Steve Fischer, CPA, CFP
AREAS OF EXPERTISE
• FactRight Advisor
• Financial Markets
Steve is a founding member of FactRight. Currently serving an advisory role to the company, Steve was responsible for the Finance functions of the company which includes management and administrative operations of the company, including banking, accounting, and financial and tax reporting along with Information Technology, Human Resources and Legal support.
Steve started his career in the financial services industry over 50 years ago with Touche, Ross, Bailey and Smart and has served in CEO, CFO, and director positions with seven broker dealers, three registered investment advisors and eight mutual fund companies. Two of these broker dealers, where he served as CEO and/or director, were operating subsidiaries of publicly traded financial services firms.
Steve also operated his own CPA firm and was the managing partner in the firm of Fischer, Johnson and Zuelke, PA.
Steve has also been active as a financial adviser to individual and institutional clients, assisting them in their financial planning and investment and wealth management needs.
- Graduate, University of Pennsylvania Securities Institute Program at the Wharton School
- B.S., Mankato State University
- Certified Public Accountant
- Certified Financial Planner Licensee
- Steve has held FINRA registrations 4, 7, 24, 27, 53, and 63, and has qualified and has served as an arbitrator under the FINRA Arbitration Program
- Member, Minnesota Society of CPAs
- Former board member, Minnesota Financial Planners Association
- Member, MN CPA Legislative Issues Committee
- MN FPA Professional Issues Committee
Steve has served on the boards of directors three non-profit arts organizations and is a past board member, Treasurer and President of the Goal Line Association, a booster and financial supporter of the University of Minnesota Athletic Department.
Steve also serves on the Board of Directors, and as Treasurer and past president of the Bent Creek Woods Homeowners Association where he is a current homeowner.
For several years during his tenure as the CEO of PrimeVest Financial Services, the firm was awarded the prestigious Dalbar award as a provider of retail investment services through banking institutions, Saving and Loan Associations and Credit Unions.
Recent Blogs from FactRight
- Highlight Reel from FactRight’s 2024 RIA Spring Due Diligence Conferenceby Kate@FactRight.com (Kate Stephany) on March 13, 2024 at 5:07 pm
With March Madness upon us, what better way to celebrate then to recap some of the shining moments that happened at the FactRight RIA Spring Due Diligence Conference—and what a conference it was!
- Loan Guarantee Fees in Investment Programs: Risk Compensation or Rent Seeking?by kevin@factright.com (Kevin Kirkeby) on November 20, 2023 at 7:53 pm
Company owners and other executives often receive compensation for providing a personal guarantee to a commercial loan their investment program is seeking. The size of this personal guarantee fee varies considerably, as does the level of disclosure. We believe the personal guarantor should be compensated, but it must be commensurate with the risk the guarantor is taking on. Drawing upon FactRight’s experience in reviewing private real estate and other alternative investment programs, this blog post focusses on personal guarantees (rather than corporate guarantees), discusses the typical range of fees, and reviews the factors that influence a reasonable fee amount.
- FactRight Takes Salt Lake Cityby Kate@FactRight.com (Kate Stephany) on September 7, 2023 at 5:11 pm
*Olympic Trumpet flair*
- Navigating the Cap Rate Landscape: How Real Estate Cap Rates Relate to Real Interest Ratesby Jeff.B@factright.com (Jeff Baumgartner) on August 9, 2023 at 6:02 pm
With limited success for centuries, astronomers charted the stars with hopes of better understanding the universe until one day when Copernicus suggested that the earth was orbiting the sun. Once his epiphany was fully understood, empires could navigate the globe with unprecedented precision by knowing exactly where they were by looking up at the stars. Today, there is no shortage of cap rate/interest rate correlation theories in our industry. Perhaps more fully understanding commercial real estate cap rates and their orientation to interest rates can aid alternative investors in navigating the horizon of real estate investment opportunities.
- FINRA Regulatory Notice 23-08: Building on Regulatory Notice 10-22 to Develop More Robust Due Diligence of Private Placement Offeringsby jake@factright.com (Jacob Heidkamp) on June 28, 2023 at 6:26 pm
FINRA recently released Regulatory Notice 23-08, which provides a reminder to FINRA members of their reasonable investigation obligations when selling private placement investments to their clients under Regulation D. The Regulatory Notice marks FINRA’s first substantial discussion of due diligence related to private offerings since Regulatory Notice 10-22, which was released in April 2010, and forms a crucial part of the foundation of broker-dealer due diligence practices in satisfying their reasonable investigation requirements for offering private placement investment opportunities for their clients. While Regulatory Notice 23-08 does not create new legal or regulatory requirements or new interpretations of existing regulations, the notice does identify areas for consideration and focus for FINRA members in establishing new or modifying existing practices, based on certain observations and examples that FINRA has included in the Regulatory Notice 23-08. In this blog, we will explore some of these areas of focus and some practical steps broker-dealers can take to enhance their due diligence practices based on areas identified in Regulatory Notice 23-08.