More On Legal & Compliancefrom The Advisor's Professional Library
- Updating Form ADV and Form U4 When it comes to disclosure on Form ADV, RIAs should assume information would be material to investors. When in doubt, RIAs should disclose information rather than arguing later with securities regulators that it was not material.
- The Need for Thorough and Effective Policies and Procedures Whethere an advisor is SEC or state-registered, RIAs must revise their policies and procedures to address significant compliance problems occurring during the year, changes in business arrangements, and regulatory developments.
Before a room of people or in an intimate dinner or an interview with a journalist, Tom Giachetti is never at a loss for words. Whether it's talking about his New Jersey childhood or explaining to a room of advisors why having a formal Investment Policy Statement may not be the best idea in the world (unless it has some specific limiting language and has been signed by the client, for a start), Giachetti can seem glib. But that golden tongue masks a deadly serious approach to the law and giving advice that I was reminded of when I asked him in the interview for this article about the meaning of, to me at least, a confusing Supreme Court ruling that had taken place the day before the interview regarding mutual fund advisors' fees.
After all, I figured, Mr. Loquacious could give me a quick, juicy quote that I could use to spice up a news story we were doing on the ruling. I was wrong. "Jamie," Giachetti said quickly, after ascertaining exactly which Scotus ruling I was referring to, "I can't comment; I haven't studied the ruling." It seems that Mr. Giachetti likes to know what he's talking about before he opens his mouth.