Results for "compliance"

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Cost to play bigger role in investment recommendations

August 19, 2019

Cost will soon play a more important role in the investment recommendations brokers make to clients. The Securities and Exchange Commission, as part of its recent overhaul of investment-advice standards for brokers and financial advisers, explicitly...

Defining the standard for data stewardship

August 15, 2019

When I founded Envestnet almost 20 years ago, my vision for the company was clear: to help independent advisers and financial institutions deliver better outcomes to their clients through cloud-based technology and related services. Data aggregation...

Finra widens window on exam cycle for some small firms

August 8, 2019

Finra will widen the examination cycle for some small brokerage firms, according to one of the regulator's board members. Robert A. Muh, chief executive of Sutter Securities, said in an interview that small firms with a "clean record" — those...

Super OSJ or small firm? What small and midsize practices should consider

July 31, 2019

Many small and midsize practices are leery of affiliating with a large firm because they fear that may result in getting lost in the shuffle. Indeed, when you are just a number in a sea of advisers, it can be challenging to get the type of support...

Vendors need to be held to a higher standard on privacy

July 25, 2019

Not that long ago, keeping clients' data secure was easy. It merely required a lock and key. Now, with third-party providers, remote access and the use of internet platforms, keeping clients' personally identifiable information private is much...

Why a culture of compliance is critical

July 19, 2019

The financial industry's reputation was hit broadside by the financial crisis, eroding trust and opening the door for new industry players offering transparency, convenient service models and lower fees. We remain in a general environment of...

Merrill Lynch pays $40 million settlement over broker churning, faces second claim for $42 million

July 19, 2019

Merrill Lynch last month paid a stunning $40 million settlement to a customer who alleged his broker churned his account and is facing a similar claim for $42 million from another customer who had the same broker. The broker, Charles E. Kenahan,...

Texting your clients? Read this first

July 15, 2019

Are you texting your clients? Do clients text you? Are you sure you know the answers to these questions when it comes to your staff? If you haven't added texting as a component of your firm's communications mix, perhaps it's because you believe...

Cybersecurity still a top concern among RIA compliance execs

July 15, 2019

For the sixth year in a row, cybersecurity remains the biggest compliance concern at registered investment adviser firms, according to a survey of 369 RIA firms by the Investment Adviser Association and ACA Compliance Group. Cybersecurity is...

Finra bars ex-Raymond James compliance executive for data tampering

July 8, 2019

The Financial Industry Regulatory Authority Inc. last Wednesday barred a former Raymond James & Associates Inc. compliance executive who in 2016 fiddled with and falsified branch audit data, therefore avoiding performing follow-up work. In January,...

SEC bars ex-Transamerica broker who took $583,000 from clients

July 8, 2019

The Securities and Exchange Commission on Friday barred a former Transamerica Financial Advisors Inc. broker who was charged last summer by the U.S. Attorney's office with securities and bank fraud in taking $583,000 from his clients. The broker,...

Finra slaps Summit Brokerage with fines, restitution over broker churning

July 2, 2019

Summit Brokerage Services Inc. on Tuesday was hit with $880,000 in sanctions for a variety of supervisory failures, including not keeping tabs on a broker who for three years churned client accounts. In fact, compliance employees at Summit failed...

Galvin smacks LPL with $1.1 million fine

June 26, 2019

In yet another chapter of the seemingly constant battle between the largest independent broker-dealer and the most notable state securities regulator, Secretary of the Commonwealth of Massachusetts William Galvin said on Wednesday his office...

Finra fines, suspends ex-Merrill Lynch broker over loans from clients

June 25, 2019

The Financial Industry Regulatory Authority Inc. on Tuesday fined a former Merrill Lynch broker $12,500 and suspended him for eight months after the broker borrowed $69,000 from two of his clients without telling his firm. The broker, Fred Brown,...

SEC advice rule brings tech focus back to compliance

June 21, 2019

The Securities and Exchange Commission's new reforms on financial advice could push firms to rethink how they invest in technology. Technology vendors say they've experienced a flurry of incoming questions from broker-dealers, registered investment...

Finra dings Edward Jones for underreporting alleged damages in customer complaints

June 20, 2019

Over a two-year period, Edward D. Jones & Co. understated alleged damages in nearly 80 customer complaints, according to a settlement announced Wednesday with the Financial Industry Regulatory Authority Inc. From April 2016 to March 2018, Edward...

Cetera latest to be hit with data breach of personal information

June 13, 2019

Cetera Financial Group is the latest in a growing number of financial advice firms to be hit with a data breach, putting information for about 2,000 clients at risk. The firm confirmed the number of clients whose information was potentially...

John Taft: Reg BI the best we could have hoped for

June 12, 2019

Nine years after the Dodd-Frank Act gave the Securities and Exchange Commission authority to raise the bar for individual investor protection, the SEC finally took the bull by the horns last week, approving its long-awaited Regulation Best Interest...

It's time to focus on supervision professionals' specialized needs

June 6, 2019

Many members of our industry tend to view supervision as part of compliance when, in fact, it is its own distinct function. The complex and time-consuming nature of regulation in our space means that these two crucial functions are carried out...

Finra suspends ex-Morgan Stanley broker who made hundreds of CD trades for elderly client

May 31, 2019

A veteran broker formerly with Morgan Stanley was suspended on Friday for 18 months by the Financial Industry Regulatory Authority Inc. over a matter involving hundreds of trades of bank-issued certificates of deposit in the account of an elderly...

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