COVID-19, economic uncertainty and political change–along with high firm valuations—are pushing more advisors to take their own retirement from the industry seriously.
The order is the latest in a recent run of SEC actions against firms alleging they failed to disclose conflicts around mutual fund share class selection.
Chair Jay Clayton touted the changes as necessary updates to requirements that had gone unchanged for decades, though some commissioners expressed concerns even as they voted in support.
Andrew Stotler details his journey from Edward Jones' anti-money laundering review division to starting his own business by knocking on doors to get clients.
While previous exams looked at 'good faith' efforts by firms to comply, next year the commission will focus on specific rule requirements that 'go beyond suitability standards.'
The agency said the firm had failed to properly oversee registered representatives' recommendations on variable annuities, mutual funds and 529 plans, affecting about 2,400 customers in total.
