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Lack of adviser oversight is ticking bomb
Added on June 2014 in Form an RIA
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Summary: The Securities and Exchange Commission took a hit last week when a House panel denied the agency the funding it says it needs to hire additional investment-adviser examiners. In a voice vote, the House Appropriations Subcommittee on Financial Services and General Government approved a measure that sets the SEC budget at $1.4 billion for fiscal 2015 — a $50 million increase to its current budget, but $300 million less than the Obama administration requested.
Advisory Industry Wants More Exams (and Will Pay for Them, Too)
Added on June 2014 in Form an RIA
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Summary: Advisory industry executives and advocates descended on Capitol Hill Thursday to participate in the Investment Adviser Association’s annual lobbying day. Those issues include not only boosting funding for the Securities and Exchange Commission so that it can increase advisor exams, but pushing members of Congress to support the Investment Adviser Examination Improvement Act of 2013, a bill sponsored by Rep. Maxine Waters, D-Calif., that would allow the agency to collect fees from advisors to fund their exam.
Advisors on Teams Make More Money
Added on June 2014 in Form an RIA
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Summary: Wealthmanagement.com's annual compensation survey found that one in three advisors work on a team, sharing clients and revenues, compared to the 47 percent of advisors going it alone. About 20 percent say they fall somewhere in the middle, working in a siloed practice but with other advisors, sharing resources and overhead but not clients or revenues.
Fee-Based: 5 Reasons to Make the Switch
Added on June 2014 in Form an RIA
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Summary:Why are advisors embracing the fee-based practice approach?“The biggest benefit is relations to the client,” said Lewis Walker, president of Walker Capital Management Corp. at Pershing’s INSITE conference. “Clients can see we’re only going to get paid as long as they stay in the game and we keep them happy.”
Tall tales are a red flag for regulators
Added on May 2014 in Form an RIA
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Summary: If you're a fisherman, exaggerating the size of the fish you caught is a tradition. When you're an investment adviser, however, exaggerations can get you caught up in compliance problems. Like all business owners, advisers need to sell themselves to prospective clients, but they should never oversell their abilities and experience. Although they might hook a few more clients with exaggerations, they are also likely to lure examiners to their offices.
