More On Legal & Compliancefrom The Advisor's Professional Library
- Disaster Recovery Plans and Succession Planning RIAs owe a fiduciary duty to clients to prepare for disasters and other contingencies. If an RIA does not have a disaster recovery plan, clients financial well-being may be jeopardized. RIAs should also engage in succession planning, ensuring a smooth transaction if an owner or principal leaves.
- 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.
Furthering its efforts to strengthen its presence in Washington, the CFP Board recently named Marilyn Mohrman-Gillis as its new managing director of public policy. Mohrman-Gillis will start her new position August 18.
As managing director of public policy, Mohrman-Gillis will oversee the
public policy council--made up primarily of CFPs--that the CFP Board is now
building, as CFP Board CEO Kevin Keller revealed to Investment Advisor in a
Mohrman-Gillis, who's held various senior positions during her 30-year career in Washington--namely as a supervising attorney at the Federal Communications Commission, VP for policy and legal affairs at the Association of Public Television Stations, and director of policy and federal relations at the National League of Cities--will be responsible for "developing and overseeing CFP Board's advocacy initiatives to ensure the visability and credibility of the CFP certification with legislators, regulators, and other policy makers," according to the CFP Board.
"Throughout her distinguished career, Marilyn has demonstrated an ability to create and execute focused, coherent, and achievable plans that effectively represented the interests and issues of the organizations she has worked for," Keller said in a statement.