Category: Fiduciary Duties and RIA/BD Regulation
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Fiduciary Papers #11: Benchmarks for Comparing Investment Portfolio Strategies
Before choosing specific securities (stocks, bonds, mutual funds, etc.), a preliminary step in portfolio design is discerning the investment strategies that should be utilized. The choice of investment strategies, in turn, should be analyzed against a proper benchmark. At its very core, investing is either about owning a portion of companies (equity investing, or stocks),…
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Fiduciary Paper #10: Is Proper Tax-Efficient Portfolio Design and Management a Duty, and is it Scalable?
I have increasingly witnessed registered investment adviser (RIA) firms, as well as brokerage firms, generally disavow (often in their client services agreement) any duty to manage the investment portfolios of their clients tax-efficiently, often through a blanket statement that “tax advice is not provided.” This post seeks to ask, and generally answer, two questions: First,…
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Fiduciary Papers #3: Attorneys as Financial Advisors: Resources for Aiding in the Establishment of Your RIA Firm
Attorneys and law firms often consider starting a financial services practice.
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Fiduciary Papers #2: ERISA, Plan Sponsors, Fiduciaries, and the False Argument of “Choice”
A recent U.S. Supreme Court decision rejects the false argument of “choice” often raised by opponents to fiduciary duties.
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The Fiduciary Papers #1: Fiduciary vs. Arms-Length Relationships
We begin our exploration of fiduciary duties, as applied to financial services, by first exploring the distinction between arms-length and fiduciary relationship
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Plan Sponsors: “Fiduciary Warranties” and “Due Diligence” Representations Don’t Necessarily Offer You Much Protection
“Fiduciary Guarantees” are often meaningless. Plan sponsors should ONLY engage fiduciary investment advisers.