More On Legal & Compliancefrom The Advisor's Professional Library
- Trading Practices and Errors When SEC-registered investment advisors conduct annual audits of firm policies and procedures, they should pay close attention to trading practices. Though usually not required to, state-registered advisors should look at their trading practices and revise policies that do not fully protect clients.
- RIAs and Customer Identification Just as RIAs owe a duty to diligently protect their clients privacy and guard against theft, firms also play a vital role in customer identification. Although RIAs are not subject to an anti-money laundering rule, securities regulators expect advisors to address these issues in their policies and procedures.
The Certified Financial Planner Board of Standards named Tuesday, March 30, two members to its Disciplinary and Ethics Commission. The two new members are Matthew Murphy, CFP, president of Murphy Capital Advisors, with offices in Glendale, Arizona, and Chicago; and Chris Beard, CFP, of Raymond James Financial Services, located in Greenville, South Carolina.
Murphy will serve a four-year term on the Commission through 2013. He fills the vacancy of a Commission member whose term expired at the end of 2009. Beard will serve through 2011, filling the remaining four-year term of a commissioner who stepped down in the last few weeks. These appointments bring the total number of commissioners to nine, the maximum allowed by the policies of the Commission's board of directors.
CFP Board CEO Kevin Keller said that the reasons for selecting Murphy and Beard were to add a broader representation of the financial community to the nonprofit Commission, which oversees more than 61,000 CFP professionals.
"Mr. Murphy will bring the fresh perspective of a fee-only planner to the Commission, a business model not currently represented by any of the other members, and Mr. Beard's appointment will bring additional representation by mid-size to large financial planning and investment advisory firms," Keller said in a statement.
To read more about the CFP Board, please click here.
To read a story about the CFP Board's updated educational standards from the archives of InvestmentAdvisor.com, please click here.