Kenneth Corbin

Citing mounting investor losses from unpaid arbitration awards, investor advocates see a role for Congress to force FINRA's hand.

Rival firms like Ameriprise could stand to gain as advisors adapt to new recruiting realities.

Commission officials put the industry on notice about self-reporting: financial advisors must comply or face harsh punishments.

The wirehouse is charting a litigious course since breaking with the Broker Protocol, and some observers think the scorched-earth campaign could harm its reputation.

"I think it's something that the market needs. I think it's something that regulators need," Jay Clayton says.

The test will also be modified to account for the new tax law while aiming to plug leaks in the pipeline from college to CFP certification.

Finance professor Tom Warschauer calls on the academic research community to improve communication and further understanding of clients' behavior.

Planners must make accurate disclosures about their service models, says the regulator.

Come forward now or face penalties later, the regulator is warning advisors who failed to disclose conflicts of interest around high-cost mutual fund share classes.

"Simply put, the plaintiff here is looking to be paid the same money twice," a spokeswoman for the Swiss firm says.