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Legal & Compliance

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You Can't 'Legislate Good Behavior': What Advisors Really Think About The DOL Rule

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Few in the advisory industry view the fiduciary proposal as a cure-all.

Advisor Scores Restraining Order Victory Against Hightower

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Ex-Hightower advisor Lars Knudsen got a restraining order after accusing the firm of poaching his clients.

Edelman Explains Why The Days Of Advisor Poaching Are Here

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Meanwhile, Mariner's CEO sees advisors missing a huge opportunity.

Commonwealth Hit With $93.3M Judgment Over Revenue-Sharing Conflicts

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The SEC said the firm's revenue-sharing agreement made mutual funds more costly to clients.

JPMorgan Client Who Lost $50 Million Fortune Faces Court Setback

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Peter Doelger and his wife sued JPMorgan over investments they allege never should have been allowed.

Morgan Stanley Lawsuit Alleges Former Rep Is Stealing Clients

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The firm is seeking a temporary restraining order against a former rep at its Newport News, Va., office.

Fiduciaries Should Have 'Little Difficulty' Complying With DOL Rule, CFP Board Counsel Says

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CFP Board General Counsel Leo Rydzewski also feels the DOL fiduciary rule can withstand a court challenge.

How Insurance Agents Can Ascend Under The New DOL Rule

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The DOL has provided insurance agents with an opportunity to advance the practice of retirement income distribution planning.

Former Indiana Advisor Gets 4 Years For Stealing $4.6M From Client

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Christopher Turean used his client's money to gamble on sports and pay off a home equity loan.

Reg BI Client Claims Double In 2023 As Finra Arbitrations Jump 12%

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One securities attorney said to expect more client complaints based on Reg BI standards.

Bankman-Fried Is Sentenced To 25 Years In Prison Over FTX Collapse

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He faced as long as 110 years behind bars after being convicted last year of seven offenses.

U.S. Agencies Made $247B In 'Improper' Payments Last Year, GAO Says

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The Medicare and Medicaid programs were the worst offenders, the fiscal watchdog said.

Senators Urge DOL To Hurry And Finalize Fiduciary Rule

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The rule is needed to protect retirement savers from conflicted advice, Democratic lawmakers said.

AI Is Making Financial Fraud Easier And More Sophisticated, U.S. Treasury Warns

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Recent AI advancements help criminals more realistically impersonate customers.

Morgan Stanley Seeks Restraining Order Against Advisor Who Quit $2B Team

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The bank accused Zakriah Gardezy of stealing confidential client information when he moved to Wealthstone.

Stifel Penalized $2 Million Over Unsuitable Investments

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The firm and its advisor subsidiary kept clients in short-term products for too long, Finra said.

Finra Panel Rules Morgan Stanley Must Pay $3M To Ex-Brokers For Deferred Comp Claims

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A Finra panel found these ex-advisors' deferred compensation was protected by ERISA.

Homebuyers Expecting $10,000 Savings Face Tough Reality

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The decades-old system for how US agents are compensated has long been controversial.

Hightower Counters Ex-Advisor Lawsuit, Says He Stole Company Secrets, Misappropriated Funds

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Hightower says Lars Knudsen was violating his post-sale agreements and creating a hostile work environment.

Northwestern Mutual Penalized $8M For Alleged Wrongful Termination

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Three brokers who worked for the company in Abington, Pa., shared the Finra award.

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