More On Legal & Compliancefrom The Advisor's Professional Library
- Using Solicitors to Attract Clients Rule 206(4)-3 under the Investment Advisors Act establishes requirements governing cash payments to solicitors. The rule permits payment of cash referral fees to individuals and companies recommending clients to an RIA, but requires four conditions are first satisfied.
- Client Commission Practices and Soft Dollars RIAs should always evaluate whether the products and services they receive from broker-dealers are appropriate. The SEC suggested that an RIAs failure to stay within the scope of the Section 28(e) safe harbor may violate the advisors fiduciary duty to clients, so RIAs must evaluate their soft dollar relationships on a regular basis to ensure they are disclosed properly and that they do not negatively impact the best execution of clients transactions.
After more than 12 years as president and CEO of NAVA, Mark Mackey has resigned to pursue other opportunities in the financial services arena.
A national search is currently underway for Mackey's replacement, with hopes to have new leadership in place by NAVA's 2008 annual meeting in October. Mackey plans to stay on until the 2008 meeting and assist with the search, according to a NAVA release announcing his resignation.
Clifford Jack, chairman of NAVA, said in the release that "from his work with the regulatory community to the development of the straight-through processing initiative, to consumer education and awareness efforts, Mark has always been committed to serving the best interests of both the industry and investors of all financial profiles."
Mackey added in the release that "It has been my privilege to be part of an organization that has been so successful in improving the environment for our industry and the millions of investors who are enjoying greater financial security."
Formerly known as the National Association for Variable Annuities, NAVA renamed itself the Association for Insured Retirement Solutions.