More On Legal & Compliance
from The Advisor's Professional Library- Conducting Due Diligence of Sub-Advisors and Third-Party Advisors Engaging in due-diligence of sub-advisors isn’t 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 firm’s strategy is proprietary.
- Best Practices for Working with Senior Investors Securities examiners deal harshly with RIAs that do not fulfill their fiduciary obligations toward senior investors, as the SEC and state securities regulators view older investors as particularly vulnerable and in need of protection.
SEC Commissioner Paul Atkins announced May 5 that will leave the Commission; he was originally appointed by President George W. Bush in August 2002.
SEC Chairman Christopher Cox pointed out that Atkins has served under five SEC chairmen. Atkins previously served on the commission in a staff capacity from 1990 to 1994, rising to chief of staff and counselor. Atkins is the third commissioner to leave in under a year, following the departures of Roel Campos in September 2007 and Annette Nazareth in January 2008. Kathleen Casey is the only other serving commissioner besides Atkins.
