A Word From Chairman Dan Wiener on Advisers and Payroll Relief Loans

The federal government is attempting to help small businesses impacted by the pandemic by offering forgivable loans to help them cover employees’ paychecks. But we think that some registered investment advisers are taking undue advantage of the program.

At Adviser Investments we decided we couldn’t, in good conscience, be among them. Though offered more than $2 million under the program, we preferred that the government’s dollars go to small businesses struggling to get through the crisis intact, not us.

Our founder and chairman, Dan Wiener, wrote a piece for CityWire this weekend discussing our reasoning—and calling upon the rest of the advisory industry to demonstrate the same ethics and integrity with regard to their own businesses that should always guide those who claim to act as fiduciariesA person or organization who manages assets for a third party, and is legally bound to act in the best interests of that third party, putting the third party’s interest before their own. for their clients. Please click on the links below to read Dan’s op-ed as well as a story from Barron’s quoting him on the subject.

Dan Wiener’s CityWire Op-ed: Why RIAs Should Not Take PPP Loans

Barron’s – Should Financial Advice Firms Take PPP Loans?

About Adviser Investments

Adviser is a full-service wealth management firm, offering investment management, financial and tax planning, managed individual bond portfolios, and 401(k) advisory services. We’ve been helping individuals, trustsA legal document that functions as an instruction manual to how you want your money managed and spent in your later years as well as how your assets should be distributed after your death. Assets placed in a trust are generally safe from creditors and can be sold by the trustee in short order, avoiding the lengthy and costly probate process., institutions and foundations since 1994. Adviser Investments and its subsidiaries have over 5,000 clients across the country and over $8 billion in assets under management. Our portfolios encompass actively managed funds, ETFsA type of security which allows investors to indirectly invest in an underlying basket of financial instruments (these may include stocks, bonds, commodities or other types of instruments). Shares in an ETF are publicly traded on an exchange, and the price of an ETF’s shares will fluctuate throughout the trading day (traditional mutual funds trade only once a day). For example, one popular ETF tracks the companies in the S&P 500, so buying a share of the ETF gets an investor exposure to all 500 companies in the index., socially responsible investments and tactical asset allocation strategies, and we’re experts on Fidelity and Vanguard mutual funds. We take pride in being The Adviser You Can Talk To. To see a full list of our awards and recognitions, click here, and for more information, please visit www.adviserinvestments.com or call 800-492-6868.