More On Legal & Compliancefrom The Advisor's Professional Library
- RIAs and Customer Identification Just as RIAs owe a duty to diligently protect their clients privacy and guard against theft, firms also play a vital role in customer identification. Although RIAs are not subject to an anti-money laundering rule, securities regulators expect advisors to address these issues in their policies and procedures.
- 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.
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.