McFid* BFD Expert, since 2003

Over 27 years of actual, hands-on securities industry management and independent expert experience, advanced fiduciary training. *McFid, the combination of McConnell and Fiduciary, BFD stands for breach of fiduciary duty.

Securities, Derivatives, Hedge Fund, Investment Advisor, Bank, Insurance, Annuities  

Incandescent Financial Services & Securities industry strategy and insights

Unequal information, negligent or willful withholding, by either party, often explains all or part of a claim.  From the 1980's to today, institutional, accredited or retail investors, account solicitation, suitability, trade executions, confirmations, account agreements, trade solicitations, commissions, fees, investments, compensation (both hard and soft dollar) and other emoluments.

Securities brokers, Bank Trust, Fiduciary Duty, Suitability, Supervision

For decades, no matter type of account or payment by customers of fees or commissions or both, some accounts require securities broker dealers, branch managers, supervisors and series 7 licensed registered reps to provide a fiduciary duty in addition to suitability.  Fiduciary duty requires specific steps not limited to diversification; self directed accounts, for instance at discount brokers, like Schwab, ETrade, TD Ameritrade, Fidelity, Scottrade may fall under fiduciary duty, plus NASD / FINRA suitability and supervision requirements.

Breach of Fiduciary Duty-> Liability -> Damages -> Expert Testimony and Reports 

1. Broker Dealers, Discount Brokerage, Banks, Affiliates/ILC's, Investment Advisers, Hedge Funds, Asset Managers, Consultants, Auditors, Custodians, etc. - licensed and unlicensed
2. Trades - best execution, confirmations, commissions, rebates, order flow, order routing, agency, principal, liquidity, dark pools, algorithmic trades, trade reporting; tax withholding, return of principal, reinvestment
3. Investments - securities, commodities, futures, options, mutual funds, closed-end funds, ETF's, ETNs, unit trusts, insurance, annuities, derivatives, money market funds, Asset backed Commercial Paper (ABCP), Auction Rate Securities (ARS), mortgage backed securities (MBS, CDOs, CPDOs, CMBS);
4. Services - financial planning, investment consulting, brokerage, prime broker, stock loan (securities lending), hypothecation, margin accounts, market makers, proprietary trading, leverage
5. Hedge funds, 144, Private placements, Reg D, Sophisticated or Accredited Investors
   
6. Domicile - US and offshore; foreign
7. ERISA, Custody, soft dollars, master trusts, reporting, regulatory requirements, record keepers, third party administrators (TPAs); participants’ communication materials
8. Account Insurance - FDIC, SIPC, Excess SIPC, Capco Broker dealer self insurance
9. Related areas > Securities, banking, insurance - Compensation, Valuation, Employment - Recruitment, Training, Supervision, Compliance, Wrongful termination, Raiding; Retirement, Forgivable Loans, Retention Awards; Compensation - commissions, overrides, bonus, restricted stock and options - Stock brokers, traders, branch and regional managers, senior management, support personnel. 

Uniform Prudent Investor Act http://www.nccusl.org/Update/uniformact_factsheets/uniformacts-fs-upria.asp  Applies to all trust accounts, since 1996 in California, although certain aspects were already applicable.

Customer’s accounts subject to Fiduciary Duty include but are not limited to:

1. Trusts - life insurance, revocable, irrevocable and charitable 
2. IRA and IRA Rollover accounts
   
3. ERISA Defined Benefit Pension, Defined Contribution, Profit Sharing, 401k & 403b Plans
4. Public Employees Pension benefit and Retirement Plans
5. Union Pension Benefit, Retirement Plans, Taft Hartley plans
6. Tax exempts, 501(c)3 - Non profits, Charities, Foundations and Endowments (Eleemosynary) 
7. HOAs, Custodial, Minors (UTMA, UGMA, Coogan), Guardian and Conservatorship accounts
8. Divorces involving the above accounts, a spouse, financial institution 3rd party may be responsible for poor performing assets or losses.  See Divorce Fiduciary Audit(TM)

* Note: Fiduciary Duty, if any, is in addition to, precedes and supersedes Suitability, and may arise at any time, affect any type of account, investment, asset or insurance including Real property, Copyrights, Trademarks, Patents, Intellectual property, a Family or Closely held business, LLP's, LLC's, FLP's, general or limited partnerships.  See Real Estate Losses page for Investment / Rental Real Estate losses.

info@fiduciaryexpert.com  or (310) 943 - 6509

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