The Financial Industry Regulatory Authority has censured Wells Fargo Advisors and fined the firm $175,000 for failing to supervise a registered rep who excessively traded equity positions in the three accounts of an 88-year-old client.
Finra said that the Wells Fargo rep made more than 2,000 trades in the client’s three accounts from March 2012 to March 2016. The trades resulted in $300,000 in commissions and other fees paid to the broker.
Wells Fargo’s systems detected the trades, Finra said, but the firm did not look into the trading more fully.
After an investigation that took place in 2016, Wells Fargo fired the client’s broker and paid $1 million in restitution to settle a complaint the client filed about the handling of her accounts.
Research reveals a 4% year-on-year increase in expenses that one in five Americans, including one-quarter of Gen Xers, say they have not planned for.
Raymond James also lured another ex-Edward Jones advisor in South Carolina, while LPL welcomed a mother-and-son team from Edward Jones and Thrivent.
MyVest and Vestmark have also unveiled strategic partnerships aimed at helping advisors and RIAs bring personalization to more clients.
Wealth management unit sees inflows of $23 billion.
Deal will give US investment bank a foothold in lucrative European market.
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.
