Our exhaustive library of resources and guidelines designed to help professionals maintain a sterling reputation founded on trust, ethics, and best practices.
With the election of Donald J. Trump as president, most financial-services experts have predicted the demise of the Department of Labor’s Fiduciary Rule. Although the measure partially took effect on June 9, 2017, full implementation was delayed until January 1, 2018 essentially postponing enforcement until then. The jury is still out on what will happen next year, but most predict further delays, a watering down, or the beginning of a full-blown repeal effort.
Have you and/or your firm optimized your business practices in order to prevent your senior clients from falling victim to financial abuse or fraud?
The Securities and Exchange Commission has sanctioned a New Jersey investment advisor with a love for God’s green Earth for ripping off $6 million from his clients and using it to pay for his mortgage and home landscaping services.
Financial advisors who work the senior marketplace are no strangers to the topic of senior financial abuse. For years, advisors and their FMOs, RIAs, broker-dealers, financial institutions, and regulators have grappled with the problem of how to protect seniors against people they know who steal their money.
Financial advisors often adopt an “it won’t happen to me” posture when it comes to getting caught violating state (or federal) regulations. However, a new report from the North American Securities Administrators Association (NASAA) highlights the fallacy behind that thinking.
In the modern world, we know that narcissism is a common ailment. And many would argue that the financial-services business has its fair share of narcissists—advisors who are too busy contemplating their own “beauty” to care much about anyone or anything else. Not sure about that assessment? Consider some of its telltale symptoms.
So what does a no-worry advisory style look like? It involves putting clients at the heart of your practice in every way. It involves a robust commitment to comprehensive fact-finding, a full embrace of the new Department of Labor fiduciary standard (when it goes live next year), and a by-the-books approach to product suitability.
This is the last installment in our series about the most common real estate E&O insurance claims.
Under new rules effective May 16, 2016, the public can now invest in early-stage start-ups via online platforms that are subject to registration and disclosure requirements. For their part, consumers are limited in how much they can invest based on their income and net worth. The U.S. government permitted crowdfunded investing as part of its Jumpstart Our Business Startups (JOBS) Act and the SEC’s enabling “Regulation Crowdfunding.”
The financial-services industry has a perennial consumer-trust problem. Year after year, studies show that consumers don’t trust financial institutions or financial advisors to do what’s right. A recent survey reveals that consumer mistrust of the financial-services industry slipped even further in 2016.