Description
Learn about an enforcement action by the U.S. Securities and Exchange Commission (“SEC”) against an investment adviser firm (“RIA”) supposedly recommending fixed indexed annuities (“FIAs”).
In March 2023, the SEC brought an enforcement action against an investment adviser firm for allegedly recommending that their advisory clients invest in FIAs that paid the investment adviser representative a substantial up-front commission without adequately disclosing the investment adviser representative (“IAR”) and investment adviser firm’s financial incentive to sell the FIAs.
This course will focus on the facts and causes of action alleged by the SEC. The speaker will also discuss past guidance from the SEC about an investment adviser firm’s standard of conduct (i.e., fiduciary duty) and best practices for mitigating the conflict of interest associated with IARs who sell fixed indexed annuities.
*RIA Compliance Consultants, Inc. and this course’s instructor have not verified the accuracy of the securities regulator’s complaint and are not offering any opinion whether the allegations made by the securities regulator in the enforcement proceeding referenced above are accurate.
Learning Objectives
Our goal is for an attendee to learn the following through this course:
- Understand the alleged facts and causes of action in this SEC enforcement action against an investment adviser firm recommending fixed indexed annuities (“FIAs”) to investment advisory clients;
- Identify examples of issues which should be disclosed in a conflict of interest disclosure for an investment adviser representative (“IAR”) selling fixed indexed annuities to advisory clients for a commission; and
- Recognize examples of best practices for eliminating or mitigating the conflict of interest associated with selling fixed indexed annuities to advisory clients.
Audience
This course is intended for the following individuals:
- Investment adviser representatives (“IARs”) who recommend and/or sell fixed indexed annuities (“FIAs”) to advisory clients;
- Supervisory principals and executives of investment adviser firms which are affiliated with IARs who recommend and/or sell FIAs to advisory clients; and
- Chief compliance officers (“CCOs”) and compliance department staff members of investment adviser firms which are affiliated with IARs who recommend and/or sell FIAs to advisory clients.
Instructor(s)
This course will be taught by Bryan Hill, who is the Founder and President of RIA Compliance Consultants, Inc. Bryan has over 28 years of experience working with investment advisers, broker-dealers and investors as a compliance consultant, attorney and executive.
*Attending this course does not create an attorney-client relationship with Bryan Hill.
Continuing Education
IAR CE: RCC intends to apply with NASAA for one hour of IAR CE; however, RCC has not yet submitted this course to NASAA for approval as an IAR CE Course and can offer no guarantees that it will be approved.
If this course is approved by NASAA for IAR CE, there are several additional requirements before you are eligible to receive credit:
- Login – You must be logged in during the live presentation under your email address. You cannot be logged in under someone else’s email address.
- View Entire Live Presentation – You are required to watch the entire live presentation the course. If you do not watch the entire live presentation, you will have to watch the recorded version in its entirety.
- Attendance Codes – As you watch the live presentation, you will receive two attendance codes, each containing three alphanumeric characters. Save these codes. You will need to enter the full six-character attendance code prior to accessing the final quiz.
- Purchase CE Course
- If the course is approved by NASAA for IAR CE and you purchased this webinar on an a la carte basis, you will then need to request a course discount code from RCC to utilize at https://www.CE4Advisers.com .
- If you are attending this course as part of an Annual Compliance Program package of RCC, you will need to purchase the IAR CE Course at https://www.CE4Advisers.com or use a course discount code provided under your firm’s Annual Compliance Program package. Please note that note only certain ACP packages include course discount codes.
- IAR Acknowledgement – Sign the IAR CE Acknowledgement & Attestation.
- Final Quiz – You must complete each lesson and receive a score of 70% on the final quiz to receive IAR CE credit (assuming the course has been approved by NASAA). You are only allowed three attempts on the final quiz.
- Survey. You have to answer a survey on the course and instructor.
NASAA Disclaimer
NASAA does not endorse any particular provider of CE courses. The content of the course and any views expressed are our own and do not necessarily reflect the views of NASAA or any of its member jurisdictions.
Important Disclosures
Please carefully review the following disclosures and limitations of this course.
- Although the sponsor of this course, RIA Compliance Consultants, Inc. (“Sponsor”), is an affiliate of a law firm and Sponsor may have an individual on its staff that is also licensed as an attorney providing legal services in a completely separate capacity, Sponsor is not a law firm and does not provide legal services or legal advice. A consulting relationship with Sponsor does not provide the same protections as an attorney-client relationship.
- This course is offered for educational purposes only and should not be considered an engagement with the course instructor or Sponsor. This presentation should not be considered a comprehensive review or analysis of the topics discussed today. To these educational materials are not a substitute for consulting with an attorney or compliance consultant in a one-on-one context whereby all the facts of your situation can be considered in their entirety.
- Information provided during this course is provided “as is” without warranty of any kind, either express or implied, including, without limitation, warranties and merchantability, fitness for a particular purpose, or non-infringement. The course instructor and Sponsor assume no liability or responsibility for any errors or omissions in the content of the presentation.
- To the extent that this course description or the course itself includes reference to a pending enforcement action or a consent order, please understand that the course instructor and Sponsor have not not verified the accuracy of the securities regulator’s complaint, order or other statements, and the course instructor and Sponsor are not offering any opinion whether the allegations made by the securities regulator in such enforcement action are accurate.
- The course instructor and Sponsor are not be under an obligation to advise you of any regulatory developments or subsequent changes to educational material presented in this course.
- There is no guarantee or promise that concepts, opinions and/or best practices discussed in this course will be favorably received by a regulator or result in a certain outcome in adversarial proceeding.
- Communication with the course instructor is not protected from discovery by third-parties during litigation or regulatory proceedings. Please keep questions during this course in a hypothetical form.
- Reviewing the slides and/or attending this course does not create a consulting engagement with RIA Compliance Consultants, Inc.
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