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.
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.