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The weekly news source for investment management legal and compliance professionals

September 12, 2016

This Week's Issue

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Dually Registered Advisers/Broker-Dealers Face Dual Examinations

The ability to charge both advisory fees and brokerage commissions may seem like a powerful incentive to become a dually registered adviser/broker-dealer, but there are challenges as well. Among them are that dual registrants have to comply with two standards, two sets of regulations, and perhaps the most problematic face two sets of examiners, one from the SEC, the other from FINRA.
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Automation Increasingly a Factor at Advisory Firms

Investment adviser representatives dont need to fear being replaced by machines, at least not yet. It is clear from a well-respected annual study of investment advisers nationwide that much of the client growth in advisory firms in 2016 came not from individual IARs bringing in new clients, but from automation.
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Warning: Avoid Mixing Client and Adviser Money in the Same Illiquid Assets

Its a recipe for conflict of interest: An advisory firm with an equity stake in certain illiquid assets adds client dollars to those assets and fails to disclose to the clients that it is doing so. Sound unlikely? Charges alleging just that were leveled against a Salt Lake City-based adviser and two of its executives.
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