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The SEC argued that Westport Capital Markets and its owner, Christopher E. McClure, had 'generated significant undisclosed compensation' to the detriment of their clients.
Wirehouse advisors reported lower levels of support and greater levels of business disruption over the last year compared to non-wirehouse and independent advisors, according to a J.D. Power survey.
As part of the revamp, the department has been renamed 'field supervision,' and the firm has promoted Steve Palmer, a first vice president of sales supervision, to lead it.