Industry

The settlement is the first action coming from the regulatory agency's 2019 self-reporting initiative for failures to oversee 529 plan share class recommendations.

Los Angeles-based Bel Air, which has $8 billion in client assets, is Hightower's largest RIA deal yet.

Financial advisors proved their tenacity and resilience in 2020, and through this resolve, a new evolution is emerging. It’s good news for advisors.

Boutique and mid-sized asset managers can revive it by developing the niche strategies most in demand from advisors and their clients.

Should I stay or should I go?

The order is the latest in a recent run of SEC actions against firms alleging they failed to disclose conflicts around mutual fund share class selection.

Chair Jay Clayton touted the changes as necessary updates to requirements that had gone unchanged for decades, though some commissioners expressed concerns even as they voted in support.

While previous exams looked at 'good faith' efforts by firms to comply, next year the commission will focus on specific rule requirements that 'go beyond suitability standards.'