Nevada Imposes its Own Fiduciary Duty on Broker-Dealers and Advisers

June 22nd, 2017

The State of Nevada has imposed, effective July 1, 2017, its own fiduciary duty on investment advisers and broker-dealers (the “Law”).  Nevada’s Law is novel because: (i) it is the first time that a state has imposed a fiduciary duty on broker-dealers and their representatives and (ii) because it does not contain an exemption for […]

Focus on Fiduciary Standard Puts Adviser Negligence in Spotlight. @HDelux talks with @FinancialTimes.

June 22nd, 2017

Negligence claims are a risk for financial advisers of all stripes. “The first step is to be completely aware of all conflicts of interests — and if you can’t avoid or minimize them, you must disclose all of them,” says Brian Hamburger, president and CEO of MarketCounsel, a business and regulatory consulting firm for investment […]

As DOL Fiduciary Rule Takes Effect, the Focus is on Compliance. @DanBernstein talks with @GregIacurci (@newsfromIN).

June 12th, 2017

“I think you’ll find different reactions over the next two to three months by firms,” said Daniel Bernstein, chief regulatory counsel at compliance consulting firm MarketCounsel. Some who are “pretty much at the finish line” already will continue on their trajectory, while “some will put their head in sand” until there’s clarity, Mr. Bernstein added. While […]

The Fiduciary Rule Goes Live at Long Last. @BarronsOnline features @HDelux as contrarian.

June 6th, 2017

There will be holdouts. “By and large, absent a government mandate, you’ll find firms holding strong and trying not to deliver advice under a fiduciary standard,” predicts Brian Hamburger, president and CEO of MarketCounsel, a business and regulatory consulting firm for investment advisors. He believes most firms will stick to the status quo unless forced […]

What to make of Goldman Sachs losing talent? Marc Cohen (@mcohen429) talks with @RIABiz

June 6th, 2017

While I’m unable to comment on any specific transaction, we have seen a significant uptick in activity out of Goldman Sachs and other private banks over recent months, which has led to a massive flow of assets to independence,” he says. “Of course, these transitions also carry with them increased risk for the transitioning advisors […]

DOL Fiduciary Rule Compliance: Phase I, effective June 9th

May 25th, 2017

Certain portions of the DOL’s fiduciary rule under ERISA will become effective on June 9, 2017. Although enforcement of the rule will not begin until January 1, 2018 so long as there’s good faith effort, most investment advisers will find compliance easy.  The imminent provisions expand the definition of “fiduciary investment advice” under ERISA.  That […]

We’re growing our team! Know someone with great practical compliance skills? #jobs

May 22nd, 2017

See details at

SEC Releases Cybersecurity Ransomware Alert

May 22nd, 2017

On May 17, 2017, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) released a National Exam Program Risk Alert regarding the widespread WannaCry ransomware attack.  The hackers behind the attack are gaining access to servers either through Microsoft Remote Desktop Protocol or the exploitation of a Windows vulnerability.  Supposedly, some networks have also been […]

“Who’s going to make sure there’s coffee in the break room?” @HDelux asks breakaway advisors who want their own firm via @bobveres @finplan

May 5th, 2017

Brian Hamburger and Sharron Ash sit down with Bob Veres to discuss what wirehouse advisors must know before going indie.  You’re going to want to read this. Read more.

@HdDelux to @finplan: “Broker-dealers are under fire – what they’re selling has fallen out of favor.”

May 5th, 2017

“They’ll continue to find lucrative hunting grounds for broker-dealers,” says Brian Hamburger, president and CEO of MarketCounsel, a legal and compliance firm.  “Broker-dealers are under fire,” he says. “What they’re selling — let’s be blunt about it, it’s fallen out of favor.” Hamburger has observed a shift in how the SEC has handled enforcement over […]