Archive for the ‘MarketCounsel’ Category

The Impact of Protocol Departures for Those Considering Independence with @mindydiamond @diamondconsults @wealth_mgmt featuring Sharron Ash @HamburgerLaw.

Thursday, February 15th, 2018

A discussion about the effects of Protocol withdrawal with Sharron Ash, Chief Litigation Counsel at Hamburger Law Firm.

The withdrawal of Morgan Stanley and UBS from the Protocol for Broker Recruiting sent shockwaves through the industry, as experts and advisors alike wondered what the effects would be on recruiting and transitions. And the bigger question on most everyone’s mind is how going independent will be impacted by an advisor’s non-Protocol status.

As with any major change in the industry, rumor and innuendo often dominate the conversation. To help separate fact from fiction, Sharron Ash, Chief Litigation Counsel at Hamburger Law Firm, joins Mindy Diamond on this special episode.

Listen here.

“This is one of those areas where by examination, [the SEC is] going to be creating a lot of the standards that advisors will come to know and love over the next few years.” @HDelux speaks with @Diana_Britton @wealth_mgmt.

Monday, February 12th, 2018

The Securities and Exchange Commission released its examination priorities for 2018. In it, the regulator says its examiners will pay closer attention to the fees that retail investors are paying to advisors as well as the disclosure and calculation of those fees.

“In the past, the SEC has made fee disclosure a priority, but it couched it as a share class issue”, said Brian Hamburger, founder of the Hamburger Law Firm and MarketCounsel. “Now, it’s more expansive than that.”

“This is one of those areas where by examination, they’re going to be creating a lot of the standards that advisors will come to know and love over the next few years,” Hamburger said. “There’s no specific rule that says that investment advisors have an obligation to go out there and find the cheapest or least expensive investment for that particular objective. That said, the SEC is expanding upon their notion of, ‘Hey, as a fiduciary you have an obligation to act in their best interest, and isn’t it in their best interest to buy them the least expensive product to achieve those objectives?’’” Hamburger calls that “regulatory bootstrapping”. “Here, you’re finding the SEC imposing an obligation on advisors to be smart shoppers,” he said. “It’s a great nod to the Bogleheads out there. John Bogle’s been saying this for years, that yes, investment performance is one side of the equation, but you cannot be ignorant as to expenses.”

Read more here.

Podcast: What Non-Protocol Status Means for Those Considering Independence with @mindydiamond @diamondconsults featuring Sharron Ash @HamburgerLaw.

Monday, February 12th, 2018

A discussion about the effects of Protocol withdrawal with Sharron Ash, Chief Litigation Counsel at Hamburger Law Firm.

The withdrawal of Morgan Stanley and UBS from the Protocol for Broker Recruiting sent shockwaves through the industry, as experts and advisors alike wondered what the effects would be on recruiting and transitions. And the bigger question on most everyone’s mind is how going independent will be impacted by an advisor’s non-Protocol status.

As with any major change in the industry, rumor and innuendo often dominate the conversation. To help separate fact from fiction, Sharron Ash, Chief Litigation Counsel at Hamburger Law Firm, joins Mindy Diamond on this special episode.

Listen here.

“There’s no specific rule that says that investment advisors have an obligation to go out there and find the cheapest or least expensive investment for that particular objective.” @Diana_Britton @wealth_mgmt talks with @HDelux.

Thursday, February 8th, 2018

The Securities and Exchange Commission released its examination priorities for 2018. In it, the regulator says its examiners will pay closer attention to the fees that retail investors are paying to advisors as well as the disclosure and calculation of those fees.

“In the past, the SEC has made fee disclosure a priority, but it couched it as a share class issue”, said Brian Hamburger, founder of the Hamburger Law Firm and MarketCounsel. “Now, it’s more expansive than that.”

“This is one of those areas where by examination, they’re going to be creating a lot of the standards that advisors will come to know and love over the next few years,” Hamburger said. “There’s no specific rule that says that investment advisors have an obligation to go out there and find the cheapest or least expensive investment for that particular objective. That said, the SEC is expanding upon their notion of, ‘Hey, as a fiduciary you have an obligation to act in their best interest, and isn’t it in their best interest to buy them the least expensive product to achieve those objectives?’’” Hamburger calls that “regulatory bootstrapping”. “Here, you’re finding the SEC imposing an obligation on advisors to be smart shoppers,” he said. “It’s a great nod to the Bogleheads out there. John Bogle’s been saying this for years, that yes, investment performance is one side of the equation, but you cannot be ignorant as to expenses.”

Read more here.

Podcast: Transitions Without Protocol for Those Considering Independence with @mindydiamond @diamondconsults featuring Sharron Ash @HamburgerLaw.

Thursday, February 8th, 2018

Sharron Ash, chief litigation counsel at Hamburger Law Firm joins Mindy Diamond’s podcast exploring what transitions look like outside of the Broker Protocol for advisors considering a move, especially to independence.

Listen here.

“The SEC should know that this restraint of free and fair trade is an increasing problem as talent flows to where it is best used in an increasingly dynamic human advisor market. Kudos to MarketCounsel for continuing to take all the heat in this frustrating, thankless but necessary battle.” @RIABiz @BrookeSouthall @HDelux @MarketCounsel @HamburgerLaw

Thursday, February 1st, 2018

Read article here.

“The Protocol needs to be administered in a manner that does not create advantages for certain of the signatories, to the detriment of the investing public.” @RIABiz @lisshidler features @HDelux.

Thursday, February 1st, 2018

Last fall, Sharron Ash, chief litigation officer of the Hamburger Law Firm, cried foul on Bressler when Morgan Stanley withdrew from the Broker Protocol, saying the firm delayed release of the information that was vital to brokers seeking to leave the firm and to lawyers who protect the interests of these individuals based on that information. MarketCounsel and Hamburger Law Firm released a joint statement last week saying they were relieved that Bressler was no longer at the helm of the Broker Protocol.

“The Protocol needs to be administered in a manner that does not create advantages for certain of the signatories, to the detriment of the investing public. Given Bressler’s inability to meet these standards in its role as Protocol administrator, we are relieved to see that they relinquished their post.”

Read more here.

“The issue we experienced with the prior administrator was that, while we were only privy to their regular weekly updates, other firms received the privilege of additional information in advance of those updates.” @RIABiz @lisshidler features @HDelux.

Thursday, February 1st, 2018

Attorneys at Hamburger Law firm and MarketCounsel, both of Englewood, N.J., question whether Palatine, Ill.-based Capital Forensics — which sports the Orwellian motto “strength through corroboration” — has been vetted to ensure it doesn’t have any ethical problems hanging over its head that could lead to conflicts as the law firm begins to administer the Broker Protocol… The problem with that, according Brian Hamburger, founder of Hamburger Law firm and MarketCounsel, is that the new policy neglects to address the heart of the old problem.

“The language doesn’t address conflicts of interest at all. It simply states when ‘regular updates’ will be furnished,” he  writes in a statement. “The issue we experienced with the prior administrator was that, while we were only privy to their regular weekly updates, other firms received the privilege of additional information in advance of those updates.”

Read more here.

“…We remain unclear as to SIFMA’s authority to make this selection of a new administrator of the Protocol…” @RIABiz @lisshidler features @HDelux.

Thursday, February 1st, 2018

Now that stewardship of the Broker Protocol has passed to Capital Forensics, the fear is the firm may wish to play on its insider position to advantage a few of its own broker-dealer clientele… But if or how they intend to do so is unclear — as is the process by which the firm was selected to succeed Bressler, Amery.

“…We remain unclear as to SIFMA’s authority to make this selection of a new administrator of the Protocol, what criteria they may have used to arrive at their decision, and why they would have thought that firms weren’t deserving of any advance notification,” read the statement from Hamburger. “We continue to believe that the SEC needs to intervene with regulation to ensure client interests are unequivocally protected, that signatories do not find themselves adhering to the Protocol but accused to have violated other rules, that the joinder list is administered fairly for all firms, and that clients receive notification when a firm joins or departs the Protocol.”

Read more here.

Weekend Reading for Financial Planners (January 27-28) by @MichaelKitces highlighting @HDelux @MarketCounsel advocacy.

Monday, January 29th, 2018

Late last fall, as Morgan Stanley and then UBS departed the Broker Protocol, lawyers that represent breakaway brokers (most prominently, Brian Hamburger of MarketCounsel) called foul over the way Protocol administrator Bressler, Amery & Ross (which, notably, often represents large brokerage firms as their own clients) only gave four days’ notice after the major wirehouses had already delivered notification that they were leaving the protocol (despite the fact that Protocol rules require firms to give 10 days’ notice).

…the decision to transition control of the Broker Protocol from Bressler, Amery & Ross to Capital Forensics appears to have been facilitated by SIFMA, and MarketCounsel’s Hamburger is once again raising concerns that it’s not entirely clear whether SIFMA had the authority to make the decision, nor even what selection criteria were used to arrive at choice of Capital Forensics.

Read more here.