So, you might ask, didn't NSMIA create a national de minimis exemption from investment advisor
If a 401(k) plan offers proprietary mutual funds from that investment advisor
, a prohibited-transaction exemption would require reducing the investment advisory fee by the amount of investment advisory fees paid by the proprietary mutual fund to the investment advisor
or its affiliates.
The court also used SEC guidance to determine Miller was "in the business" of providing securities advice because he held himself out as a person who provides investment advice, and because he was a registered investment advisor
representative, which may involve rendering securities advice.
In the SEC's 1995 no-action letter regarding Gallagher and Associates Ltd., an investment advisor
providing only financial planning services sought no-action relief relative to publishing comments from his clients about his "religious affiliation or general moral character; community service; trustworthiness and ethical character; diligence and attention to details; ability to listen and be sensitive to client needs; knowledge of investing, insurance and tax strategies (but never with reference to attained return on investment); and prudence and judgment."
The investment advisor
has a unique style that you must be comfortable with.
Consider the single member investment advisor
with no other representatives.
Although the SEC alert focuses on RIA firms, investment advisor
representatives can reasonably expect greater scrutiny as RIAs ramp up their compliance efforts with social media.
(See "Seeking An Investment Advisor
," November 1998.) To make the process a little easier, here are some step-by-step guidelines that can help you find the planner who's right for you.
A "new paradigm," or a new way of approaching fundamental issues is needed by institutional real estate investors, according to the Annual Property Report released by The Yarmouth Group, the New York-based international real estate investment advisor
Magazine has recognized Prospera Financial Services, Inc.