Industry

Ken Leech is taking a leave of absence as co-chief investment officer after receiving a so-called Wells notice from the SEC, a warning that regulators may recommend enforcement.

The lawsuits filed in Minnesota and California federal courts come as a New York-based law firm announced a new task force looking into the controversial practice, assisted by former SEC Commissioner Robert Jackson, Jr.

Andy Watts will take over Mackay’s duties as tax channel leader, overseeing more than 4,000 advisors within Avantax and Cetera Financial Specialists.

Academy Financial and PFG Advisors, which were with Lincoln's wealth business before Osaic acquired it, will merge under Academy’s brand.

Advisors need to make sure such changes don’t significantly alter their investment’s risk/reward profile.

The judge said the FTC lacked the authority to enact the ban, which she said was “unreasonably overbroad without a reasonable explanation.” 

Advisors Gary Perl and Katie Janda collectively manage more than $360 million in client assets and join Raymond James’ employee channel.

Over the last year, Swenson has been expanding Osaic’s options for advisors who want to operate without a FINRA license.

The alternative investment platform emphasizes its open architecture and sees itself as an enterprise solution for advisors rather than connecting large numbers of asset managers and RIAs.