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.
In separate lawsuits, J.P. Morgan Securities sought temporary restraining orders to stop several advisors who they claimed illegally solicited former clients after moving to new roles.
The firm recommended investments in share class options for clients in its wrap account programs when more affordable options were available, according to the commission.
The state’s Securities Division released its “Ongoing Financial Planning Guide” earlier this year to address what it said were the compliance questions raised by the increased popularity of the subscription model compared to AUM-based fees.
The firm argues David Anderson already attracted 15 former client households with about $24 million in business after moving to Stifel, according to a federal lawsuit.
President and CEO Wayne Chopus sent letters to U.S. Senate and House leaders urging them to approve FY 2023 money for the SEC to make new hires in its Enforcement and Examination divisions.
The SEC charged Dean McDermott and his firm, McDermott Investment Advisors, for investing clients’ funds in unit investment trusts with extra charges when more affordable options were available.
