FinancialPlanning.com recently asked, “How much liability can a firm have for the actions of third-party vendors or clients?” This question has surfaced in various legal
contexts, most recently in a lawsuit against Wells Fargo, which faces allegations of failing to detect a $300 million Ponzi scheme perpetrated by a client.
Merrill Lynch has begun enhancing its recruitment efforts- now offering headhunters a 10 percent referral fee, up from 8 percent, for successful placements. This increase targets 34 specific markets, including key locations like Los Angeles and certain rural areas outside the Bank of America footprint in an attempt to attract veteran advisors.
The Commodity Futures Trading Commission (CFTC) is investigating major Wall Street banks to determine if their non-disclosure agreements (NDAs) are preventing potential whistleblowers from reporting violations.
Registered Investment Advisors (RIAs) are facing a pivotal moment as they gear up to comply with the Securities and Exchange Commission's (SEC) Private Fund Advisers Rules, with the most stringent requirements set to take effect later this year and early in 2025.
The criteria defining who qualifies as an "accredited investor" has not seen inflation adjustments for four decades, resulting in a significant increase in households meeting this definition.
Wells Fargo & Co. recently terminated over a dozen employees following an investigation into allegations of fake work activities.
The Financial Industry Regulatory Authority’s (FINRA) attempt to update its rules on advisors’ outside business activities has stalled, according to Robert Colby, FINRA's chief legal officer.
Victims of Bernie Madoff's Ponzi scheme, Christopher and Silvana Pascucci, cannot claim an $8.2 million tax deduction for their investment in life insurance premiums.
Merrill Lynch has reached an $825,000 settlement with FINRA over allegations of inadequate supervision concerning retail orders and recordkeeping practices dating back to 2017.
The Securities and Exchange Commission (SEC) has issued a new Risk Alert, advising broker-dealers that their prior disciplinary history, financial stress indicators, and media reports could make them likely candidates for an examination.
I want to extend a tremendous thank you for your dedication, professionalism, hard work and patient demeanor through this challenging time. It was enjoyable interacting with everyone on your team, this certainly helped while dealing with the situation and working towards resolution.
Artificial Intelligence (AI) continues to dominate headlines, promising sweeping efficiencies in nearly every industry. Financial Planning reports that financial advisors remain divided on its role and value.
The Easterly ROCMuni High Income Municipal Bond Fund (tickers RMHIX, RMHVX, RMJAX) suffered a significant collapse in mid-2025, wiping out hundreds of millions in value and leaving many investors with steep losses.
FINRA has suspended a Centaurus Financial broker, William Burks, for four months after finding he placed as much as 91 percent of a client’s net worth into illiquid alternative investments.
