The New York State Department of Financial Services alleges Robinhood lacked sufficient staff and resources to ensure compliance with the Bank Secrecy Act and anti-money-laundering rules. 

Empty certifications that require no experience and limited interaction only add to plan sponsors’ mistrust of the industry.

The SEC's settlement with Aegis Capital Corporation included a $2.3 million civil penalty; Commissioner Hester Peirce said the deal may lead to firms not giving clients the investment option at all even when it would be useful for them.

Firms that don’t embrace technological solutions to track, analyze and assess risk across asset classes and geographies will be hard-pressed to stay relevant.

Advisors with histories of serious misconduct who exit the brokerage industry often continue to provide advice under state insurance regulations and are likely to reoffend in the future, according to a recent Stanford Law study.

To thrive in this environment, firms need to develop purposeful strategies for recruiting and retaining top industry talent.

Like any financial windfall, the jumbo Mega Millions prize will be subject to taxes.

One securities attorney said the $2 million in fines was minimal considering the size of the firms, an indication that the SEC wants the industry to take the issue seriously.