Bradley Reifler is the Founder and CEO of Forefront Management Group, LLC and its subsidiaries Forefront Advisory, LLC, Forefront Capital Management, LLC, and Forefront Capital Markets, LLC. Brad founded Pali Capital in 1995 and was the CEO until November 2008. During this period, Pali Capital grew into a company with revenues of over $200 million per year, more than 200 employees and offices in the United States, United Kingdom, Austria, Singapore and Latin America.
Mr. Reifler began his independent career in 1982 when he founded Reifler Trading Corporation, a firm engaged in the execution of global derivatives, which was sold to Refco, Inc. in 2000.
For more information about Bradley Reifler and Forefront visit: www.forefrontgroup.com.
Forefront Advisory, LLC
New York, New York US
Founder & CEO
Forefront Capital Management, LLC
New York, New York US
Founder & CEO
Forefront Capital Markets LLC
New York, New York US
Founder & CEO
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Brad Reifler and Forefront Capital
Founded in June 2009, Brad Reifler is the Chief Executive Officer of Forefront Capital Management LLC. Forefront offers investment advisory services to individuals and institutions on both a discretionary and non-discretionary basis.
Forefront's portfolio managers invest principally in U.S. and global equities and Exchange Traded Funds.
Brad Reifler -– Credit Ratings and Municipal Bonds
One way investors evaluate a state or local government’s risk of default is to analyze available financial information provided by the issuer or to obtain the current credit ratings of the issuer. An issuer’s credit ratings is one of many factors that should be considered when analyzing a municipal bond investment, however ratings are inherently subjective. Credit ratings represent the opinions of the company issuing the credit rating. Also, credit ratings can change at any time and investors should understand that the rating shown on the official statement when the bond was first issued may not accurately reflect its current rating, explains Brad Reifler.
Investors can obtain a current credit ratings from the broker or investment adviser on any bond they are considering purchasing, or use the EMMA website to verify the bond’s credit rating assigned by Fitch Ratings or Standard & Poor’s. Moody’s Investors Service, is another popular source for independent credit ratings on municipal bonds.
A high credit rating is not a “buy” recommendation and does not provide any assurance of future market value or liquidity, says Brad Reifler. A high rating also should not be interpreted to mean that an investor will be able sell the bond at a particular time, especially prior to maturity, or that the investor will receive a particular price.
Conversely, a low credit rating dos not mean the issuer will default or fail to meet its repayment obligations. However, investors should understand that a low credit rating is suggestive of a bond’s risk of default and investors should evaluate the risks of purchasing a bond with a low credit rating. Bonds with low credit ratings often carry higher interest rates than bonds with higher credit ratings to attract investors who are willing to assume greater risk.
Some bonds do not have credit ratings at all. While a bond lacking a credit rating is not, absent other factors, a sign of low credit quality, Brad Reifler says that investors in unrated bonds should conduct their own due diligence and independently evaluate the credit risk associated with the unrated bonds.
Leadership of Brad Reifler
Brad Reifler and the founding partners of Forefront Capital have known each other since the early 1990s, bringing together their collective expertise from previous, highly successful entrepreneurial and institutional trading ventures to create a new model that meets the needs of today’s sophisticated investor.
Bradley Reifler is best known to Wall Street as the founder and Chief Executive Officer of Pali Capital Inc. As CEO, Brad led Pali Capital to unprecedented growth, increasing revenues to more than $200 million per year, and expanding the company’s global footprint from the United States to the United Kingdom, Austria, Singapore and Latin America.
SEC Brochure Rule
All registered investment advisers must file an ADV form with the Security Exchange Commission (SEC). The second part of the ADV form requires investment advisers to deliver to their clients awritten brochure, says Brad Reifler. This brochure should be written in “plain English” and details the advisers “practice, strategies, fees and any conflict of interest.” This is important, as this brochure must be filed with the SEC--as the Commission is responsible for the regulation of many investment advisers and ensuresthe adviser is delivering pertinent information and relevant disclosures to their clients in a timely manner.
The brochure must be presented to clients before or after entering into an investment advisory contract with a client. After the first brochure is sent to clients, the brochure must be presented annually and include any changes that are material to the day to day operations of the investment adviser, explains Brad Reifler.
In addition to detailing out an investment adviser’s practices, fees and more, the SEC requires that a brochure supplement contains information about any employee who is also deemed an investment adviser and/or works on or also dispenses investment advice. This must include the employee’s background including business experience, activities, education as well as any disciplinary history – and all this must be presented before or at the time the investment adviser begins to dispense advice.
In 2011, the SEC started requiring registered advisers with at least “$150 million in private fund assets under management to submit regular reports on new Form PF. “Advisers must file Form PF electronically on a confidential basis,” according to the SEC.
There are a few exceptions to the brochure rule – for example, investment advisers do not have to file an annual brochure with clients that pay them less than $500, says Brad Reifler.
What is the FDIC?
Many of us learned about the FDIC in school and know it has something to do with making sure we don’t lose our hard-earned money deposited in a bank or savings and loan, but in terms of really explaining how the FDIC works, most people would be at a loss.
In simple terms, the FDIC stands for Federal Deposit Insurance Corporation and “… is an independent agency of the United States government that protects you against the loss of your deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.”
The creation of FDIC came out of the 1929 stock market crash when millions of Americans lost their life savings from banks that had gone bust, and the entire nation plunged into an economic crisis that came to be known as the Great Depression, explains Brad Reifler. Franklin D. Roosevelt and his administration swore that would never happen again and theywere right. FDIC officials say that since the FDIC's creation in 1933, “…no depositorhas ever lost even one penny of FDIC-insured deposits.”
So now that we understand the concept behind the FDIC – how does it actually work? What would happen if a savings and loan did fail -- would you get your money back?
According to Brad Reifler,the first step to recovering your losses is to first make sure you work with banks that are members of FDIC. If you are not sure – ask or call the FDIC (information below). You will not recover a cent if your money is in a non-FDIC institution.
The second step is to understand the FDIC policies. According to the FDIC, if you and your family have “…$250,000 or less in all of your deposit accounts at the same insured bank or savings association…your deposits are fully insured…in addition, federal law provides for insurance coverage of up to $250,000 for certain retirement accounts,” according to officials at the FDIC.
Like any insurance – there are limits of what the FDIC might pay out. For example a single account for one person with no beneficiaries is granted up to $250,000 per owner. Joint accounts as well as IRAs and certain other retirement accounts are paid up to $250,000 per co-owner and “unique eligible beneficiary named or identified in the revocable trust, subject to specific limitations and requirements.”
If you own or work or even invest in a corporation, you monies are also insured. The FDIC says that corporations are insured up to a maximum of $250,000 (like private individuals). Brad Reifler explains that the FDIC makes allowances for “…funds deposited by a corporation, partnership, or unincorporated association are insured separately from the personal accounts of the stockholders, partners, or members.”
The FDIC has helped the country thrive especially in times of great economic turmoil. For more information about the FDIC and how it works, as well as what numbers to call if you have questions, visit the FDIC website: https://www.fdic.gov
Identity Theft Red Flags
Financial institutions, including, but not limited to, banks, broker-dealers, investment advisers and other entities that come into contact with non-public personal or confidential information must remain vigilant about preventing and detecting identity theft and other privacy breaches.
Brad Reifler, founder and CEO of Forefront Capital in New York City, shares some of the most common identity theft red flags thatmay be suggestive of identity theft and ought to be included in firmwide training and added in compliance policies and procedures:
• For financial institutions or creditors that use challenge questions, the person opening the covered account or the customer cannot provide authenticating information beyond that which generally would be available from a wallet or consumer report.
• Personal identifying information provided is not consistent with personal identifying information that is on file with the financial institution or creditor.
• A new revolving credit account is used in a manner commonly associated with known patterns of fraud.
• Shortly following the notice of a change of address for a covered account, the institution or creditor receives a request for a new, additional, or replacement means of accessing the account or for the addition of an authorized user on the account.
• The customer fails to make the first payment or makes an initial payment but no subsequent payments.
• The majority of available credit is used for cash advances or merchandise that is easily convertible to cash (e.g., electronics equipment or jewelry).
• A covered account is used in a manner that is not consistent with established patterns of activity on the account.
• A material change in electronic fund transfer patterns in connection with a deposit account.
• A material change in purchasing or spending patterns.
• Nonpayment when there is no history of late or missed payments.
• A material increase in the use of available credit.
• A material change in telephone call patterns in connection with a cellular phone account.
• A covered account that has been inactive for a reasonably lengthy period of time is used (taking into consideration the type of account, the expected pattern of usage and other relevant factors).
• The financial institution or creditor is notified that the customer is not receiving paper account statements.
• The financial institution or creditor is notified by a customer, a victim of identity theft, a law enforcement authority, or any other person that it has opened a fraudulent account for a person engaged in identity theft.
• Mail sent to the customer is returned repeatedly as undeliverable although transactions continue to be conducted in connection with the customer’s covered account.
• The financial institution or creditor is notified of unauthorized charges or transactions in connection with a customer’s covered account.
Identification of red flags, detection and escalation of potential identity theft is critical in helping individuals protect themselves from the misuse of their personal information, explains Brad Reifler.