brokerage services

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  Trading Practices and Errors

  By Les Abromovitz  |  January 1, 2012

  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.

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  Client Commission Practices and Soft Dollars

  By Les Abromovitz  |  January 1, 2012

  RIAs should always evaluate whether the products and services they receive from broker-dealers are appropriate. The SEC suggested that an RIA’s failure to stay within the scope of the Section 28(e) safe harbor may violate the advisor’s 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.

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  Nothing but the Best Execution

  By Les Abromovitz  |  January 1, 2012

  Along with the many other fiduciary obligations owed by RIAs, firms owe a duty to seek best execution of clients’ transactions.  If they fail to do, RIAs violate Section 206 of the Investment Advisers Act.

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  Breakaway 401(k)s

  By Tom Gonnella  |  November 1, 2011

  Next spring, 72 million Americans will open their quarterly 401(k) statements and, for the first time, they will see the true cost of their retirement investments spelled out in new fee disclosures.