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Topic: Best Execution

Wrap Fee Programs: Best Execution No Defense if ‘Trade Aways’ Not Disclosed

August 12, 2016
Best execution, best execution, best execution. Those two words are pounded into the minds of advisers and their trading desks so that clients receive the best deals possible. But they apparently made little difference to the SEC, which settled with a wrap fee program subadviser for failing to adequately disclose the frequency of trades it sent to non-affiliated brokers – even though the subadviser said those trades resulted in lower execution costs.

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Examiners Scrutinize Adviser Relationships with Broker-Dealers

July 28, 2016
Examiners visiting advisory firms spend increasing amounts of their time these days on cybersecurity and other hot topics du jour. But that’s by no means how they spend all their time. They also look into advisory firm bread-and-butter practices, not least among them relationships with non-affiliated broker-dealers.

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Broker Relationships with Advisers Cannot Get in the Way of Best Execution

July 22, 2016
Friendships between advisers and broker-dealers should only go so far. The majority owner of a broker-dealer learned this lesson the hard way last month after he allowed a financially troubled adviser who was also a longtime friend to set commission rates for his advisory clients, according to the SEC.

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DOL Fiduciary Rule: Retirement Fund Managers Should Pay Attention

April 8, 2016
The new fiduciary rule unveiled by the Department of Labor on April 6 is not just for broker-dealers. Investment advisers and any other financial entities providing retirement investment recommendations are affected. As with most government regulations, more work is likely to be required.

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Crowdfunding: Get Ready for Client Interest and Potential Investments

November 6, 2015
The SEC this week adopted final crowdfunding rules that will allow small businesses to raise capital from investors – including possibly your clients – through web portals. Many of your clients will likely not be interested in making these investments, but smart advisers will be ready with at least some answers for those who are.

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Firm Executives Agree to Pay $1.6 Million in ‘Referral Fee’ Settlement

December 11, 2014
There are lots of ways to charge fees to clients, but only a few are legal.

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Dually Registered Advisers are Not Excused from Best Execution

August 8, 2014
Don’t make the mistake of thinking that if you act as your own broker-dealer, you can skimp on your best execution analyses.

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Cross-Trading Settlement Demonstrates Peril of Favoring One Client Over Another

February 7, 2014
As fiduciaries, advisers are required to act in the best interests of their clients. That can get tricky when effecting cross trades between two funds. How do you get each the best deal without harming the other?

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Directed Brokerage and Best Execution: Protect Yourself

October 18, 2013
It's a conundrum: Your new client wants you to use its long-established broker-dealer to execute all his trades. And he expects you to achieve best execution in managing his account. How can you be sure you meet both obligations?

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Fixed-Income Securities: Seeking Best Execution Despite Hurdles

September 20, 2013


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Let’s Buy a Boat! – The Tricky Business of Best Execution

May 10, 2012


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Notes On Best Execution

May 7, 2011


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A Few Thoughts On Best Execution

March 9, 2010


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Flash Orders: Policymakers Scrutinize Advanced Trading Technique

September 14, 2009


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SEC’s Valuation Case Against Evergreen Holds Significant Lessons for Advisers

June 12, 2009


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Fidelity Traders Settle Gifts and Entertainment Case

December 12, 2008


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A Bit More on the Utility of VWAP as a Measure of Best Ex

November 7, 2008


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Richards: What Compliance Officers Should Focus On Now

October 24, 2008


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Compliance in the Midst of a Market Crisis

October 10, 2008
Here is a suggested list of steps to take, tests to perform, and risks to evaluate during the current market crisis.

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Goodman on Industry Compliance Survey (Part 2 of 2): Best Ex and Fair Valuation

October 3, 2008


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