More On Legal & Compliancefrom The Advisor's Professional Library
- 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.
- 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.
This week in new hires, Len Reinhart joined Wealthcare Capital Management’s board of directors; Andrew J. Bowden was appointed the SEC’s new associate director of advisor exams; and the Senate confirmed Luis Aguilar and Daniel Gallagher as SEC commissioners.
Also, Scott Hanson made Barron’s top 100 independent advisor list, Megan Brozowski of RegentAtlantic Capital launched a firm-sponsored wellness series for affluent women and Jeff Palm became Allianz Life’s new CIO.
Wealthcare Capital Management Welcomes Reinhart
Wealthcare Capital Management announced Tuesday that Len Reinhart, the former president and founder of the Lockwood family of companies, will join the firm’s board of directors. In addition, he will participate in the firm’s business development efforts.
Reinhart (left), who retired from Lockwood, joins Wealthcare’s board at a time, according to the firm, when it is “expanding its offerings in ways that will dramatically change the wealth management landscape.”
In other Lockwood news, in September a group of top executives from Lockwood Advisors, the leading SMA platform provider that is a subsidiary of BNY Mellon and an affiliate of Pershing LLC, broke away to form a new company, called Palladiem Partners. Palladiem is led by Lockwood co-founder and former CIO Donald Robinson as CEO.
Prior to founding Lockwood in 1995, Reinhart was president of the consulting group of Smith Barney, the investment management consulting division of Smith Barney, Upham Harris & Co. He started his career in 1978 at E.F. Hutton & Co., before its merger with Smith Barney, and was directly responsible for developing programs that introduced institutional-level professional investment management services to the individual investor marketplace.
SEC Names Legg Mason Exec the New Associate Director of Advisor Exams
The SEC announced Friday that Andrew J. Bowden has been appointed an associate director to lead the National Investment Advisor/Investment Company Examination Program in the SEC’s Office of Compliance Inspections and Examinations. He starts November 1.
Bowden, who formerly held senior executive positions in Legg Mason's legal/compliance and business units, succeeds Gene Gohlke, who retired from the agency earlier this year after 35 years. He comes to the SEC from Legg Mason, where he held senior executive positions in its legal/compliance and business units. He will oversee a staff of approximately 450 lawyers, accountants, and examiners responsible for the inspections of U.S.-registered investment advisors and investment companies.
Senate Confirms SEC Commissioners Gallagher and Aguilar
The Senate voted to confirm two SEC nominees who will be deeply involved in finalizing nearly 100 rules required by the Dodd-Frank Wall Street overhaul law.
Luis Aguilar, a Democrat, began serving as a commissioner at the SEC in 2008 and has continued in that role even though his term expired last year.
Republican Daniel Gallagher is a former SEC staffer who is now a partner in the securities department of the law firm Wilmer Cutler Pickering Hale and Dorr. He will replace former SEC Commissioner Kathleen Casey, who left the agency in August.
Scott Hanson Named among Barron’s Top 100 Independent Financial Advisors
Scott Hanson, a senior partner and co-founder of Sacramento-based Hanson McClain Advisors, was recently identified by Barron’s magazine as one of the top 100 independent financial advisors nationwide. Barron’s ranking reflects the volume of assets overseen by the advisors and their teams, revenues generated for the firms and the quality of the advisors' practices.
Hanson and his partner Pat McClain were profiled in Investment Advisor magazine's January 2010 cover story. Since founding their independent financial services company in 1993, the company has experienced steady growth and now assists in the advisement of more than $1 billion for clients.
Hanson, also identified by Investment Advisor magazine as one of the 25 most influential people in the financial services industry nationwide, hosts with McClain a weekly call-in talk radio show covering investment and financial topics, airing on Sacramento’s largest AM station.
RegentAtlantic's Megan Brozowski Inspires Women to "Invest in Their Health"
RegentAtlantic Capital, LLC announced Thursday that the firm is sponsoring a leading-edge educational program for affluent women entitled "Invest in Your Heath: Women's Wellness Seminar Series."
The purpose of the Women's Wellness program is to help inspire Gen X and Baby Boomer women to focus on taking optimal care of their health. The program is unique in that it brings together women experts in the fields of conventional, holistic, and Ayurvedic medicine, and covers nutrition, exercise, stress management, and solutions for those concerned with becoming "rusty, crusty, fat and inflamed."
The program is the brainchild of Megan Brozowski, a RegentAtlantic wealth manager who specializes in counseling women who are experiencing a major life transition, such as divorce or a death. Brozowski is the host and moderator of the Women's Wellness events.
Brozowski commented, "The thread I see running through each of my clients' situations is that when they experience a traumatic event, everything is affected—relationships, emotions, finances and of course, their wellness. When a woman is not in optimal health, it can become more difficult to make sound financial decisions."
Allianz Life Hires Jeff Palm as New Chief Information Officer
Allianz Life Insurance Company of North America on Thursday named Jeff Palm as the new senior vice president and chief information officer. In his new role, Palm will be responsible for leading the Allianz Life IT organization and will report to Walter White, senior vice president and chief administrative officer.
Palm comes to Allianz Life from RBC Dain Rauscher, where he has served as managing director, technology, since 2001. Prior to RBC Dain Rauscher, Palm held senior leadership roles in technology at Fingerhut/Federated, American Express, and Booz, Allen & Hamilton.
LVW Advisors to Use Dynasty Capabilities
Dynasty Financial Partners announced on October 18 that newly formed LVW Advisors, led by Lori Van Dusen, will utilize Dynasty’s institutional research capabilities and have access to Dynasty’s wealth management capabilities to help support LVW’s unique platform design and business model. LVW marks the sixth independent advisor team in the past ten months to join Dynasty's open-architecture wealth management platform of services and technology. LVW’s founder Lori Van Dusen was recently ranked third on the 2011 America’s Top 100 Women Financial Advisors list by Barron’s.
Rochester, N.Y.-based LVW develops customized wealth management and investment solutions for high-net-worth individuals, institutions, and family offices. The LVW team provides asset allocation guidance, investment policy design, alternative investment selection, and wealth management planning. Through Dynasty, as well as the recently announced partnership with Focus Financial Partners, LVW will have access to wealth management capabilities and research resources.
Read last week’s New Hire Roundup at AdvisorOne.com.