States such as California, Oregon and Illinois are requiring small businesses to either provide their own 401(k)s or sign up for the state program — and that is a massive opportunity for startup plans.
The agency alleges that Michael Shillin lied to clients, many of them elderly, about the value of their investments.
Cardinal Point Wealth Management targets Canadian snowbirds, but found a rich market of clients needing cross-border advice.
A new study by the Institute for the Fiduciary Standard asserts the document blurs the line between advisers and brokers.
The measures would require everyone in the country to receive a portable account at the time they are given a Social Security number.
The SEC has been cracking down on disclosures surrounding payments by funds to broker-dealers and RIAs. The agency launched an initiative in February 2018 to target advisory firms that recommended high-fee mutual funds.
The central bank could start scaling back its asset purchases in November, the Fed chairman said, after policy makers revealed a growing inclination to raise interest rates next year.
Regulators said brokerages should not only tell reps what Reg BI says but provide examples of how to meet its requirements.
Wells Fargo Advisors could fetch more than $20 billion in this high-demand market for wealth management firms.
Maryland Securities Commissioner Melanie Senter Lubin said brokers should be able to clear their records only in very limited circumstances.
A NASAA exam sweep shows that more than half of advisers lack policies and procedures to address exploitation of elderly clients.
The network is prodding the SEC to force brokers to register as advisers if they give advice, provide financial planning or hold themselves out as advisers.
The broker, Shaiful Chowdhury, was arrested for possession of 10 pounds of marijuana a month after he joined Merrill Lynch in New York City.
The more individually tailored a communication to a customer is, the more likely it is a recommendation, SEC Commissioner Allison Herren Lee said during the NASAA fall meeting.
While industry groups argue the programs will take business away from advisers, there are still ways to get involved in the retirement planning process.
The agency says the firm favored ‘flippers’ over institutional and retail clients when it allocated newly issued municipal bonds.
The broker-dealer self-regulator launched the exam sweep a couple of weeks after the Securities and Exchange Commission released a request for comment about the “digital engagement practices” used by investment advisers and broker-dealers.
The salesman, Anthony DeJohn, improperly used BMO's funds by charging to his corporate card and obtaining reimbursement for $2,270 in daily commuting expenses, according to Finra.
The court granted a motion to dismiss the claims against the company, although the plaintiffs have 30 days to amend their complaint to address its shortcomings.
The rule change is effective immediately and will become operative on Jan. 1, if the Securities and Exchange Commission does not object.
