For a second time, the Financial Industry Regulatory Authority Inc. has censured and fined Cambridge Investment Research over problems with its supervision of sales of unit investment trusts (UITs).
Finra imposed a fine of $150,000 for failing to “establish and maintain a supervisory system,” failing to reasonably supervise short-term trading of UITs and mutual fund Class A shares, and failing to ensure that customers received available mutual fund break-point discounts. The fine and censure covered the period between July 2013 and January 2017.
In April 2015, Cambridge entered into a letter of acceptance, waiver and consent with Finra in which it agreed to a censure and fine of $250,000 for failing to apply “rollover” and exchange discounts to customers with eligible UIT purchases between January 2008 and November 2013.
Plus, a $400 million Commonwealth team departs to launch an independent family-run RIA in the East Bay area.
The collaboration will focus initially on strategies within collective investment trusts in DC plans, with plans to expand to other retirement-focused private investment solutions.
“I respectfully request that all recruiters for other BDs discontinue their efforts to contact me," writes Thomas Bartholomew.
Wealth tech veteran Aaron Klein speaks out against the "misery" of client meetings, why advisors' communication skills don't always help, and AI's potential to make bad meetings "100 times better."
The proposed $120 million settlement would close the book on a legal challenge alleging the Wall Street banks failed to disclose crucial conflicts of interest to investors.
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.
