MSUM16

The MSUM16 Event App has Been Released

Monday, November 28th, 2016

The app is available on both the Apple AppStore and Google Play Store.  Go to http://cnsl.me/MSUM16app and access with your attendee confirmation email. #MSUM16

.@Reince Priebus, “he’s one of those guys that transcend politics.” @HDelux to @MeredithHobbs @DBReview

Tuesday, November 15th, 2016

…and he’s speaking at #MSUM16.

Close friend, Brian Hamburger, called Priebus “spectacular in his moderation and his ability not to be extreme.”  “Maybe back in the day that was not such a spectacular trait—but nowadays I think it is,” said Hamburger, who described his own politics as “staunchly independent.”

“Reince has the ability to really digest things at a very human and empathetic level. He’s one of those guys that transcend politics,” said Hamburger, who runs a New Jersey consultancy, MarketCounsel, and law firm serving investment advisers.

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The @wealth_mgmt 2016 Industry Awards Digital Edition is out

Tuesday, November 15th, 2016

… and our victory lap is on page 48.

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‘DOL is DOA’ says @HDelux to @RIABiz

Friday, November 11th, 2016

That’s according to MarketCounsel president and CEO Brian Hamburger.  “It’s now 100% dead,” Hamburger says in an email. “We expect DOL rule to be repealed prior to becoming effective in April 2017.”

On Wednesday, Hamburger announced that both Priebus and Scaramucci would be featured guests at his upcoming MarketCounsel Summit, to be held Dec. 5-8 in Miami. “They are both taking the stage at The MarketCounsel Summit next month to discuss what we can expect from a Trump administration and a Republican Congress,” the MarketCounsel announcement reads.

Hamburger says not only is the DOL rule history, but that some parts of the Dodd-Frank Act may not be long for this world, either.  “The combination of a Donald Trump presidency and a Republican Congress will have an enormous impact on the momentum of the expansion of a fiduciary duty on those that give financial advice,” he says.  Specifically, Hamburger says the provision that allows the SEC to implement a fiduciary duty on broker-dealers will either be repealed or that any existing rules will languish under newly appointed SEC commissioners.  Reince Priebus, who will be a featured guest at the MarketCounsel Summit in Miami next month, has been called a ‘superstar’ by President-elect Donald Trump.  “The DOL has already stated that they will not begin to enforce until April 2018. However, private right of action is, indeed, a threat.”

If the regulation is to be repealed, how would it be done?  “The most effective, tried and true method for a new administration to right the wrongs of a prior administration,” Hamburger writes, “is an act of Congress signed into law by the president which would preclude the DOL from making this rule effective. It could likely be handled as a housekeeping measure.”  Alternatively, he says, when Congress reconvenes in Washington to pass the budget, “The DOL’s appropriation includes a legislative rider that would prevent the DOL from using any funds to implement the DOL rule. Last year, an effort to introduce that rider failed.”  Leaving, of course, the implication that next year’s Congress will be quite a bit different than last year’s.

“There’s no prize for being the first to comply” @HDelux gives @MarkSchoeff @newsfromIN his take on the #DOL rule post-election

Friday, November 11th, 2016

Not everyone is taking the full-steam-ahead approach. Brian Hamburger, president of MarketCounsel, a compliance consulting firm, asserts that Mr. Trump’s election threatens the survival of the rule.  “There’s no prize for being the first to comply,” Mr. Hamburger said. “What we thought to be true 24 hours ago has all changed. Unless they have a special case, I would not sink resources into compliance until the smoke begins to clear and we have greater clarity as to what we can reasonably expect.”

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“This election was a huge blow to a government-mandated expansion of fiduciary duty” @HDelux to @Ann_Marsh @finplan @onwallstreet

Thursday, November 10th, 2016

Brian Hamburger, founder of MarketCounsel and the Hamburger Law Firm, says “This election was a huge blow to a government-mandated expansion of fiduciary duty.”

Read more here and here.

.@HDelux mentioned by @FinAd_IQ reporting on @WSJ article about barred brokers

Wednesday, November 9th, 2016

Lawyers who counsel brokers on such matters, meanwhile, tell the Journal that they recommend that brokers transition to investment advisors prior to any Finra decisions on penalties. Brian Hamburger, managing director of MarketCounsel, a firm that helps advisors comply with regulators, tells the paper the onus is on the regulators. But he adds that limited resources may prevent some states from catching cases such as Davis’, according to the Journal.

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It’s 30 days from the MarketCounsel Summit (#MSUM16) so, of course we released our headliners and faculty.

Monday, November 7th, 2016

The annual gathering of the country’s top advisors features the Chairman of the Republican National Committee, a Wall Street titan, two former SEC Commissioners, and the founder of Fast Company.  The MarketCounsel Summit outside influencers includes:

  • Reince Priebus, Chairman of the Republican National Committee
  • Anthony Scaramucci, founder and co-managing partner of SkyBridge Capital
  • Bill Taylor, author, co-founder and founding editor of Fast Company Magazine
  • Luis Aguilar, former SEC Commissioner
  • Andrew Bowden, former SEC (OCIE) Director
  • Daniel Gallagher, former SEC Commissioner

The MarketCounsel Summit industry faculty is as robust and ever and serves to make the grand ideas all that more real. Faculty includes veteran MarketCounsel thought leaders Sharron Ash, Dan Bernstein and David Mrazik as well as industry thought and organizational leaders including Blaine Aikin (fi360, CFP Board), Jud Bergman (Envestnet), Marty Bicknell (Mariner Holdings), Joel Bruckenstein (T3 Consulting Services), Roy Burns (TA Associates), Ron Carson (Carson Wealth Management), Ren Cheng (Fidelity Investments), Joe Duran (United Capital Financial Advisers), Aaron Klein (Riskalyze), Paul Lally (Gladstone Associates), Steve Lockshin (AdvicePeriod), Ed O’Brien (eMoney Advisor), Ron Rhoades (Western Kentucky University), Knut Rostad (Institute for the Fiduciary Standard), Skip Schweiss (TD Ameritrade Institutional), Spenser Segal (ActiFi), Mark Tibergien (Pershing Advisor Solutions), and many others.

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Today’s @WSJ: @HDelux Defends ‘The Barred Brokers in Our Midst’ with @4BetterOrWurst

Friday, November 4th, 2016

People who counsel brokers in these types of situations say they advise them to establish themselves as investment advisers before Finra decides its penalty. It is during Finra’s enforcement proceedings when soon-to-be-penalized brokers “really have to mobilize to secure employment before the dust settles,” said Brian Hamburger, managing director of MarketCounsel, a firm that helps advisers comply with financial regulations. Brokers can also begin the process to become an investment adviser after a penalty.

“Are we allowing these guys to take part in regulatory arbitrage, trading one regulator for another? Or is this a matter of brokers deciding what’s a better business environment for them to operate in?” asked Mr. Hamburger, who said he believes it is the latter as state and federal regulators are required to vet and approve investment advisers and their firms.

However, he added, regulatory scrutiny can vary due to resources and budgeting. “There are some states where there’s a chance they wouldn’t catch something like this,” he said.

Sometimes, too, state regulators arrive at different conclusions than Finra when it comes to sanctions, experts say.

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