Regulation and Compliance issues for Wealth Professionals can be challenging to navigate especially when the SEC is involved. Catch the latest news and analysis on compliance updates that impact financial advisors.
The “Investor Choice Act” would prohibit b/ds and advisors from mandating client arbitration. Additionally, PIABA and other investor advocates are pressuring the SEC to ban the practice.
Some compliance experts took issue with a recent Michael Kitces podcast that appeared to endorse a marketing strategy that includes soliciting and reposting clients’ Google reviews.
The Institute will again take the Labor Department to court if it does not withdraw or “substantially improve” the rule governing advisors to retirement accounts, according to CEO Dale Brown.
The bank filed its complaint against Nader Joseph Al-Mooshi, arguing that so far the advisor’s convinced about 64 households with $40 million in assets to leave J.P. Morgan and join Kestra Financial.
Helen Grace Caldwell faces 20 years in prison after being charged with wire fraud in a scheme that allegedly stole $1.5 million from clients, according to the Justice Department.
The brokerage app sued Commonwealth Secretary William Galvin, arguing against the validity of Massachusetts’ fiduciary standard. The state’s highest court ruled in favor of Galvin.
The independent broker advocacy group previously sued the DOL for withdrawing a Trump-era version of the rule in 2021 and is looking to revive that lawsuit.
J.P. Morgan Securities agreed to pay $18 million to settle charges that it gave certain clients the choice of accepting credits or settlements while agreeing not to approach regulators.
