The SEC claimed George Blankenbaker raised more than $11 million from investors, while the Justice Department also charged him with wire fraud and money laundering.

The well-known financial literacy guru's controversial comments at a recent virtual conference highlight how the majority-centric baby boomer mindset for financial planning no longer works.

Increasing gender diversity in our industry is a huge opportunity for everyone involved.

The SEC claimed Douglas Elstun put clients' long-term money in high-risk leveraged and inverse ETFs, funds meant for short-term trading. He was trying to 'please too many people,' his lawyer said.

Cambridge Investment Research, Securities America and J.W. Cole Financial failed to see the risk as reps sold options-laden 'short-vol' LJM Preservation and Growth Fund to investors, according to the regulator.

Advisory firms must make the choice to cultivate cultures that nurture diversity, equity, inclusion and belonging, and implement structures and systems to hold each other accountable, writes Lazetta Rainey Braxton.