More On Legal & Compliancefrom The Advisor's Professional Library
- Preventing and Dealing with Client Complaints Although the SEC has not provided specific guidance on how client complaints should be handled, a firms policies and procedures should provide clear direction how to do so, as neglecting complaints can exacerbate a bad situation.
- Dealings With Qualified Clients and Accredited Investors Depending upon an RIAs business model and investment strategies, it may be important to identify “qualified clients” and “accredited investors.” The Dodd-Frank Act authorized the SEC to change which clients are defined by those terms.
The Committee for the Fiduciary Standard, which includes Wealth Manager Editor in Chief Kate McBride, held face-face-meetings with two SEC Commissioners, Congressional staffers, and a Treasury Department official on July 29 to discuss the Committee's five fiduciary principles. McBride and fellow Committee members Knut Rostad, Harold Evensky, and others met for more than an hour each with SEC Commissioners Elisse Walter and Luis Aguilar, at the Commissioner's invitations, in SEC headquarters. Committee members also met with staffers from the House Education and Labor Committee, and with a Treasury Department official over the Committee's call on Congress to include an "authentic fiduciary standard" in any financial services re-regulation promulgated by the Obama Administration.
"The authentic fiduciary standard and five core fiduciary principles have generated a great deal of interest among the regulators and legislators who invited the Committee to these meetings," said McBride. "We are awed by the potential of new regulations that would require an authentic fiduciary standard for all advice-givers, to affect so many Americans in an extremely positive way."
"We saw Washington at its very best," said Rostad, who chairs the Committee. "The keen sense of how critical the fiduciary standard is to regulatory reform, and the historic opportunity to 'Do what's right for investors' was palpable in our meetings."
For the complete report on the meetings written by Wealth Manager's McBride, please view the WealthManagerWeb news story here.