Tagged with "RIA"

Former Rockefeller Advisor Lands at Colorado RIA After Unauthorized Trading Allegations

Posted on September 7th, 2022 at 2:08 PM
Former Rockefeller Advisor Lands at Colorado RIA After Unauthorized Trading Allegations

A former Rockefeller Capital Management advisor, Brent Hablutzel, has joined an LPL Financial-affiliated firm after his termination in July over allegations that he completed several unauthorized trades on behalf of his clients. 

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SEC Exam Sweep Exhibits Advisors Overcharging Clients

Posted on November 17th, 2021 at 11:18 AM
SEC Exam Sweep Exhibits Advisors Overcharging Clients

Registered investment advisors (RIAs) are overcharging clients due to inaccurate fee calculations, according to the Securities and Exchange Commission (SEC).

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New York RIA Head Is Sentenced To 13 Years For Ponzi Scheme, Daughter Indicted

Posted on September 11th, 2019 at 2:58 PM
New York RIA Head Is Sentenced To 13 Years For Ponzi Scheme, Daughter Indicted

President of Executive Compensation Planners (“ECP”), Hector May, pled guilty last December to stealing $11.5 million from investors in a Ponzi scheme. He has been sentenced to 13 years in prison and ordered to pay $8.4 million in restitution.

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Schwab Accuses Former Adviser of Soliciting a Client

Posted on September 10th, 2019 at 1:52 PM
Schwab Accuses Former Adviser of Soliciting a Client

Adviser John VanEngelenhoven left his employer, Charles Schwab, to open an RIA that custodies with TD Ameritrade Institutional. Now he faces a FINRA arbitration and preliminary injunction as Schwab accuses him of soliciting at least one of the company’s clients. VanEngelenhoven is among several ex-Schwab advisors who have been taken to court this year over client solicitation.

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Smaller Financial Firms Are Taking Actions in a Fight over Who “Owns” the Client Relationship

Posted on August 23rd, 2019 at 3:49 PM
Smaller Financial Firms Are Taking Actions in a Fight over Who “Owns” the Client Relationship

Wirehouses and its advisors currently are at war for the control over clients and their assets. The fight is getting nasty as major broker-dealers are taking legal actions against advisors who leave one firm and join a competitor. Legal actions, including TROs (temporary restraining orders), are intimidating advisors and confusing clients.

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Alaska RIAs to Pay Over $400,000 to Settle Charges Related to Recruiting Investors for Fraudulent Fund

Posted on August 7th, 2019 at 3:30 PM
Alaska RIAs to Pay Over $400,000 to Settle Charges Related to Recruiting Investors for Fraudulent Fund

Two Alaska-based registered investment advisors and their firm have agreed to pay more than $400,000 to settle charges related to their recruitment of investors for a real estate fund that was running a multi-million dollar fraud.

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E-Trade Begins Picking RIAs for Referrals

Posted on July 18th, 2019 at 2:21 PM
E-Trade Begins Picking RIAs for Referrals

E-Trade is finally emerging within the wealth management industry.

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SEC Clarifies RIAs Can Use “Fiduciary” in Customer Relationship Summary

Posted on June 24th, 2019 at 4:32 PM
SEC Clarifies RIAs Can Use “Fiduciary” in Customer Relationship Summary

A change in the introductory language of the Customer Relationship Summary (“Form CRS”) sparked debate this week. The original wording eliminated the word “fiduciary” when describing the Registered Investment Advisor (“RIA”) standard of care owed to the client.   RIAs voiced their concerns on Twitter and elsewhere.

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SEC Charged North-Carolina’s Financial Adviser with Defrauding Clients by Overcharging Advisory Fees

Posted on June 11th, 2019 at 5:34 PM
SEC Charged North-Carolina’s Financial Adviser with Defrauding Clients by Overcharging Advisory Fees

The Securities and Exchange Commission (“SEC”) charged a North Carolina financial adviser Stephen Brandon Anderson with defrauding his clients by overcharging asset-based advisory fees by at least $367,000 over two years. Mr. Anderson owned and operated River Source Wealth Management in Waynesville, N.C., between November 2010 and March 2017.

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Goldman Sachs Expands Wealth Management Reach by Purchasing United Capital

Posted on May 16th, 2019 at 4:57 PM
Goldman Sachs Expands Wealth Management Reach by Purchasing United Capital

In an effort to become a dominant player in the financial advice business, Goldman Sachs Group Inc. has announced that it has agreed to buy United Capital Financial Partners Inc. for $750 million.

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TESTIMONIALS

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We just wanted to say thanks for your work in helping us get back some of the money we lost. We are not by any means rich, but we have saved some money and we have done so through a tight-fisted approach to most everything we do. So losing a significant chunk of money hurt…especially at a time when everyone else was growing their accounts. We really appreciate the work you did.

Allan and Adele

LATEST NEWS AND ARTICLES

September 23, 2022
CFP Board Lifts Interim Suspension of Former UBS Advisor

The Certified Financial Planner Board of Standards (CFP Board) has lifted an interim suspension it had imposed against a former UBS advisor after criminal fraud charges against him were recently dismissed.

September 22, 2022
FINRA Penalizes Baird Over $100 Trading Commissions

The Financial Industry Regulatory Authority (FINRA) has ordered Robert W. Baird & Co. to pay $461,481 plus interest due to allegations that the firm overcharged its clients on thousands of equity transactions for at least one year.

September 21, 2022
FINRA Arbitrators Award Nearly $470,000 To Investors in UBS YES Product

A Financial Industry Regulatory Authority (FINRA) arbitration panel has ordered UBS to pay nearly $470,000 to clients who invested in a complex options strategy, known as the YES or Yield Enhancement Strategy.