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Andrew Stotler details his journey from Edward Jones' anti-money laundering review division to starting his own business by knocking on doors to get clients.
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.'
The agency said the firm had failed to properly oversee registered representatives' recommendations on variable annuities, mutual funds and 529 plans, affecting about 2,400 customers in total.
The regulatory agency said three Cetera broker/dealers had previously been told by the SEC of the failures to properly supervise certain transactions of dually registered representatives, but they failed to set up systems for properly doing so.
Following last week's deal to acquire NWPS, Raymond James said it's purchasing Financo, a boutique investment bank specializing in consumer and retail sectors.