300 Montgomery Street, Suite 600

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Presentation transcript:

300 Montgomery Street, Suite 600 ROBO-ADVICE What Sayeth the Digital Police? Stephen P. Wilkes, Esq. 300 Montgomery Street, Suite 600 San Francisco, CA 94104 415-625-0002 swilkes@wagnerlawgroup.com

Agenda Introduction Regulators Suitability, Advertising, Registration SEC, FINRA, State….and DOL Suitability, Advertising, Registration Privacy DOL exemptions

Introduction What is a Robo-Adviser? Significant growth statistics Can a robot be a fiduciary?

SEC SEC IM Guidance February 23, 2017 Subject to Advisers Act Focus on Disclosures, Client Data/Profile, Effective compliance Disclosures on Business Model Compliance Responsibilities Adequate disclosure OCIE Priorities

FINRA FINRA Report March 2016 on Digital Investment Advice Governance and Supervision Investors Profile Rebalancing accounts Training

MA Securities Division 2016 Policy Stmts. State Activity MA Securities Division 2016 Policy Stmts. Due diligence Sub-advisory issues Disclosure obligations

SEC Registration Various exemptions Multi State Internet

Disclosure Issues Tax Harvesting IM Guidance Fees and expenses Algorithms Conflicts Risks Scope of Services Third Party involvement

Rule 3a-4 Non exclusive safe harbor “Each client’s account…managed on basis of client’s financial situation…in accordance with any reasonable restrictions…” “Sponsor and personnel…reasonably available”

Suitability Advertising Rebalancing Suitability turns on reasonable determination Rebalancing requires clear disclosure Advertising rules apply Don’t forget social media Is the algorithm suitable? Is it performing?

DOL and ERISA Robo advisers need to square with fiduciary standards and prohibited transaction Is it a fiduciary for ERISA? Common exemptions BIC PPA Computer Exemption Sun America PTE 77-4 Frost type offsets

IMPORTANT INFORMATION This presentation is intended for general informational purposes only, and it does not constitute legal, tax or investment advice from The Wagner Law Group.

300 Montgomery Street, Suite 600 ROBO-ADVICE What Sayeth the Digital Police? Stephen P. Wilkes, Esq. 300 Montgomery Street, Suite 600 San Francisco, CA 94104 415-625-0002 swilkes@wagnerlawgroup.com