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Why Full Tort coverage is crucial for Advisers.

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One of the first  professional liability insurance policies was written for a CPA in the late 1930s following the decision in Ultramares Corporation v. Touche, 174 N.E. 441 (1932).  Coverage was basic – limiting the risks insured to claims made by clients arising from negligence acts.  In fact, the doctrine of negligence arose from the Scottish […]

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How comprehensive is your coverage? Why a limitation in your Errors & Omissions policy for negligence only is a very bad idea.

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by Rickard Jorgensen, FCII, ACIArb., ARM Recently one of our competitors relaunched and rebranded its Errors & Omissions program for Investment Advisers. The new program was promoted as broader coverage and an enhancement upon the previously terminated program.  There were various “bells and whistles” added to the program but one important feature was conspicuously overlooked […]

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Template Outline for File-Retention Policy

ile Retention policy The following is a template outline for a file-retention policy created by Ralph Picardi, Esq.   You may use this as a guide as you adopt your own policy. It is important to consult with a local attorney and/or your state society to decide whether and to what extent this sample policy should […]

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Errors & Omissions Insurance for Investment Advisers

Errors & Omissions Insurance [“E&O”] (otherwise known as professional liability) is a type of legal liability insurance that protects advisers from claims made by dissatisfied clients who alleged negligence or other some other wrongful act.  This might include a claim for breach of contract, failure to execute a trade or a simple mistake.  Usually the […]

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Errors & Omission Insurance and the new Department of Labor’s Fiduciary Rule

There has been a lot of media coverage concerning the Department of Labor’s new rule officially issued on April 6, 2016. The rule outlines the new definition of fiduciary and the types of communications that are considered recommendations.  A recommendation is broadly defined as a communication that will reasonably viewed as a suggested course of […]

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The Department of Labor’s Fiduciary Rule

Guest Bloggers Winget, Spadafora & Schwartzberg, LLP have published a white paper about the new rule. May 11 ,2016 The Department of Labor (“DOL”) recently issued its long-anticipated rule amending the regulatory definition of fiduciary investment advice. The Rule replaces the previous five-part test used to determine whether an individual is rendering investment advice for a […]

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The New Fiduciary Rule: Are you Prepared?

The Department of Labor recently announced its new Fiduciary Rule – aka the “conflicts of interest rule.” This new rule expands the definition of fiduciary and alters how investment advice is delivered in retirement accounts. It won’t go into effect for at least another year, but it’s not too early to start thinking about how […]

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Most outlandish regulatory blunders of 2014

From a $1 million office supply heist to an adviser who stole funds from his own mother, this year had its share of regulatory busts that you had to read about to believe. Check out which cases of 2014 had the most audacious violations by advisers and other financial professionals. Summary Reason Adviser accused of […]

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Ten of the biggest regulatory fines of 2014

Industry regulators handed out some hefty fines to financial firms in 2014, due to a variety of misdeeds and oversights. We’ve pulled together a rundown of 10 of the biggest fines handed out this year, presented in order of the amount of the fine. These are all fines given to firms, so individual broker or […]

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