Dan Moisand must have been channeling the SEC's report to Congress, which was actually released two months after he wrote a column which essentially describes its tone and conclusions. I have to confess, two months ago, I was far more optimistic (and generally wrong) about what the SEC would come up with.
Harold Evensky continues to be the highlight of the Journal; he captures exactly the spirit of a professional magazine in his efforts to identify the most important articles in the professional literature and identify the most important debates. Too bad this comes out only four times a year as the cycle has it now...
[Read more »]
Entries from January 2011
The SEC's Long-Awaited Regulatory Harmonization Report to Congress
Here's a detailed review of the SEC's view on how broker-dealer and RIA registration should be harmonized, and the fiduciary standard applied in the profession at large.
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MEDIA REVIEWS - January 16-23, 2011
In this month's issue of Financial Advisor, we learn that TDA Ameritrade has opened up its custodial back office application to third party vendors, making it possible for them to create apps and applets for the advisory community--an important step toward the "app store" ecology that some of us have been predicting. Joel Bruckenstein looks at a software wizard that helps you craft your Form ADV Part 2 in plain English, and Gail Liberman notes that the real estate crisis may be hitting a new phase--and not an altogether pleasant one. And an article by Ben Mattlin chronicles the latest instability in the LTC marketplace.
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MEDIA REVIEWS - January 8-15, 2011
I think you should definitely read the Angie Herbers column in this month's issue of Investment Advisor, and also, while you're at it, read the end-of-magazine article by Matt Lynch, talking about how the up-front brokerage bonuses represent indentured servitude. His suggestion for how to disclose this arrangement to clients is classic.
Melanie Waddell's column looks at the upcoming report from the SEC about harmonized regulation between brokers and RIAs. It seems like lately whatever the Financial Planning coalition supports (fiduciary obligations, keeping FINRA's hands off of the RIA world, recognition of financial planning as a profession) receives stubborn and consistent opposition from the insurance companies, brokerage companies and... the Financial Services Institute, which represents independent broker-dealers and many readers of this service. I wonder sometimes if they ever look around and realize who they've climbed in bed with, and whether that means they're on the right side of the argument. Maybe they have...
[Read more »]
Melanie Waddell's column looks at the upcoming report from the SEC about harmonized regulation between brokers and RIAs. It seems like lately whatever the Financial Planning coalition supports (fiduciary obligations, keeping FINRA's hands off of the RIA world, recognition of financial planning as a profession) receives stubborn and consistent opposition from the insurance companies, brokerage companies and... the Financial Services Institute, which represents independent broker-dealers and many readers of this service. I wonder sometimes if they ever look around and realize who they've climbed in bed with, and whether that means they're on the right side of the argument. Maybe they have...
[Read more »]
Structural Fallacies
What is the unemployment data really telling us?
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MEDIA REVIEWS - January 1-7, 2011
This issue of Financial Planning, sans new editor as yet, includes a really helpful article by Ed Slott about tricky issues involving Roth IRAs, an article about assimilating breakaway brokers by Schwab Advisor Services executive Jonathan Beatty, and a nicely-researched article about advisors dealing with clients with dementia. None of this is earth-shaking, but hey, the year is young...
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The Key to It All
My reflections on this time of reflection--and how we can put it to better use.
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Specialty Planning
The CPA/PFS designation represents an alternative to the CFP. Is it also a challenge?
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Factor Control
PIMCO is quietly developing an alternative to MPT, which appears to be more sophisticated, and is certainly a great deal more complex.
[Read more »]
Input Marketing
Ever wonder why advisory firms have such a tough time selling their services? Why not follow the proven formula?
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Real-World Referrals
How do you know which of your clients will provide referrals? Knowing that, can you increase your referral flows five-fold--or more?
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Up, Up and Away...
A summary of the U.S. and international markets' performance in 2010. [Read more »]
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