The Financial Industry Regulatory Authority has censured Wells Fargo Advisors and fined the firm $175,000 for failing to supervise a registered rep who excessively traded equity positions in the three accounts of an 88-year-old client.
Finra said that the Wells Fargo rep made more than 2,000 trades in the client’s three accounts from March 2012 to March 2016. The trades resulted in $300,000 in commissions and other fees paid to the broker.
Wells Fargo’s systems detected the trades, Finra said, but the firm did not look into the trading more fully.
After an investigation that took place in 2016, Wells Fargo fired the client’s broker and paid $1 million in restitution to settle a complaint the client filed about the handling of her accounts.
Relationships are key to our business but advisors are often slow to engage in specific activities designed to foster them.
Whichever path you go down, act now while you're still in control.
Pro-bitcoin professionals, however, say the cryptocurrency has ushered in change.
“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.
Survey findings from the Nationwide Retirement Institute offers pearls of planning wisdom from 60- to 65-year-olds, as well as insights into concerns.
Streamline your outreach with Aidentified's AI-driven solutions
This season’s market volatility: Positioning for rate relief, income growth and the AI rebound
