The charges come as investment advisors increasingly use ESG metrics to appeal to investors, according to SEC Enforcement Division Deputy Director Sanjay Wadhwa.

As the balance of power shifts from employers to employees, plan advisors can use benefits to recruit and retain workers.

President Melanie Senter Lubin said the rule would offer state regulators additional means to take action against registrants that don't pay up.

Taking steps to establish that customer relationships are a trade secret may be the best way to protect these valuable assets.

SEC Enforcement Division Director Gurbir S. Grewal said the enforcement action indicated that 'AML obligations are sacrosanct' for registrants.

The SEC claims the RIA violated its fiduciary duty when it did not inform clients about the conflicts related to revenue-sharing agreements and must return funds to affected investors.

The Fifth Circuit Court of Appeals agreed that Congress unconstitutionally delegated its power when it allowed the SEC to pick whether to pursue enforcement cases in federal courts or internally.