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Beware the 'We're Number One' Trap
The Prudent Investment Adviser Rules Link to more items from this source
Aug. 14, 2013

"All advisers want favorable publicity, but these so-called 'best of the best' lists raise a number of potential problems.... 'Barron's' disclosure that only those advisors who pay a fee are eligible for inclusion on their lists raises a number of issues for advisors named to such lists.... The [Investment Advisers] Act and the rules created thereunder all stress one point -- full disclosure of all material facts to clients. An advisor simply cannot say that they are a 'Barron's Advisor' of that they are a 'Top 100 Advisor' without making the disclosures required by the [SEC's 1998] DALBAR no-action letter."

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