The CFP Board Imposed Public Sanctions on 40 Individuals. Don’t Let This Happen to You!

If you’re an advisor who is also a Certified Financial Planner, the Certified Financial Planner Board of Standards, Inc. (CFP Board) holds you to a set of ethical standards they have set forth. For dually registered investment advisors, the real-life example below illustrates why you must be transparent about what hat you’re wearing when dealing […]

Will the Biden Administration’s SEC Enact More Regulations and Enforcement?

Future Of SEC Enact under the Biden Administration in Atlanta US

Gary Gensler, the elected chairman for the Securities and Exchange Commission (SEC) under the Biden administration, is notorious for his strict regulatory policies compared to the relatively lenient approach of Jay Clayton, former SEC chairman. Some financial experts predicted that under Gensler, the SEC’s new priorities would be investor protection and reduction of conflicts of […]

What is the SEC focusing on in 2021?

You may be wondering if you are on the list for an exam this year. Is it due time for your firm or are there any flags that are putting you on their radar? We’ve compiled a list of the priorities and focus that the SEC will have for 2021:   Retail Investors, Including Seniors […]

Spring cleaning has begun – and the SEC is full steam ahead!

The SEC is moving beyond an adviser’s good faith effort to comply in the latest round of SEC Regulation Best Interest exams. While they can admit that there is still some learning and education to be done around this complex requirement, they still plan to ramp up on exams. This doesn’t necessarily mean enforcement letters […]

Thought 2020 (and all its glory) slowed the SEC Down? Think again.

On November 2nd, 2020, the Securities and Exchange Commission (“SEC”) Division of Enforcement (the “Division”) released their 2020 Annual Report. Contrary to popular belief, amidst all of the curveballs that 2020 threw our way (including the pandemic), the Division had a busy, record-breaking year of “vigorously enforc[ing] the federal securities laws to protect investors and […]

PPP The Sequel

Have you heard about the second round of PPP COVID relief?  Do you want to know how it is different (and better) than the first?  Here is what you need to know. Background At the end of 2020, Congress passed into law the “word salad” known as The Economic Aid to Hard-Hit Small Businesses, Nonprofits […]

A holiday present from the SEC: The Marketing Rule

After 40 years since the adoption of the Investment Advisers Act, the Securities and Exchange Commission (the “SEC”) announced some long overdue changes to the rules regulating advertising (Rule 206(4)-1) and cash solicitation (Rule 206(4)-3). This holiday surprise from the SEC merges the two antiquated rules into a single “Marketing Rule” (the “Rule”), expands the definition of “advertisement” to permit testimonials and endorsements, addresses third-party ratings and performance advertising, […]

Don’t Rule Out the Top Guns..

The SEC doesn’t back down from a fight no matter the size of the players. Wells Fargo took a hit recently. The SEC charged former Wells Fargo CEO and Chairman John G. Stumpf and former head of Wells Fargo’s Community Bank Carrie L. Tolstedt for their roles in misleading investors about the success of the […]

They’re setting their scope for the next kill

The SEC hasn’t slowed down their hunt for harmed investors. Oh, no. As of late, more than $3 million has been returned to said investors after the SEC settled actions against three investment advisory firms and two dually-registered broker-dealer and advisory firms for violations that related to unsuitable sales of complex exchange-traded products to retail […]