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Summary: As I reflect on the days when I worked with a large brokerage firm, I am reminded of the myriad of onerous rules that were placed on all client-facing advisors and support staff. Many of these rules were the result of actions taken by a few rogue individuals who cared more about their paycheck than the client’s well-being. As a result, compliance came to be known as the “business prevention” department.
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Summary: Fee-only financial planners are shifting away from charging clients based on a percentage of assets in search of models that are free of conflicts, allow them to serve more clients and pay them for the work they do, not market performance.
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Summarry: In a wide-ranging session at the Envestnet Advisor Summit in Chicago on April 8, MarketCounsel’s founder and CEO Brian Hamburger addressed many of the big regulatory and compliance issues facing advisors, and that one of the main issues is the regulators themselves.
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Summary: Advisor Marta Shen found that her practice had become more demanding, depriving her of time with both clients and her two small kids. So the Atlanta-based independent advisor made a rare move: She moved to the employee channel.
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Summary: The Securities and Exchange Commission and Financial Industry Regulatory Authority Inc. together issued an alert to investors to be wary of automated online investment platforms, putting advisers on notice that the Wild West of robo-advice is not going unnoticed.
