The Investment Adviser Association argues the rule was “adopted largely as proposed” and is “too prescriptive.”

Municipal borrowers have issued nearly $320 billion of long-term debt so far this year, a 37% increase from the same period a year ago.

Wells Fargo is also named in a separate lawsuit filed this week. In it, a former client services associate alleges she was subject to continued mistreatment from a superior without action from the bank.

After more than 20 years in the wealthtech business, Orion's president of advisor technology says he's taking a break from the industry. He’ll stay on as an advisor to Orion’s CEO for the rest of this year.

The monthly advisor index improved slightly for both the market and the economy.

The lawsuit, which seeks a class action, was filed in New York federal court last week. It follows similar suits brought against UBS, Ameriprise and LPL Financial.