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Summary: By this point, all advisors with a Dec. 31 fiscal year-end should have filed their annual updating amendment to Forms ADV Part 1 and 2 with the Securities and Exchange Commission through the Investment Adviser Registration Depository. If any material changes occurred since the last annual updating amendment, advisors should have also delivered to clients at least a summary of such material changes by this point as well.
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Summary: In 2012 the SEC began its presence exam initiative among newly registered investment advisors, with the aim of ensuring compliance with federal securities laws and the RIAs’ own company standards. Now, in 2014, the SEC has announced what it terms the never-before-examined initiative. There are five main areas advisors can tackle now ahead of a potential SEC audit.
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Summary: A psychiatrist wanted to resign from his job at a state teaching hospital and start a small private practice. But he was having trouble making the endeavor pencil out once he factored in paying for his own health insurance. The adviser listened to his client's concerns, but then took a step back to ask a different question.
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Summary:The dismal demographics of the financial advisory industry have been well documented, but aging advisors continue to drag their feet when it comes to succession planning and preparing for their own retirement. Data produced by research firm Cerulli Associates suggest a bleak outlook for the industry. Aging advisors are expected to retire in droves over the next two decades, and relatively few young people are entering the industry to take their place. Financial advisors without a succession plan for their practices put not only their own retirement at risk but also the well-being of their clients.
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Summary: Financial advisor Carrie Gallaway left Morgan Stanley in March to join Lebenthal Wealth Advisors, a New York-based RIA with more than $2 billion in assets under management. She and her business partner, Andrew Stern, had been with Morgan Stanley and predecessor firms for more than 15 years and managed about $1.2 billion. Lebenthal uses RBC Wealth Management and Pershing as its main custodians, and investment platforms including Envestnet, FolioDynamix and Fortigent.
