More On Legal & Compliancefrom The Advisor's Professional Library
- 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.
- 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.
The House reports back for duty on April 21, while the Senate starts up on April 20, when it will consider the Fraud Enforcement and Recovery Act of Sen. Patrick Leahy (D-Vermont).
Finally, in the good news/bad news category, NAPFA got some coverage from New York Times personal finance columnist Ron Lieber, whose advisor--a NAPFA member--allegedly stole some of his money. At least Lieber quoted Diahann Lassus, and provided a link to the NAPFA site.