More On Legal & Compliancefrom The Advisor's Professional Library
- Nothing but the Best Execution Along with the many other fiduciary obligations owed by RIAs, firms owe a duty to seek best execution of clients transactions. If they fail to do, RIAs violate Section 206 of the Investment Advisers Act.
- Privacy Policies and Rules Whether an RIA is SEC or state-registered, the firm must have policies and procedures in effect to protect clients privacy. Policies and procedures should explicitly require an RIA to send out its privacy notice each year.
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.