Patrick Donachie

Schwab’s in-house advisors saw a record $4.4 billion in net flows this quarter, which President Rick Wurster attributed partly to enrollment by TD Ameritrade households.

The firms will collectively pay $200,000 to settle the charges, which focused primarily on their use of hypothetical performance.

The Office of Management and Budget is concluding its final meetings with the rule’s opponents, while House Democrats signaled their support in a letter this week.

Nine former advisors are suing United Capital over its attempts to move arbitration proceedings from FINRA to another venue, accusing the firm of “pure gamesmanship” and “forum shopping.”

The brokerage regulator settled two cases related to the SEC’s rule this week; one securities attorney believes FINRA has now established itself as the “primary regulator” of the rule.

Dawson James Securities failed to retain more than 10,000 business-related texts, including consumer complaints and client conversations, over 10 years, according to FINRA.

Lars Knudsen called his former employer “bullies, plain and simple,” claiming the RIA made false allegations about him, including accusing him of brandishing a gun in the office.

According to J.D. Power’s annual survey on self-directed investors, Fidelity took the top marks for DIY investors seeking guidance, with Charles Schwab following closely behind.