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.
Some brokerage and RIA firms are on the hook, literally, for their advisors' telephone conversations in particular those with a certain number of reps who've previously worked at firms
Proposed legislation aimed at restricting the use of independent contractors for labor and tax purposes is back on the federal to do list. Independent broker/dealer executives are worried the legislation could put them out of business
Decoy Client Sometimes a fake client is an advisor's best friend, unless, that is, the advisor gets caught. On March 9, 2009, the SEC charged Leila Jenkins and her firm, Locke Capital Management Inc., with inventing a client with a massive and...
In an effort to catch future Madoffs before they strike, the SEC would like to ask your clients a few questions. Over-the-top government meddling or simply a good idea?
It's well settled in American jurisprudence governing trust administration that the trustee's duties of due care and prudence in holding and managing trust assets include the duty to diversify investments.
FINRA recently awarded $100,000 to baseball broadcaster Tim McCarver related to his losses on Morgan Keegan mutual funds. McCarver invested $400,000 in four closed-end mutual funds and one open-end fund. The funds suffered from the meltdown in...
This week, Wall Street is bearish on compensation. Perhaps the most alarming (read hilarious) bit of news was a veritable death sentence for AIG executives issued Monday by Iowa Senator Charles “Chuck” Grassley, who told Cedar Rapids...
When you weigh the Securities and Exchange Commission’s manpower, technology and budget against the securities industry’s size and complexity, it’s easy to imagine gaps in the regulatory system. With or without an increased...
Are Wall Street financial advisors ready to be held to a fiduciary standard in all of their dealings with clients? Maybe they should be. In a Tuesday testimony about regulatory reform before the Senate Committee on banking, Housing and Urban...
We really don’t want to take sides, but we can’t help but notice that our long-time legal columnist Bill Singer is throwing down the gauntlet again. He’s challenging FINRA—for a meeting. You see, Bill Singer has a history...