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.
- Client Commission Practices and Soft Dollars RIAs should always evaluate whether the products and services they receive from broker-dealers are appropriate. The SEC suggested that an RIAs failure to stay within the scope of the Section 28(e) safe harbor may violate the advisors fiduciary duty to clients, so RIAs must evaluate their soft dollar relationships on a regular basis to ensure they are disclosed properly and that they do not negatively impact the best execution of clients transactions.
RBC Correspondent and Advisor Services announced Wednesday that they are adding a new team of four senior relationship managers with over 75 years of combined experience to support and drive business growth for RBC's RIA firms and independent broker-dealers.
RBC Correspondent Services provides clearing, custody, and execution services for independent broker-dealers. RBC Advisor Services offers custodian, brokerage and wealth management solutions for RIAs serving high net worth clients. Both are divisions of RBC Capital Markets Corp., member NYSE/FINRA/SIPC, a wholly owned subsidiary of Royal Bank of Canada.
"RBC is committed to acting as a true hands-on partner to our correspondents and advisors, not merely as a vendor," said Craig Gordon, director of Minneapolis-based RBC Correspondent Services and Advisor Services, in a statement. "Our senior relationship manager team will ensure that we are providing our correspondents and RIAs with the support, resources, and direction they need to grow their businesses."
Under Gordon's direction, the team consists of four senior relationship managers:
- Kelly Cobb, who joined RBC Advisor Services in June as a result of the completion of the J.P. Morgan Investment Advisor Services acquisition. She has more than 12 years of financial services industry experience, including the past four years when she worked with RIA firms. Previously, Cobb was vice president of J.P. Morgan's Investment Advisor Services, and she also worked for Bear Stearns as an associate director in the Global Clearing Services division.
- Paul Meehl was head of client services for RBC's operations for eight years. Meehl has more than 20 years of industry experience in correspondent clearing, operations, relationship management, and regulatory issues. Prior to joining RBC in 2002, he was with Miller Johnson Steichen Kinnard/MJK Clearing.
- JoAnn O'Rourke has been a relationship manager for RBC Correspondent Services for the past two years and will use that expertise to build the relationship manager group. O'Rourke has more than 15 years of financial services experience, including a background in technology. She has been with RBC since 1997 in a variety of positions, including IT developer, technical analyst, applications manager, and project manager.
- Greg Plifka has more than 30 years of compliance, operations, legal, technology, and management experience. He most recently served as regional administrative manager for the East Region with RBC Wealth Management. He joined RBC upon its acquisition of JB Hanauer in 2007. Previously, he held several positions with JB Hanauer, including chief compliance officer. He currently serves the Financial Industry Regulatory Authority (FINRA) as an arbitrator and District 9 Committee member.
For more about RBC Advisor Services, read Your Next Custodian from the archives of AdvisorOne.com.