10 States With Most Advisors Headquartered
Most investment advisory firms’ main offices are concentrated in relatively few states, with distribution likely driven by access to financial markets, population and net worth.
SEC Brought ‘Record’ 755 Enforcement Actions in 2014
The SEC filed a “record” 755 enforcement actions and obtained orders totaling $4.16 billion in penalties in fiscal 2014, the SEC says.
Digital Currency Council Offers On-Site Training for Financial Pros
The recently launched DCC has a new “Enterprise Training” curriculum for legal, accounting and financial services professionals.
Wells Fargo Compliance Officer Altered Doc After Insider Trader Slipped Through Cracks: SEC
Document was changed to cover mistakes in reviewing broker’s illegal Burger King trades, SEC says.
RIA Assets Jumped 12.6% in 2014: IAA/NRS Study
Regulatory assets held by advisors registered with the SEC increased by $6.9 trillion from last year, according to an analysis of filings.
Rep. Garrett to FINRA: Hold Off on CARDS
“After a preliminary reading of the proposed rule, I remain far from convinced that this new, costly and burdensome proposal is needed,” Rep. Garrett says.
New Fiscal Year Will Bring More Advisor Cases: SEC Enforcement Chief
SEC enforcement chief Andrew Ceresney says the agency will continue to bring cases on matters like fees and conflicts of interest.
LPL to Pay More Than $500,000 Over Annuity Surrender Charges
LPL Financial agreed Tuesday to pay $541,058 to seniors in Massachusetts for failing to properly disclose surrender charges these clients paid when switching VAs.
Janus Buys VelocityShares, Giving Gross Fixed Income ETF Launching Pad: Morningstar
The $30 million acquisition positions Janus “within the rapidly growing rules-based and active ETF universe," says Janus Capital CEO Richard Weil.
Morningstar: PIMCO’s Post-Gross Total Return Fund Is Fine—for Now
While the fund has seen “significant outflows,” PIMCO has “sufficient liquidity” to handle it, says Morningstar’s fixed-income team.