RBC Capital Markets has signed a consent order with Massachusetts securities regulators, accepting a censure and a $200,000 fine for failing to supervise former broker Bruce Cameron, who over-concentrated the portfolios of senior citizens in energy sector master limited partnerships.
Cameron, a 50-year veteran of the securities industry, left the firm and dropped his securities registrations last November after being censured by the state.
In addition to the fine, RBC was ordered to provide offers of reimbursement to the affected investors.
LPL Financial and Raymond James also add independent advisors from Osaic and Edward Jones in Michigan and Arizona.
The SEC-registered RIA advises on more than $1 billion in client assets, with no advisory fee through 2027 and no human financial advisors.
The four wirehouse firms lost 1,449 experienced advisors and recruited 932 in the first six months of the year, according to Diamond Consultants.
Merit's 10th Commonwealth addition deepens its Western New York reach, while another Hightower partner joins its Signature Wealth platform in Michigan.
Report on Climate Action 100+ signals risk for passive managers' 13G status heading into the 2027 proxy season.
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
