Markets & outlook · Podcast

Working With Legacy Investment Positions, With Rich Chen

The episode focuses on practical compliance, documentation and fee questions that arise when a client's legacy position affects total portfolio management. It is grounded in SEC examination readiness and the legal risk of client-imposed investment restrictions.

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Summary

By the markets & outlook desk

This episode covers the fiduciary and compliance challenges advisors face when clients hold legacy investment positions they do not want to sell, including inherited stock and large employer-stock positions. Rich Chen of Brightstar Law Group discusses why accepting a client's decision not to sell may not be sufficient, how mismatched advisor-client expectations can create legal and regulatory risk, and what duty of care and loyalty mean around client-imposed restrictions. It also covers documentation practices, reassessing concentrated positions over time, SEC examination preparation, and options for charging fees on legacy positions.

Clients may bring inherited stock or large employer-stock positions they do not want to sell.
Simply accepting a client's decision not to sell may not be sufficient for the advisor.
Mismatched expectations between advisor and client can create legal and regulatory risk.
The episode covers documenting client discussions, reassessing concentrated positions, SEC exam preparation and fee-charging options for legacy positions.

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