A significant number of investors are putting retirement goals at risk to help their adult children and aging parents; women investors are more likely to make the sacrifice.
The regulator alleges that the firm improperly charged advisory fees on retail accounts that had been inactive at least a year and charged excess commissions on brokerage client investments in unit investment trusts.
A federal judge ordered Massachusetts investment advisor Michael J. Breton to repay investors for cherry picking profitable trades for himself and sticking clients with the losers.
Advisors are bullish on the industry’s prospects for continued M&A, although challenges, such as a lack of confidence that the next generation can afford to buy them out, abound, according to a recent DeVoe & Co. study.
