The commission accused Julie Anne Darrah of a multi-year scheme targeting elderly female advisory clients spanning from before and after her firm joined Wealth Enhancement Group.
In the suit filed in Florida federal court, Joena Bartolini Mitchell says she was fired in retaliation for filing claims of sexual harassment and discrimination.
The Labor Department's latest attempt at amending its fiduciary definition is currently under consideration by the White House’s Budget Department and is expected to be released for comment soon.
Merrill added about 33,500 net new client relationships year-to-date, according to the firm's third quarter earnings. Wells Fargo also announced earnings this week, with mixed results for its wealth management business.
In public comment letters, Morningstar and others urge the SEC to consider revising Reg BI instead of crafting new regulations. However, investor protection advocates say the rule is needed to safeguard consumers.
