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Shirl Penney will grill three of his big vendors on stage in Vegas: Mike Durbin, Mark Tibergien and Bernie Clark

At the MarketCounsel event, the Dynasty Financial chief promises not to toss softballs at the RIA custody heads, saying he knows their strengths and weaknesses

Author Brooke Southall July 10, 2014 at 11:42 PM
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Shirl Penney: The whole idea is to make it engaging and for the most pressing questions to be asked.



RIA Custodians

Stephen Winks

Stephen Winks

July 14, 2014 — 3:16 PM

The questions no one has addressed which will trigger wide ranging innovation are:

1. Given custodians can not provide direct support of expert fiduciary standing as in doing so would be deemed prescriptive thus triggering fiduciary liability, how does the three major custodians support fiduciary standing?

2. Given the custodians have no control over brokers who use their services, is there a way the custodians can support fiduciary duty?

3. How do brokers find large scale institutionalized support for fiduciary standing if broker/dealers will not acknowledge or support fiduciary responsibility and custodians do not wish to assume the liability? Shouldn’t there be an objective assessment of fiduciary duty for RIAs from which custodians and brokers can evaluate the best advisors they can fold in their practices? Wouldn’t this shift the balance of power to RIAs where the advisor gains control over their value proposition, cost structure, margins, professional standing, practice valuation?

4. Is there any credible RIA clients of custodians that afford scale and professional standing? Could those firms be named?


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Mentioned in this article:

MarketCounsel | HamburgerLaw
Compliance Expert, RIA Set-up Firm, Regulatory Consultant
Top Executive: Brian Hamburger

Pershing Advisor Solutions
Asset Custodian
Top Executive: Mark Tibergien

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