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?