4. Repeating an error is an even bigger mistake
Transamerica Financial Advisors Inc. did not correct procedures throughout its firm after regulators found violations at a branch office that some clients weren’t getting the breakpoint discounts they were due, the SEC said in an April 3 administrative complaint. The St. Petersburg, Fla.-based firm had to pay a total of $1 million in fines and client payments to more than 2,000 customers. Our story digs into the issue.