The firm recommended investments in share class options for clients in its wrap account programs when more affordable options were available, according to the commission.
The state’s Securities Division released its “Ongoing Financial Planning Guide” earlier this year to address what it said were the compliance questions raised by the increased popularity of the subscription model...
The firm argues David Anderson already attracted 15 former client households with about $24 million in business after moving to Stifel, according to a federal lawsuit.
President and CEO Wayne Chopus sent letters to U.S. Senate and House leaders urging them to approve FY 2023 money for the SEC to make new hires in its Enforcement and Examination divisions.
According to the second quarter earnings, revenue in the wealth management and BofA Private Bank businesses grew by 7% to $5.4 billion in the second quarter compared with a year ago.
However, the company's chief financial officer attributed the drop to “notable declines in deferred cash-based compensation plans,” saying that without that drain, the division would have seen a record quarter.
The SEC charged Dean McDermott and his firm, McDermott Investment Advisors, for investing clients’ funds in unit investment trusts with extra charges when more affordable options were available.
SEC Commissioner Caroline Crenshaw said single-stock ETFs posed 'another, perhaps greater, risk' for investors than leveraged and inverse ETFs, and believed it would be hard for advisors to recommend such products...
Responding to an investigation by Massachusetts regulators, Vanguard will pay $5.5 million to smaller investors in that state hit with outsized capital gains taxes in the retirement-focused funds.
