SEC Finds Shady Practices in BDs' Structured Product Sales
Examiners found suitability violations including heavy sales to customers who were elderly, didn't speak English or had a conservative investment objective.
FINRA Sweeping BDs on Comp Practices
Recruiter Jon Henschen says FINRA treats BDs like "moonshiners," made to pay "extortion money" in the form of fines for breaking ever-more convoluted rules.
FINRA Floats ‘Watered Down’ BrokerCheck, Broker Bonus Rules
The new broker bonus plan “runs counter to the current industry debate” over a common fiduciary standard, which brokerage firms largely favor, lawyer Patrick Burns says.
White House Memo Offers a Peek at DOL Fiduciary Strategy
Two top Obama economic advisors write in an internal memo that DOL should tighten broker rules; they share some details from the long-awaited fiduciary redraft.
Cambridge Joins Ranks of IBDs Abandoning Schorsch
The group stops sales of three Cole REITs following an accounting scandal at American Realty Capital.
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.
FINRA’s Big-Brokerage Loyalty Revealed in New Bonus Plan: Lawyer
The proposal, which curtails mandatory disclosures, should "leave no doubt" where FINRA’s loyalties lie, lawyer Patrick Burns says; recruiter Jon Henschen argues disclosure is pointless.
FINRA Sends Broker Bonus Plan to SEC for Approval
If approved, brokers would need to disclose their recruitment comp to clients following them to their new firm for a year after the broker's move.
FINRA Expands BrokerCheck
Investors can now search both the BrokerCheck and IARD record of any securities professional or firm directly on the FINRA home page.
Want a Big Paycheck to Switch BDs? Beware the True Price
Culture beats cash when it comes to picking the right firm, recruiter Jon Henschen says.