According to the commission, Donald Anthony Wright made false statements when selling promissory notes to clients to fund the purchase of a Texas-based media marketing company.

The firms named include Integrated Advisors Network, Richard Berstein Advisors and Abacus Planning Group, all of which paid six-figure fines.

Take advantage of the full menu of options when going independent.

Morgan Stanley will pay the fine to settle the investigation by the Massachusetts Securities Division.

Here are the good, the bad, and the ugly details that advisors and next-generation inheritors need to be aware of before signing on the dotted line.