David Geake solicited an elderly couple to pledge securities as collateral for a bank loan to support a startup the rep had invested in, but the couple allegedly lost their money when the company failed.

Active investors are engaging in a massive transfer of wealth—from their own wallets into those of active managers.

Advisors now have the ability to customize the firm’s model portfolios to reflect their or their clients’ personal preferences.

SMArtY is meant to appeal to advisors who want to use models yet do not have access to sophisticated SMArtX UMA technology.

Yet, average assets per deal is on track to hit the second-highest level ever recorded by Echelon.

In a parallel action, the SEC charged one of Monmouth Capital Management’s reps with defrauding families of fallen military soldiers.

The departing executive spoke about his reasons behind the move; the search for a replacement; the highs and lows of his tenure; what’s next for him, Orion and the industry at large; and more.

Mercer Global Advisors picked up two more firms with more than half a billion in combined assets, while Robertson Stephens, WEG, NewEdge Wealth, Hub International, Kestra, and RFG all announced new additions this week.

A Focus shareholder filed a lawsuit against the company late last month, claiming its proxy statements were misleading. Focus filed a supplement to the proxy, and says the shareholder will drop the complaint.