CEO says decision preserves choice while recognizing new fiduciary requirements. <b><i>(More: <a href="//www.investmentnews.com/article/20161030/FREE/161029902/broker-dealers-split-on-commissions-in-wake-of-dol-fiduciary-rule"" target=""_blank"" rel="noopener noreferrer">B-Ds split on commissions in wake of DOL rule</a>)</i></b>
With bankruptcy case concluded, investors stand to recover $400 million.
Twenty-four teams left in third quarter on top of 26 in second quarter. <b><i>(More: <a href="http://data.investmentnews.com/aotm" target="_blank">See all the latest moves in InvestmentNews' Advisers on the Move database</a>)</i></b>
The Massachusetts Securities Division came to that conclusion after surveying 327 RIAs, whom the commonwealth is offering to train for free.
CEO says the commission model, which will require more compliance work on the company's part, serves both clients and advisers well. <b><i>(More: <a href="//www.investmentnews.com/section/fiduciary-focus"" target=""_blank"" rel="noopener noreferrer">The most up-to-date information on the DOL fiduciary rule</a>)</i></b>
Company has spent nearly $19 million this year preparing for the regulation.
Bonuses were tied to getting clients to open loan accounts, which went against the firm's internal prohibition on such initiatives. <b><i>(Related read: <a href="http://www.investmentnews.com/article/20161003/FREE/161009986/former-morgan-stanley-broker-barred-for-unauthorized-borrowing-from" target="_blank">Former Morgan Stanley broker barred for unauthorized borrowing from clients</a>)</b></i>
State launches a sweep of 241 firms with above-average numbers of brokers with misconduct reports on their records.
Accused of forging parents' names on withdrawal request forms, intercepting checks and then spending money without their permission.
