HSBC Securities (USA) will pay a $750,000 civil penalty to settle with the Securities and Exchange Commission for making misrepresentations to retail clients about the compensation of its dually registered investment adviser and broker representatives.
According to the SEC's order, HSBC Securities told clients that its representatives were compensated based solely on nonfinancial factors and not based on the advisory fees paid to HSBC Securities.
The firm actually considered several financial factors to determine its representatives’ bonus compensation, including the amount of advisory fees that clients paid to HSBC Securities each quarter, which gave the broker/advisers “a financial incentive to generate more advisory fees in their clients' accounts,” the SEC said in release.
Also, Orion has added BlackRock, Fidelity, and Vanguard to its custom portfolios suite, and RedBlack has set up a new headquarters after crossing a trillion-dollar milestone.
Also, New York-based Legacy Edge Advisors names its first-ever CEO, while Novare Capital Management hires a Vanguard veteran with a multigenerational planning focus.
Asset managers are racing to bring private market products to retirement plans, but cost and liquidity concerns linger.
Treasury's latest tax-exemption crackdown on private schools lands in the wake of a separate push to restrict refundable credits for some immigrant filers.
Workforce trust measures predicted which companies came out ahead during COVID-19. The same dynamic may now be playing out across the AI transition — and the data suggests the spread could be just as wide.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
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
