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.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
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
