Altruist Financial Advisors LLC
Fee-Only Financial Planning and Portfolio Management

Regulatory Issues

 

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This page summarizes the most important aspects of the regulatory environment in which Altruist operates.  While there are certainly many other statutes which apply to various aspects of all businesses, those listed here are the primary laws applicable to Altruist.

bulletThe federal Investment Adviser's Act of 1940.  This is the principal law which regulates large financial advisers in the USA.  As a Registered Investment Adviser, Altruist is fully subject to its terms.  Notably, rule 204-3 under the Investment Adviser's Act requires Part II of Form ADV (a disclosure document) to be distributed to prospective clients and to be offered to existing clients at least annually thereafter.  In addition to meeting that requirement, Altruist's Form ADV Part II is available to anybody who asks at any time — we have nothing to hide.
bulletRule 3a-4 under the federal Investment Company Act of 1940.  This rule provides guidance for how an investment adviser can avoid being regulated as a mutual fund.  Technically, Altruist is generally not subject to this rule (or to the Investment Company Act of 1940) because we generally do not exercise discretionary authority to trade an account.  However, Altruist attempts to comply with this rule as though we were subject to it.
bulletRule 206(4)-6 under the federal Investment Adviser's Act of 1940.  This rule requires investment advisers to to adopt policies and procedures reasonably designed to ensure that the adviser votes proxies in the best interests of clients, to disclose to clients information about those policies and procedures, and to disclose to clients how they may obtain information on how the adviser has voted their proxies.  Here is Altruist's Proxy Voting Policy.
bulletThe federal Gramm-Leach-Bliley Act of 1999.  The rules implementing the privacy policy disclosures mandated by section 504(a) of the federal Gramm-Leach-Bliley Act (Pub.L. 106-102) are found in 17 CFR Part 248.  It requires that investment advisory companies provide statements of their privacy policies to their clients both when they become clients and on an annual basis.   Altruist is fully subject to its terms.  Here is Altruist's Privacy Policy.
bullet The Michigan Prudent Investor Rule.  This is the Michigan statutory version of the more general Prudent Investor Rule.  It provides guidance to investment managers in Michigan regarding the standards for managing an investment portfolio in a legally satisfactory manner.  Altruist is fully subject to its terms with respect to our ALTRUIST® Portfolio Management Service clients.

 

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