More On Legal & Compliancefrom The Advisor's Professional Library
- Risk-Based Oversight of Investment Advisors Even if the SEC had a larger budget and more resources, it is doubtful that the Commission would have the resources to regularly examine all RIAs. Therefore, the SEC is likely to continue relying on risk-based oversight to fulfill its mission of protecting investors.
- Anti-Fraud Provisions of the Investment Advisers Act RIAs and IARs should view themselves as fiduciaries at all times, whether they meet the legal definition or not. Deviating from the fiduciary standard of full disclosure while courting clients may cause the advisor significant problems.
Duane Thompson, the former managing director and top lobbyist for the Financial Planning Association (FPA), has been appointed Senior Policy Analyst for Fiduciary 360 (fi360), based in Washington.
Fiduciary360 says Thompson will assist fi360 “in coordinating its policy work with legislators and regulators in Washington, D.C., and provide analysis and commentary on the most pressing fiduciary issues of the day.”
Fiduciary 360 has engaged Thompson as an independent consultant through his strategic counseling firm, Potomac Strategies, which is based in Kensington, Md. Thompson launched the consulting firm after leaving the FPA in Sept. 2009.
Blaine Aikin, CEO of fi360, said in a statement announcing Thompson’s appointment that “Duane is one of the most informed policy analysts within the financial planning industry and his decades of experience will be a major asset to our firm.” Thompson, Aikin continued, “has demonstrated over the years an ability to successfully advocate on complicated fiduciary and regulatory issues impacting advisors and investors. His knowledge and commitment to fiduciary matters, combined with his excellent communications skills as a journalist, will add to the wealth of resources fi360 is able to deliver our clients and contribute to the rapid growth of our organization.”
Thompson’s addition will further expand fi360’s “experienced regulatory team,” the company says. He will work closely with Kristina Fausti, the firm’s Director of Legal and Regulatory Affairs. Fausti served for more than four years as a special counsel in the Office of the Chief Counsel, Division of Trading and Markets, at the Securities and Exchange Commission in Washington.