More On Legal & Compliancefrom The Advisor's Professional Library
- Client Communication and Miscommunication RIA policies and procedures must specify what type of communications should be retained. The safest course of action is for RIAs to retain all communicationsto clients, from clients, and about client accounts. To comply with fiduciary obligations, communications must be thorough and not mislead.
- Agency and Principal Transactions In passing Section 206(3) of the Investment Advisers Act, Congress recognized that principal and agency transactions can be harmful to clients. Such transactions create the opportunity for RIAs to engage in self-dealing.
In a political atmosphere that expects Democrats to lose and lose big come November, Republicans' focus has zeroed in mostly on tax and budget cuts, and the defunding or complete repeal of legislation passed under Obama. But with Tea Partiers vying with mainline Republicans, there's speculation on how much will actually get done, through repeal, defunding, or actual government shutdown. Republican strategist Craig Shirley was quoted as saying that, if Republicans win big in November, the GOP will shortly thereafter descend into a brawl that will resemble the bar scene in "Star Wars."
At least a few Democrats, however, seem to be jumping onto the austerity bandwagon, urged on by a Washington Post story that theorized that, had they embraced fiscal austerity earlier, their chances would be better in November (despite the fact that the CBO estimates that the unemployment rate would have been anywhere from 0.7% to 1.8% higher).
Their austerity leanings may mean nothing, however, if the survey mentioned on the Sunday morning talk shows is any indication--that Americans plan to vote for Republicans over Democrats by a 10-point margin.