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Lecture18 - Lecture 18 Professional Money Managers and...

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Lecture 1 8 : Professional Money Managers and their Influence Economics 252, Spring 2008 Prof. Robert Shiller, Yale University
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National Securities Markets Improvement Act of 1996 (NSMIA) All advisors managing more than $30 million must register with SEC Those managing less than $25 must register with state securities regulator
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Financial Advisors Regulated in most countries In US, those giving investment advice for a fee must register with the Securities and Exchange Commission as an investment advisor SEC in turn requires passing of exams sponsored by Financial Industry Regulatory Authority FINRA (until 2007 merger with NYSE, National Association of Securities Dealers NASD). Series 65 or Series 66 Registered Investment Advisor exam National Association of Personal Financial Advisors (NAPFA.org)
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Financial Planners Comprehensive planning for life, rather than just picking stocks Not regulated, not licensed in most countries In U.S., financial planners must be registered as a financial advisor first. In US, Financial Planning Association, FPA.ORG Certified Financial Planner (CFP) designation, awarded by Certified Financial Planner Board of Standards, Inc.
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Assets of US Households &
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