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.
Hybrid b/d and RIA Cascade Investment Group recommended high-fee mutual fund share classes when cheaper options were available and failed to disclose the fact, the SEC claims.
The settled charges come after a pair of investigations by the New York state attorney general and the SEC, who both argued TIAA-CREF pushed investors into managed accounts with higher fees.
According to the SEC, the affiliated broker for Kestra Advisory Services and Kestra Private Wealth Services received compensation when clients' assets were invested in certain mutual fund share classes.
The SEC argued that Westport Capital Markets and its owner, Christopher E. McClure, had 'generated significant undisclosed compensation' to the detriment of their clients.
The regulator claims Securities America staff received at least 55 automated alerts concerning one advisor’s suspicious activity, yet failed to escalate them.
