Cetera Advisor Networks will pay a $125,000 fine and accept a censure from the Financial Industry Regulatory Authority Inc. in connection with customer privacy breaches.
In a letter of acceptance, waiver and consent, Finra said that between October 2019 and July 2020, Cetera used a third-party vendor to help with brokers transitioning to the firm and failed to take steps to verify whether the reps or their former broker-dealers had notified customers about the disclosure of their nonpublic personal information to the vendor.
In all, 26 recruited representatives took nonpublic personal customer information from their broker-dealers and disclosed it to the vendor. By doing this, Finra said, Cetera caused the other broker-dealers to violate Regulation S-P.
A drop in interest rates and easier access to capital has reignited appetite among private equity-backed consolidators, who accounted for 53% of RIA deals so far this year—their highest share since 2021 according to Devoe & Company'.
Also, Advisor CRM announces a new data integration partnership to ease the pain of client onboarding.
Meanwhile, Merrill Lynch intends to continue building its alternative investment platform for wealthy clients.
The co-founder of IFG discussed with InvestmentNews the unique opportunity that remaining independent offers to build a successful firm.
Three industry leaders will join the hybrid RIA's president and LPL alum, Andy Kalbaugh, to help guide its organic and merger-based growth strategy.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
