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.
The "Crypto Mom" departure would leave the SEC commission with just two members and no Democratic commissioners on the panel.
IFP Securities’ owner, Bill Hamm, has a long-term plan for the firm and its 279 financial advisors.
Meanwhile, a Osaic and Envestnet ink a new adaptive wealthtech partnership to better support the firm's 10,000-plus advisors, and RIA-focused VastAdvisor unveils native integrations with leading CRMs.
A former Alabama investment advisor and ex-Kestra rep has been permanently barred and penalized after clients he promised to protect got caught in a $2.6 million fraud.
As more active strategies get packaged into the ETF wrapper, advisors and investors have to look beyond expense ratios as the benchmark for value.
Wellington explores how multi strategy hedge funds may enhance diversification
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
