Virginia's State Corporation Commission's ban on advisors using mandatory arbitration clauses in advisory contracts went into effect this week, but the rule is likely unenforceable.
A significant number of investors are putting retirement goals at risk to help their adult children and aging parents; women investors are more likely to make the sacrifice.
The regulator alleges that the firm improperly charged advisory fees on retail accounts that had been inactive at least a year and charged excess commissions on brokerage client investments in unit investment trusts.
