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.
- The Few and the Proud: Chief Compliance Officers CCOs make significant contributions to success of an RIA, designing and implementing compliance programs that prevent, detect and correct securities law violations. When major compliance problems occur at firms, CCOs will likely receive regulatory consequences.
The Financial Planning Association last week announced internally a restructuring which included a decision to outsource its advocacy efforts in Washington and around the country, a move designed to “align our operational and staff resources to provide the best services to our members,” in the words of Lynn Brackpool, FPA’s managing director of communications.
With the approval of the FPA’s board, new CEO Lauren Schadle (left) initiated the changes, which include the hiring of The Raben Group, a Washington-based consulting and lobbying group that will replace FPA’s existing Washington advocacy staffers. Three of those four staffers are leaving at the end of this month, while Dan Barry, FPA’s managing director of government relations and public policy, will assist in the transition to The Raben Group and leave FPA at the end of the year. Schadle replaced long-standing FPA CEO Marv Tuttle in October.
In addition to its lobbying efforts nationally and in its chapters, FPA is outsourcing its meetings operation. It has also hired Jeff Hensal to head its national sales efforts. Hensal, said Brackpool, has a “long-standing history of working with our members and chapters” has been a corporate member of FPA, and previously worked for Julius Baer and Prudential, and will bring “fresh eyes to focus on our corporate relations.”
Brackpool said that FPA “recognized we needed a more far-reaching presence in Washington to take us to the next level” in its advocacy efforts, and said the move was not made due to any perceived shortcomings by the current FPA advocacy staff.
Some industry observers and advisors applauded the reorganization and the refocus when they heard of it during the Schwab Impact 2012 conference in Chicago, without knowing of the details.
In an interview with AdvisorOne that touched on many matters, CFP Board CEO Kevin Keller (left) voiced support and admiration for FPA’s Schadle. the CFP Board and the FPA are members in the Financial Planning Coalition, which also includes NAPFA.
Check out FPA Board of Directors Announces New Members For 2013 at AdvisorOne.