More On Legal & Compliancefrom The Advisor's Professional Library
- 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.
- 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.
The Senate Finance Committee will convene an open executive session on Wednesday to vote on the new nominations to be members of the Social Security Advisory Board.
The nominees include Henry Aaron, the Bruce and Virginia MacLaury senior fellow in the Brookings Institution Economic Studies Program; Lanhee Chen, a research fellow at the Hoover Institution, lecturer in public policy at Stanford University, and lecturer in law at Stanford Law School; and Alan Cohen, who was the senior budget advisor and chief counselor for Social Security for the U.S. Senate Committee on Finance from 2001 to 2012.
Aaron has also served as assistant secretary for planning and evaluation at the Department of Health, Education and Welfare and chaired the 1979 Advisory Council on Social Security. He received a B.A. from UCLA in political science and economics and holds an M.A. in Russian regional studies and a Ph.D. in economics from Harvard University.
Chen previously was the policy director for the Romney-Ryan presidential campaign, and in 2008 was senior counselor to the deputy secretary at the U.S. Department of Health and Human Services. Chen received an A.B. from Harvard College, an A.M. and Ph.D. in political science from Harvard University and a J.D. from Harvard Law School.
Cohen served from 1993 to 2001 as senior advisor for budget and economics to the secretary of the Treasury. From 1992 to 1993, he was the budget economist for the U.S. Senate Committee on Finance. He received a B.A. from Grinnell College, an M.P.P. from the University of Michigan, and a Ph.D. from the University of Wisconsin.
Check out Replace Social Security or Fix It? on ThinkAdvisor.