Financial Adviser

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Brokers Switching Firms: The Protocol and Recent Developments

In August 2004, Merrill Lynch, Citigroup, and UBS entered a pact not to sue one another over client relationships in their wealth management businesses. This pact was known in the industry as the Protocol for Broker...more

FINRA Issues its Cybersecurity Report, Providing Tools and Encouragement to Broker-Dealers

FINRA recently issued a Report on Cybersecurity Practices (“Report”), growing out of its targeted examination of firms last year. To issue the Report, FINRA gave careful consideration to the needs of many broker-dealers for...more

The Administration Proposes Imposing a Fiduciary Standard on Retirement Advisers

Yesterday, the Obama administration called on the Department of Labor to draft rules that, in effect, would require brokers who provide retirement advice to abide by a fiduciary standard. In a speech at an event hosted by...more

River Road: A Cautionary Tale for Chapter 11 Financial Advisors

The United States Bankruptcy Court for the Northern District of Illinois recently handed down an opinion, In re River Road Hotel Partners LLC, 2014 WL 5488259 (Bankr. N.D. Ill. 2014), dealing with the issue of a financial...more

Increased Enforcement Activity by SEC of Registration Requirements for Foreign Broker-Dealers and Investment Advisers Servicing...

In 2014, the U.S. Securities and Exchange Commission (SEC) continued its crackdown against violations of, as the New York Times Dealbook calls it, “a cardinal rule of the financial industry” that financial advisers (including...more

Advisor's Advantage - November 2014

In This Issue: - How A Plan Provider Can Lose Clients in 7 Easy Ways - Being a long term Plan Provider can be a bad thing too - Advisors should help grow Client's assets - Be accountable as a Plan...more

Delaware Court Dismisses Action Against Seller's Directors and Financial Advisor, And Finds That Large Stockholder's "Side Deals"...

On October 24, 2014, the Delaware Court of Chancery issued a decision, In Re: Crimson Exploration Inc. Stockholder Litigation, addressing when: (i) a stockholder with less than majority voting power may be deemed a...more

Advisors should help grow Client’s assets

If you are a financial advisor, more assets under management equal more money. So that means a financial advisor working in their 401(k) plan space should do their best to making sure that their Plans get bigger n the asset...more

Legal Briefs: A Periodic Summary of Judicial Decisions Affecting Accounting and Financial Services Professionals - October 2014

The New Jersey District Court recently ruled that an economic damages expert retained by plaintiffs’ counsel in a class action was not entitled to any further compensation for his work. The facts in Rothstein v. Harstad...more

Rural/Metro II: Additional Lessons for Financial Advisors, Directors and Counsel in M&A Transactions And Related Litigation

On October 10, 2014, the Delaware Court of Chancery issued a decision awarding nearly $76 million in damages against a seller’s financial advisor. In an earlier March 7, 2014 opinion in the case, In re Rural/Metro Corp....more

Advisors Advantage - September 2014

Starsky had Hutch, Cagney had Lacey, Fred had Ginger, Bogie had Bacall, Bonnie had Clyde, Bert had Ernie, Baskin had Robbins, and Sheriff Bart had the Waco Kid. Whether it's law enforcement, entertainment, or any type of...more

401(k) Pros That Financial Advisors Should Partner Up With

Starsky had Hutch, Cagney had Lacey, Fred had Ginger, Bogie had Bacall, Bonnie had Clyde, Bert had Ernie, Baskin had Robbins, and Sheriff Bart had the Waco Kid. Whether it’s law enforcement, entertainment, or any type of...more

How Good the Advisor is often based on how well they play with other plan providers

What makes a good retirement plan financial advisor? Well it takes an attention to detail, an understanding of what the role to entails, and a dedication to the client. In addition, what I find is the way a good financial...more

Fees are only part of a 401(k) Plan’s problem

10 years before I went on my own and started my own practice, I started The Rosenbaum Law Firm P.C. It was a side venture, kind of an attempt to see if I can start my own practice without actually having to leave my day job....more

The Good Fundamentals of Being a Retirement Plan Financial Advisor

In 1983, the Chicago White Sox won the American League Western Division under the guidance of future Hall of Fame manager Tony LaRussa. Doug Rader, then-manager of the Texas Rangers, accused the Sox of "winning ugly" for...more

Houseman v. Sagerman, C.A. No. 8897-VCG (Del. Ch. Apr. 16, 2014) (Glasscock, V.C.)

In this opinion, the Court of Chancery held that the plaintiffs failed to adequately plead that the board failed to satisfy its Revlon duties in good faith and to negotiate consideration for alleged derivative claims that...more

How a Retirement Plan Financial Advisor Can Survive In The World Today

If I could pinpoint what it takes for a financial advisor to survive and thrive in this business, I would say it takes two things: a hook and timing. A hook is a marketing term, it’s something to attract a plan sponsor’s...more

How a 401(k) Financial Advisor Can Limit Their Liability

There is the old saying that the cobbler’s children have no shoes. I know that firsthand when my mother threatened to call an electrician because my father the electrician didn’t have time to do some electrical work in our...more

7 Tips For Handling A FINRA Investigation Of A Financial Advisor

Facing an examination or investigation by the Financial Industry and Regulatory Authority (FINRA) can be a stressful and intimidating experience for even the most seasoned financial advisor. Understanding the oversight role...more

A Retirement Plan Sponsor’s Guide for Selecting Their Financial Advisor

When it comes to your role as a retirement plan sponsor, outside of hiring a TPA (third party administrator), the most important plan provider that you need to hire is a financial advisor. Unfortunately, like my favorite...more

Important Dates and Reminders for Investment Advisers, Exempt Reporting Advisers, Commodity Trading Advisors and Commodity Pool...

Investment Advisers - Annual Compliance Reviews: All investment advisers registered with the Securities and Exchange Commission (“SEC”) are required to review their compliance policies and procedures at least...more

Government announces its proposed changes to the FOFA reforms

As anticipated, the Assistant Treasurer has announced the reforms to the FOFA legislation the government will introduce. The reforms include removing the ‘opt-in’ requirement as foreshadowed pre-election. The reforms also...more

Financial Advisory Update

Novel theories by plaintiffs’ lawyers need to foster novel approaches by M&A lawyers. A number of recent cases highlight the increasing risks for financial advisors and the lawyers who represent them. Financial...more

Future Of Financial Advice Series ASIC'S New Powers

This update is intended as a general overview, targeted specifically at claims officers and underwriters of insurers of professionals required to comply with the Future of Financial Advice (FOFA) reforms. WHAT IS IT?...more

NHL Players Defrauded in Series of Investment Schemes

National Hockey League Players were the primary victims of a series of fraudulent investment schemes orchestrated by financial adviser Phillip Kenner and former professional race car driver Tommy Hormovitis. Collectively, the...more

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