The Practice: Fees and compensation

FA Ordered to Pay UBS $500K+ Over Promissory Notes

September 27, 2021No Comments

Arbitrators denied Jason Lee Seifert's counterclaims, which included fraudulent inducement, constructive fraud and negligent misrepresentation.

Industry Lobbyists Urge More Time on DOL’s Fiduciary Rule

September 24, 2021No Comments

Sifma, the U.S. Chamber of Commerce and others want an extension of a temporary enforcement policy on exemptions.

State Securities Examiners Find Holes in Firms’ Protection of Seniors

September 23, 2021No Comments

The North American Securities Administrators Association says close to 60% of state-registered investment advisor firms don’t have the proper policies and procedures for preventing the financial exploitation of seniors.

UK-Based Revolut to Roll Out Commission-Free Stock Trades in US

September 23, 2021No Comments

Like Robinhood Financial, Revolut will earn money from payments for order flow.

RIA Firm Fined $389K Over 12b-1 Fee Disclosures, Fund Selection

September 22, 2021No Comments

The Securities and Exchange Commission says Berthel Fisher & Company Financial Services allegedly violated mutual fund share class selection rules from 2014 through March 2018.

No 'Large-Scale Change' to Merrill FA Pay Grid: Andy Sieg

September 22, 2021No Comments

Merrill Lynch Wealth Management's president has acknowledged that the various changes in the unit have frustrated its advisors, Business Insider reports.

RBC Capital Settles with SEC for $800K Over Muni Bond Dealings

September 20, 2021No Comments

The regulator alleges that the company misallocated bonds meant for institutional customers and dealers.

Schwab to Raise Fees on Vanguard, Fidelity Funds

September 20, 2021No Comments

The firm tells Barron’s that the higher fees will apply to individual investors and will go to cover record-keeping and other administrative costs.

25-Year Industry Vet Fired, Suspended, Fined for Expensing Bus Passes

September 17, 2021No Comments

Anthony DeJohn allegedly claimed he traveled out of town to meet clients when he used his corporate card to pay for bus passes for his daily commute.

RayJay FA Comp Plan Unchanged for Fourth Straight Year

September 16, 2021No Comments

Other broker-dealers, such as Stifel Financial, RBC Wealth Management and Ameriprise Financial Services, will also likely keep their compensation plans steady, a recruiter says.