Financial Adviser

News & Analysis as of

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

Future Of Financial Advice Series : Opt-In And Fee Disclosure

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...more

Financial inquiry and future of financial advice (FOFA) changes on the way (Australia)

The Assistant Treasurer, Arthur Sinodinos, took the opportunity at the Association of Australian Financial Advisers’ National conference this month to announce the government will be undertaking a financial services inquiry....more

Inside M&A - Fall 2013

M&A Corporate Governance: Oversight of the Board’s Financial Advisors - Recent decisions in the Delaware Court of Chancery highlight the need for increased oversight of financial advisors by corporations engaging in...more

Financial Services Quarterly Report - Third Quarter 2013: French AMF Guidance on Best Practices Regarding Rebates and Inducements...

Pursuant to the market practice in France, distributors – such as investment service providers or financial advisors – are not paid directly by investors but rather receive a rebate or inducements from the issuer of the...more

Future Of Financial Advice Series: Best Interests Duty

WHAT IS IT? The best interests duty requires financial advisers to place the interests of their clients ahead of their own in providing personal advice to retail clients. It is designed to build trust and confidence...more

Why a TPA Can Be a 401(k) Financial Advisor’s Best Friend

Any good retirement plan financial advisor understands and will tell you that relationships in the retirement plan business mean everything. The relationships that an advisor can have with their clients and other retirement...more

SEC to Focus on Private Fund Adviser Compliance Procedures in Rule 506(c) Offerings

With general solicitation and general advertising on the horizon, private fund advisers should review their policies and procedures to determine whether they are reasonably designed to prevent the use of fraudulent or...more

Advice in a Post FOFA World – Strategic Ripples

There is no doubt that the Future of Financial Advice reforms (FOFA) will significantly transform the advice landscape, and there is debate around which sectors of the advice industry will be the winners, and how long the...more

So You Want To Be A 401(k) Financial Advisor?

Whether you are financial advisor who is not in the 401(k) business and wants to be in it or you’re the financial advisor who wants to dramatically increase their small book of business, this is the perfect time. With...more

Family Finances: To Discuss or Not To Discuss?

A recent survey reveals some discouraging trends on the financial front. As reported by Financial Advisor, a survey by MFS Investment Management shows that more than 2 out of 3 financial advisors say their baby boomer clients...more

The Smaller The 401(k) Plan, The Bigger The Problems

401(k) plans are a world of contradictions. It’s one of the few employer provided benefits that an employee usually pays for through their account balance. It’s a retirement plan that an employer offers that the employee has...more

SEC Compliance Program Annual Reviews: A Guide for Newly Registered Advisers

The Securities and Exchange Commission estimates that approximately 1,300 hedge and private equity fund managers registered as investment advisers with the agency as a result of the Dodd-Frank Wall Street Reform and Consumer...more

Financial Crisis Has Silver Lining For Advisers

While the financial crisis wreaked havoc on many retirement accounts, it had a significant upside for those tasked with minimizing the damage. Investors actually trust their advisers more today. Fidelity Investment’s “Five...more

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