Industry

The regulatory agency said three Cetera broker/dealers had previously been told by the SEC of the failures to properly supervise certain transactions of dually registered representatives, but they failed to set up systems for properly doing so.

Following last week's deal to acquire NWPS, Raymond James said it's purchasing Financo, a boutique investment bank specializing in consumer and retail sectors.

The new firm Homestead Wealth Management will be based out of Glendale, Ariz. The two advisors have about $150 million in advisory and brokerage assets under management.

The SEC alleges CapWealth failed to disclose lower-cost share class options to its clients. But the RIA's founder calls the complaint "a shameful exercise and an abuse of power.”

What have you learned and what will you take forward with you into 2021?

The regulatory agency is looking to see if it should change its rules and operations to better address challenges faced during the pandemic.

Merchant has made another minority investment—this time in Miracle Mile, a Los Angeles–based RIA firm with $2 billion in assets.

The Labor Department's final rule creating an exemption for fiduciaries on certain prohibited transactions under ERISA will go into effect after the start of the new administration.

While the structure is appealing, RIA sellers often focus more on who the partner is going to be and what they bring to the table in terms of peer groups and resources. With a SPAC, a lot of those are unknown.