The firm is the latest charged with failing to oversee reps who recommended early rollovers of unit investment trusts (UITs) that left clients saddled with higher sales charges.
Brian M. Woods Financial Services, which oversees 30 advisors and $1.6 billion in assets, decided to jump ship to LPL Financial, after the firm's b/d, Voya, was acquired by Cetera.
Until last July, Guggenheim Securities prohibited employees from reaching out to officials at the SEC or other watchdogs without prior consent from the firm’s lawyers.
The Institute for the Fiduciary Standard released its alternate version of the disclosure document, arguing more was needed to draw the distinction between investment advisors and broker/dealers.
Melville, N.Y.–based Keith Ryan, a former UBS advisor with $140 million in client assets, is the first to join under Commonwealth’s new pricing model for breakaway advisors.
Digital account onboarding—long promised—is a must-have for Charles Schwab, says one analyst. The firm is preparing for the feature's launch next month.
According to the regulatory agency, the California-based broker/dealer failed 'to establish and maintain a reasonably designed supervisory system' on the sale of variable universal life insurance contracts and mutual funds during several years.