Securities regulators in Massachusetts have levied a $250,000 fine against MLS Investment Services, a subsidiary of MassMutual, over the company’s failure to supervise an agent who defrauded clients by pressuring them into unsuitable high-commission insurance products.
As part of a consent order filed by the state’s securities division, MLS Investment Services agreed to pay the fine and disgorge any profits related to the unlawful actions of the agent, and to conduct an internal review of its supervisory procedures.
The securities division also said in release that it has filed a separate complaint against the agent, Charles J. Evan, seeking to ban him permanently from operating in Massachusetts. Evan, who has since been terminated by his employers and by the Financial Industry Regulatory Authority, is alleged to have aggressively pushed clients into variable annuities for almost a decade, while falsely claiming not to be receiving commissions on the sales.
In addition to a permanent ban from operating in Massachusetts, the securities division is also seeking an order to require Evan to pay restitution to compensate affected investors for their losses and to pay an administrative fine to the Commonwealth.
IRAs now hold nearly twice the assets of 401(k) plans — and most of that money didn't arrive through annual contributions.
A new survey finds that many women prioritize financial security but continue to leave savings in accounts that may not keep pace with inflation.
Roundhill, Bitwise and GraniteShares funds remain on hold while the agency weighs how novel ETFs should be regulated.
"Shares of alternative assets managers have lagged this year as investors grow wary of private-credit exposure."
The fintech platform is touting a new AI-free Planning Observations feature, which draws on IRS tax records to uncover opportunities for advisors.
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
