More On Legal & Compliancefrom The Advisor's Professional Library
- Recent Changes in the Regulatory Landscape 2011 marked a major shift in the regulatory environment, as the SEC adopted rules for implementing the Dodd-Frank Act. Many changes to Investment Advisers Act were authorized by Title IV of the Dodd-Frank Act.
- 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.
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.