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.
Two industry observers question the benefits of how the deal is structured.
Open to Fidelity's custody clients, advisers will have access to an online portal, one-on-one coaching and peer learning opportunities.
Nuts-and-bolts improvements for firm's 14,000 advisers stressed.
Company cites market volatility and financial uncertainty as factors for pay freeze.
