Patrick Donachie

The partnership with White Oak Investment Management comes several weeks after LPL purchased the broker/dealer business of Waddell & Reed for $300 million.

The change means reps will take a portion of the regulatory agency's continuing education program once a year, as opposed to every three years.

Speaking at the Consumer Federation of America's Financial Services Conference, the commissioner also said more Reg BI data is needed to gauge its effectiveness, but a strong fiduciary standard was critical.

Stephanie Avakian has served as the head of the division for four years, and oversaw investigations into Wells Fargo's supervision of investment advisors as well as the Share Class Selection Disclosure Initiative.

The center will be offering nearly $500,000 across 100 scholarships, 48 of which are new. That is a record number since the program was started in 2016.

An administrative order from the SEC alleged clients at a Nebraska-based broker had their assets placed in higher-cost mutual fund share classes when lower-cost options were available.

In a virtual 'State of the Industry' briefing, CEO Ken Bentsen said he also hoped the SEC would look at how e-delivery of documents has increased during the COVID-19 pandemic.

The fine pertained to excessive and unauthorized trading and overcharged commissions, and the harmed investor was former Gov. Craig Benson, according to CNBC.