The SEC also alleges that AssetMark failed to keep records and documentations to form the basis for claims in the advertising it disseminated.
“A number of companies were provided with inaccurate and incomplete information by F-Squared regarding their products and made that information available to Advisors and clients," said AssetMark in a company statement released on Friday. "As soon as we were made aware of these discrepancies, we immediately discontinued the availability of the information and put the only product we offered with a connection to F-Squared under review. Ultimately, we made the decision to remove F-Squared from our platform. We’re glad to put this issue to rest and to continue to focus on serving advisors and their clients, which has remained our priority throughout.”
The 12 other firms fined in the SEC’s administrative process settled similar charges in violation of the Advisers Act.
BB&T Securities, Banyan Partners, Hilliard Lyons, Ladenburg Thalmann Asset Management and Shamrock Asset Management each agreed to pay civil penalties of $200,000 to settle the charges.
Congress Wealth Management, Constellation Wealth Management, Executive Monetary Management, HT Partners, Prospera Financial Services, Risk Paradigm Group and Schneider Downs Wealth Management Advisors each agreed to pay civil penalties of $100,000 to settle the charges.
All 13 of the investment advisors neither admitted nor denied the SEC’s findings in settling the charges.