The SEC claimed Douglas Elstun put clients' long-term money in high-risk leveraged and inverse ETFs, funds meant for short-term trading. He was trying to 'please too many people,' his lawyer said.

BIPOC- and women-owned firms manage just 1.3% of assets. Advisors are in a position to help change that number.

At the same time, an activist shareholder in the b/d’s parent, Blucora, continues its proxy campaign with a new 73-page presentation calling for change in the firm’s board of directors.

MAI, backed by Wealth Partners Capital Group, continues its acquisition spree with Cleveland, Ohio, firm Ownership Advisors.

Cambridge Investment Research, Securities America and J.W. Cole Financial failed to see the risk as reps sold options-laden 'short-vol' LJM Preservation and Growth Fund to investors, according to the regulator.

Advisory firms must make the choice to cultivate cultures that nurture diversity, equity, inclusion and belonging, and implement structures and systems to hold each other accountable, writes Lazetta Rainey Braxton.

Kingswood U.S. CEO Derek Bruton is leaving the firm in June.

The timeline for integration remains unchanged, but advisors may not retain the service teams they're used to.