Massachusetts securities regulators have fined Janney Montgomery Scott over $286,000 and ordered the firm to pay nearly $164,000 in restitution to investors over a broker’s frequent sale of mutual funds with higher front-loaded fees.
In a complaint filed last year, state regulators alleged Janney failed to supervise agent Stephen Querzoli’s short-term trading of Class A shares of mutual funds. The state charged that the trading harmed investors, while generating nearly $200,000 in commissions and fees over a six-year period.
Because Class A shares typically have front-loaded fees and lower annual expenses compared with other class shares, they generally are held for periods of three to five years or more. But regulators said Querzoli would frequently sell such mutual funds after a few months and use the sales proceeds to purchase new mutual funds. That drove up commissions paid by customers by thousands of dollars, the state regulators said in a release.
Janney did little to stop its broker’s sales practices, leaving him unchecked even after opening their own inquiry three into the time period during which the inappropriate sales were taking place, according to regulators.
For service-focused financial advisors who might take their well-being for granted, regular check-ins and active listening from the top can provide a powerful recharge.
With Parkworth Wealth Management and its Silicon Valley tech industry client base now onboard, Savant accelerates its vision of housing 10 to 12 specialty practices under its national RIA.
Meanwhile, $34 billion independent First Manhattan welcomed New Jersey-based Roanoke Asset Management, an RIA firm with more than 40 years of history.
Most notably, two chief compliance officers have also recently left the firm.
The latest team to join Cetera, led by a 29-year veteran professional, arrives with roughly $380 million in AUA from OSJ Private Advisor Group.
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.
