More On Legal & Compliancefrom The Advisor's Professional Library
- Do’s and Don’ts of Advisory Contracts In preparation for a compliance exam, securities regulators typically will ask to see copies of an RIAs advisory agreements. An RIA must be able to produce requested contracts and the contracts must comply with applicable SEC or state rules.
- Dealings With Qualified Clients and Accredited Investors Depending upon an RIAs business model and investment strategies, it may be important to identify “qualified clients” and “accredited investors.” The Dodd-Frank Act authorized the SEC to change which clients are defined by those terms.
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.
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