Unfortunately, there is no single, uniform pricing standard for working with a financial advisor. Regulation Violations - Other Regulatory Agencies Order Entered - Other Regulatory Agencies
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Checks take place monthly.Īttorney/Accountant Authorization Revocation – SROīusiness License Revocation - Other Regulatory Agenciesįalse Statements or Omissions - Other Regulatory Agencies Our system found no other conflict questions to ask.
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In short, any financial professional should disclose all positions they hold (or have sold short) that they will also be recommending to you. For example, front running is when a financial professional buys or sell securities ahead of their client. While this often can be seen as "eating your own cooking," there are several inherent conflicts that can arise. ICONiQ Capital has marked in their disclosures that they trade recommended securities. Which securities does ICONiQ Capital trade for itself that it will also be recommending to me? ICONiQ Capital receives soft-dollar benefits that could incentivize them to push trades through broker-dealers that provide advantages to the firm instead of through broker-dealers that could provide the best trade execution for their clients. This relationship could introduce bias where a firm and its advisors may push those products over others that may have a more favorable performance with which they are not affiliated.ĭoes ICONiQ Capital accept soft-dollar benefits? How do these benefits affect the firm’s selection of a broker-dealer partner? ICONiQ Capital recommends securities that they may have recently taken public or otherwise have controlling interest over. Side-by-side management can create an incentive for the advisor to favor the larger funds, potentially leading to unequal trading costs and unfavorable trade executions for their retail clients.ĭoes ICONiQ Capital recommend securities that it or its affiliates underwrite, or in which it serves as general or managing partner? Will any of my assets be invested in those products?
This typically occurs when firms manage mutual funds or hedge funds alongside smaller retail accounts. This could be detrimental to a client during down markets.ĭoes ICONiQ Capital perform side-by-side management? How does ICONiQ Capital mitigate conflicts that arise from managing accounts with differing fee structures? For instance, research has shown that mutual funds that use incentive fees take on more risk that funds that do not, and tend to double down and increase their risk following a poor performance. While this may seem like an attractive compensation structure to ensure your advisor is making your money work for you, often, the managers of those products are incentivized to take inappropriate risks to beat their performance benchmark. When performance-based fees are charged, the financial advisor is paid for outperforming a benchmark, typically an index. Do not be afraid to ask how much they will earn from the product or what other non-proprietary options are available.ĭoes ICONiQ Capital offer products that have performance-based fees, or does it accept performance-based fees? Will any of my assets be invested in those products? This could also limit the number and diversity of investment options available to you and may impact their transferability. ICONiQ Capital recommends proprietary investments and products that could generate larger commissions than other similar non-proprietary products. Please provide me a list of the products and a summary of how much ICONiQ Capital earns from them. Regulatory disclosures state that ICONiQ Capital sells proprietary investments and products.
Some firms receive these fees as payments, which creates an incentive to promote them.
Learn more.ĭoes ICONiQ Capital offer mutual funds that have 12b-1 fees?ġ2b-1 fees increase the total annual cost of owning a mutual fund with no guarantee of higher returns. Checks take place monthly.Īfter checking the regulatory records of ICONiQ Capital, our system has identified the following question(s) to ask. After checking the disciplinary records of ICONiQ Capital, our system found no disciplinary questions to ask.
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