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State regulators claim Raymond James charged customers a a $75 minimum commission charge, regardless of the size of the transaction.

Separately, Merrill Lynch was fined $6 million by the SEC for failing to file hundreds of Suspicious Activity Reports from 2009 to 2019.

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.