Lately, AdvisorLaw has been hearing from more and more financial advisors who have imperiled their careers with social media posts and comments. We like to say that “it’s a free country,” and it is — the First Amendment guarantees that the government won’t put you in jail or punish you in any way for what you say. However, it does not guarantee that you’re free from the consequences of your words within private industry.
The Stakes for a Clean Record are Now Even Higher
Effective June 30, 2020, the SEC is enforcing sweeping reform, entitled “Regulation Best Interest: The Broker-Dealer Standard of Conduct,” commonly referred to as “Reg BI.” At the same time, the SEC is also enforcing the use of the new Client Relationship Summary as a complimentary tool to meet these new obligations. Although technically separate rules, both were released on the same day, and both go into effect on the same day.
OPTIMAL PRACTICE VALUATIONS
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CFP Board To Publicly Disclose Disciplinary Records: Are You Prepared?
The Certified Financial Planner™ Board of Standards (CFP® Board) is shaking things up with a new policy that could significantly impact CFPs® and their clients. Here’s a breakdown of the changes, what they mean for you, and how AdvisorLaw can help navigate these new waters.
What types of disclosures can be expunged from FINRA’s BrokerCheck site?
Did you know that there are more than 25 different types of disclosures that FINRA uses to mark up BrokerCheck records? This week, on “Ask An AdvisorLaw Expert,” we talk with Harris Freedman, J.D., Senior Associate, to learn more about FINRA’s disclosures and how they can be successfully expunged through FINRA’s arbitration proceedings. Because of the immediacy and ease of …
Michigan Advisor Wins 3 Of 3 Disclosure Expungements Sought
A Michigan-based investment advisor and former broker with nearly 30 years of experience in the industry had three customer disputes on his records. The disputes were lodged between 2008 and 2012, and two had been settled. Seeking the advantages of navigating the industry with a clear record, this advisor reached out to AdvisorLaw to guide him through FINRA Dispute Resolution forum.