More On Legal & Compliancefrom The Advisor's Professional Library
- Trading Practices and Errors When SEC-registered investment advisors conduct annual audits of firm policies and procedures, they should pay close attention to trading practices. Though usually not required to, state-registered advisors should look at their trading practices and revise policies that do not fully protect clients.
- Conducting Due Diligence of Sub-Advisors and Third-Party Advisors Engaging in due-diligence of sub-advisors isnt just a recommended best practice it is part of the fiduciary obligation to a client. An RIA should be extremely reluctant to enter a relationship with a sub-advisor who claims the firms strategy is proprietary.
LPL Financial announced Thursday that David Bergers, former deputy director of the SEC’s enforcement division, has been appointed LPL’s new managing director for Legal and Government Relations and General Counsel for LPL Financial Holdings.
Bergers (right), who will join LPL on Aug. 5, will report to LPL Financial Chairman and CEO Mark Casady. Bergers replaces longtime LPL Financial legal chief Stephanie Brown, who after 24 years at LPL Financial will be joining the Boston office of Markun, Zusman, Freniere & Compton.
Bergers, who will also be a member of the firm’s management and risk oversight committees, comes to LPL Financial after 13 years with the SEC, most recently as acting deputy director of the enforcement division in Washington. He was director of the SEC's Boston regional office from 2006 to 2013.
"We are fortunate to have someone of David's caliber and expertise in regulatory and other matters joining LPL Financial to head our legal and government relations functions. His perspective and experience will strengthen the capabilities of an extremely talented team,” noted Casady, in a statement. “He also has significant management experience, having most recently helped oversee a team of 1,300 people and successfully transformed both the enforcement and examination programs at the SEC.”
Bergers previously practiced at law firms in Philadelphia and Boston, and served as a vice president and assistant general counsel of a regional broker-dealer, as well as primary counsel to an affiliated investment adviser. He obtained his bachelor's degree in 1989 from Eastern Nazarene College, and earned his law degree in 1992 at Yale Law School.
"I am honored to lead LPL Financial's legal and government relations team, and I look forward to working together with LPL's employees, advisors and institutions as they serve investors in a rapidly-changing industry," said Bergers, in the same statement.
Check out LPL’s RIA Platform Hits $50B in Assets on AdvisorOne.