See the latest on the Wealth Management Industry including M&A activity, diversity and inclusion and RIA updates.
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The Court ruled 8-1 in Liu vs. the Securities and Exchange Commission that the practice was allowable provided that the fees did not exceed the "wrongdoer's net profits," according to a majority opinion written by Justice Sonia Sotomayor.
The regulatory agency for broker/dealers has changed language to make clear that its rule would not apply to recommendations covered by the SEC's rule, which will be implemented on June 30.
Former Assistant Secretary of Labor Phyllis Borzi condemned the advocacy organization for trying to inhibit the SEC's ability to act on existing rules, during an Institute for the Fiduciary Standard webcast.
Octavia Wealth Advisors, a firm that managed $1.6 billion in AUM at AXA Advisors, has 35 employees and offices in Cincinnatti, Los Angeles, San Diego and Miami.
Former UBS advisor Matt Kilgroe, who advises sports and entertainment professionals, has left the brokerage to launch his own firm, Cyndeo Wealth Partners.
Marilyn Booker claims in her lawsuit that senior leaders at Morgan Stanley refused to adopt her plan to address racial bias at the firm and instead terminated her.