Would it be TMI (too much information) or perhaps since 2014 is just around the corner, should the dollar amount of fees, expenses and commissions be printed on page 1 of investors’ trust or investment aka brokerage account statements? In 2013 markets reached record highs, however, for trustees, record highs may result in record high […]
ANNUAL REMINDER TO EVERY TRUST AND FIDUCIARY ACCOUNT Letter from Trustee to Financial / Investment Advisor Dear (insert title): Broker / Private banker / Investment adviser / Financial planner / Wealth manager Part of my fiduciary duty, as trustee is to know the amounts paid for your services. When you can, kindly provide the DOLLAR […]
Thanksgiving turkey and trustees – how to sell (and buy) turkey? Selling turkeys When it comes to selling turkey most stores, based upon my informal internet, phone and store visit survey appear to take a straight forward approach. Ralphs and Kroger stores (Kroger owns Ralphs) sells turkey for 59 cents a pound for Jenni- oh […]
Perry Mason, was a late 1950’s and 1960’s hit television show, Raymond Burr played the role of Perry Mason, Esq. We begin in the courtroom. Mr Mason: “Where were you on the morning of August 9, 2003?” The witness: “On the Jersey Shore, (Mr Mason speaks: “go on”) it was a slightly overcast Saturday morning. […]
Attorneys searching for an experienced, qualified expert can contact us by email or by telephone. We have among the longest, deepest and broadest securities and fiduciary experience. Since 2003 provide independent, objective securities, fiduciary, compensation and damages opinions. We have well over 90% success achieving settlement or award. Consulting services We consult on case evaluation, […]
Before 2008 a real, real estate market did not exist. Americans are not dumb, but due to misleading information about the real estate market they made predictably bad mortgage decisions. Banks and only banks control/led leverage in two ways. The first took place during loan origination, requiring a down payment or no down payment; 20% […]
Fiduciary Liability Exposure Checklist Pitfalls for Attorneys, Business Managers and CPAs Providing investment advice to clients whether or not you receive compensation Drawing the line between investment advice and legal, financial or tax advice Serving as trustee to accomodate a client who doesn’t want heirs to know or be involved Recommending any investment, stockbroker, financial […]
In September 2005 S&P (Standard & Poor’s) issued “Who will be left holding the bag?” in what would turn out to be a prescient report about the housing market and mortgage backed securities. Around the same time certain investment banks created a new mortgage related security called a CDO (collateralized debt obligation, some were cash […]
HFT (High frequency trading) and the continuing SEC debate requiring a uniform fiduciary standard of care pose two potential strikes against trustees of family and charitable trusts, Pension (Corporate, Union and State, County and City Public Employees) and 401k plans, and directors and members of investment committees and boards of foundations, endowments and non-profit, tax […]
The Uniform Prudent Investor Act was adopted by the Uniform Laws Commission in 1994 and since then has been adopted into law by 43 states, some states already had similar statutes prior to 1994. Trusts are governed by UPIA unless otherwise provided for in the instrument or under applicable law. The Uniform Management of […]
Individual and institutional investors often approach Gold, Silver, Platinum, Palladium or Rare Earth minerals for many of the same reasons and with similar expectations but wind up with vastly different results and sometimes dramatic losses. What happens in the metals markets begins with analyzing major players, margin and information. Some gold investors do not however […]
FINRA arbitration is generally mandatory for investors with losses in individual investment, IRA, pension, trust or institutional prime brokerage accounts. Claims for breach of fiduciary duty, suitability, failure to supervise are frequent. Chris McConnell, AIFA® Fiduciary Expert brings over 30 years over securities experience including hands-on experience, knowledge, securities, life and annuity licensing and fiduciary […]
Philanthropist and socialite Brooke Astor, 105, passed away in 2007. Her now 89 year old son (but not Vincent Astor’s son) Anthony Marshall , the court found used undue influence to gain access to and loot her $200 million estate. Underscoring the importance of independent, third party verification of trust assets, withdrawals and transactions especially […]
The picture is a diagram of the US Shadow Banking System produced by the New York Fed in 2009/10. It is important to note, a handful of the largest, most sophisticated American banks, largely in the Federal Reserve district east of the Hudson created and inflated the Shadow Banking system. Layers two and three contained […]
FiduciaryALERT™ July 2007 Hedge Funds – Losses, Leverage, Liquidity and Litigation Sub prime mortgages, Collateralized Debt Obligations CDOs, SIVs, ABCP Are all hedge fund investors “on their own”? Or are hedge funds fiduciaries? What is the nature of representations of hedge funds’: advisers, promoters, accountants, consultants, finders, prime brokers, lenders, broker dealers, fund of funds […]
Press Release – April 2007 For additional information: Chris McConnell, AIFA (310) 943 – 6509 Court strips Brokers’ “camisole”! The U.S. Court of Appeals for the District of Columbia issues majority opinion in FPA v. SEC. See the link http://pacer.cadc.uscourts.gov/docs/common/opinions/200703/04-1242a.pdf Brokers who charge an asset based fee or a fixed fee also known as a […]
Pension Protection Act 2006 Highlights 401k Plan sponsors must effective December 31, 2006: Broker of record / investment advisers to the plan and the new fiduciary advisers, if any, who provide investment advice to participants will have to acknowledge their fiduciary status in writing All conflicts of interest held by the above and or affiliates […]