More On Legal & Compliancefrom The Advisor's Professional Library
- Differences Between State and SEC Regulation of Investment Advisors States may impose licensing or registration requirements on IARs doing business in their jurisdiction, even if the IAR works for an SEC-registered firm. States may investigate and prosecute fraud by any IAR in their jurisdiction, even if the individual works for an SEC-registered firm.
- Scope of the Fiduciary Duty Owed by Investment Advisors A fiduciary obligation goes beyond the suitability standard typically owed by registered representatives of broker-dealer firms to clients. The relationship is built on the premise that the advisor will always do the right thing for the person or entity receiving advice.
In a blog posting for AdvisorOne, Knut Rostad of Rembert Pendleton Jackson and The Institute for the Fiduciary Standard questioned whether Elliot Weissbluth of HighTower Advisors misspoke when he claimed his firm had “zero conflicts of interest.”
In the interests of allowing you to judge for yourself, we present below a video from the Market Counsel Member Summit in September in Las Vegas that shows Rostad asking his question and Weissbluth answering it.