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.
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...
The SEC’s civil fraud charges against R. Allen Stanford are having nasty repercussions for Stanford Financial Group financial advisors and clients not implicated in any wrongdoing. The SEC has frozen client accounts of Stanford Financial...
The market skidded into a ditch this morning, with the Dow Jones Industrial Average opening below 7,000 following a global selloff overnight in Japan and Europe. Mid-morning it continued to slide, down around 3 percent, or 220 points, to 6858. It...
Year in and year out I warn you folks to steer clear of the same catalog of violations and, just as surely, many of you take that as a challenge to try to come up with new ways of committing the same old tricks (and getting away with it). Alas...
