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Even in gambling, experienced bettors always know that to protect themselves from a scam or fraud they always follow this one rule which is to have a third party hold the cash until the outcome of the bet is known and the winners are to be paid. In traditional portfolio management, a client's funds and assets are always held by a third party custodian who is “not” the portfolio manager or the investment advisor. The account is also always segregated from all other investor funds or institutional funds. The portfolio manager or advisor only has authority to execute trades, which authority obviously cannot include authority to withdraw or transfer funds.
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