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Max Schatzow Profile picture
Max Schatzow
@AdviserCounsel
Counsel to RIAs, BDs & fund managers on registration, compliance, and enforcement issues. Husband, dad x2, dogdad, beer, ball sports, bikes, fiat.
Aug 29, 2022 • 11 tweets • 3 min read
The J.P. Morgan Personal Advisor Program is everything that is wrong with the fiduciary investment advice business. 🧵🧵🧵

1. The program will no longer be "free" as of Jan. 1, 2023. The pilot is ending and fees will turn on. This isn't a problem. Delivering advice costs money. 2. The program is now 60 basis points. But, they reserve the right to receive additional, indirect revenue.
Mar 6, 2022 • 7 tweets • 1 min read
Independent RIAs aren’t going to invest much more than 1-5% of client assets in crypto. They & their clients have easy exposure to GBTC & other products… Those clients who are highly interested in the space and want to be aggressive in allocations by and large seem sophisticated enough to make these decisions without ongoing management…
Nov 12, 2021 • 4 tweets • 2 min read
A short thread with some profound 💎s from @SECGov Commissioner Crenshaw regarding the current state of deFi:

1. Issues with anonymity 2. Don’t make the need to understand code central to success of investors/users
Sep 13, 2021 • 6 tweets • 2 min read
.@SECGov is still using a tremendous amount of resources to make sure an RIAs' clients are holding the most appropriate share class for clients.

It is low hanging fruit & easy to identify during exams. This isn't just for RIAs affiliated with BDs.

I expect this to continue.🧵 The Request: Provide a list of all client holdings as of August 31, 2021.

SEC Staff: Runs the list through their system and identifies less expensive share classes. Cites RIA for a deficiency for holding more expensive share class when less expensive share class is available.
Dec 21, 2020 • 10 tweets • 4 min read
I am compiling this 🧵about my own education in bitcoin for those who might be interested. Thanks @ThrivosLLC for the idea.

I had a blind spot on what it was and why it should be taken seriously.

I'm not selling anything.

I am not pumping/dumping.

I own about $500. For a balanced and simple discussion on whether it is a currency, store of value, or investment - The Fed (of all people)--more specifically the Federal Reserve Bank of St. Louis-published this helpful article:
research.stlouisfed.org/publications/p…