RIA Insurance Mandates Didn't Reduce Access to Advisory Services
(Aug 2024)
By Craig McCann and
Chuan Qin
You can download a PDF of this article to print or email here
Introduction
Errors and omissions (E&O) insurance can help fund resolution of customer complaints against investment advisers. Many advisors are not insured or have minimal insurance, choosing to fund settlements and awards directly at the risk a particularly costly resolution might bankrupt the advisor. When advisors are unable to pay an adverse judgment, the investor suffers more than the...
Autocallables 2024 Part II: Lucid-linked Notes
(Mar 2024)
By Craig McCann and
Mike Yan
Yesterday, we described the rapid growth in Autocallable structured products; $122 billion have been sold in the past 4 years. You can read our first post on autocallables here.
In this, our second, post, we illustrate features of autocallables with reference to the five notes linked to the stock price of Lucid.
Our third post, available here, highlights a Silicon Valley Bank linked autocallable sold by Citigroup after the close on March 9, 2023 right...
Autocallables 2024 Part I
(Mar 2024)
By Craig McCann and
Mike Yan
Introduction
We have published extensively on structured products over the past 20 years. We published two papers dealing specifically with autocallable structured products - one in 2011 and one in 2015.[1] Since 2015, while we were focused on other research projects, the issuance of autocallable structured products has exploded, issuers have become more creative, the variety of products has proliferated and the potential for investor harm has increased...
Howard Capital Management Funds Charge High Fees to Misuse Leveraged ETFs
(Jan 2024)
By Craig McCann and Susan Song
You can download a copy of this note to print or email here.
Introduction
Howard Capital Management ("HCM") is a SEC-registered RIA based in Roswell, GA.[1] In addition to advising individual accounts,
it manages mutual funds and ETFs. It claims to use proprietary technical analysis, HCM-BuyLine(R), to market-time the funds' asset allocations.
Without any risk disclosure, HCM's mutual funds buy and hold leveraged ETFs for much longer periods than is...
