Funds that include secondary investments in private assets are a good gateway for investors new to alternative assets and are growing in popularity.

The two firms will be offering clients vintage private market funds.

More than two dozen broker/dealers and RIAs agreed to pay a combined $392.75 million in penalties, including Raymond James, LPL, Edward Jones and Osaic, among others.

The agency doesn’t have the authority to fully forgive fines and interest.

According to the commission, Russell Todd Burkhalter, the CEO of Drive Planning, allegedly used new funds to pay existing investors’ returns and personal expenses, including yacht and private jet payments.

Universal IRA aims to eliminate the need for investors to manage multiple self-directed portfolios to access alternatives.

Kim Krueger of Krueger Financial Services said Commonwealth was “well-equipped” to support the firm’s business model, with the option to shift to a hybrid RIA approach later.

Three Wall Street executives weigh in on the dangers they see ahead for investors.

Summit is making the investment alongside Merchant Investment Management, its backer.