Next Boston QWAFAFEW Meeting: Sep 21, 2021, 7:00PM ET
The Worst of Both Worlds? Dual-Registered Investment Adviser
A QWAFAFEW discussion led by,
Nicole Boyson, Ph.D.
As fiduciaries, Registered Investment Advisers (RIAs) must place client interests ahead of their own. Many fiduciaries are dual-registered as brokers (DRs) and have potential conflicts of interest including revenue sharing from mutual funds, receiving asset-based fees and transaction-based commissions on the same security, and preferential treatment of affiliated mutual funds. Regulators frequently discipline DRs for these conflicts. DRs charge their retail RIA clients higher fees than their brokerage clients or clients of independent RIAs. Finally, DRs prefer institutional share classes of the same underperforming mutual funds they offer brokerage clients. Many DRs appear to fall short of the fiduciary standard.
Nicole Boyson, Ph.D.
Professor Nicole Boyson has been at the D’Amore-McKim School of Business since 2004. She holds a Ph.D. in Finance from The Ohio State University, an MBA from Case Western Reserve University, and a BBA from Kent State University. Her research and teaching interests fall in the area of investments, household finance, and corporate finance, with a focus on regulatory arbitrage, hedge fund management, and hedge fund activism. Her work has been published in the highest-ranked journals in the field of Finance, and she regularly interacts with the media.
Prior to joining the DMSB faculty in 2004, Professor Boyson was an Assistant Professor at Purdue University. Prior to joining Purdue, she was a manager for Ernst & Young, the VP of Investments for Pension Consulting Services, an analyst for Third Federal Savings and Loan, and a senior accounting at KPMG Peat Marwick.
A Certified Public Accountant, Professor Boyson serves as an Associate Editor for the Journal of Corporate Finance, is a member of the Editorial Advisory Board of the Financial Analysts Journal, has been a member of numerous program committees of professional organizations, and acts as an ad-hoc referee for several top academic journals. Professor Boyson was named the D’Amore-McKim Best Teacher in 2016.
*** We will be meeting at the Tennis & Racquet Club in Oct, a hybrid format, Zoom and the T&R Bar!
Time: 7:00 PM sharpe
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Donna Cool Murphy
The members of the Steerage Committee are responsible for coordinating the program content.
Program suggestions from members are always welcome.