Practice

FINRA has sanctioned eight firms and 10 individuals for selling interests in private placement offerings “without having a reasonable basis for recommending the securities,” the regulatory agency said in a statement. The sanctions included ordering more than $3.2 million in total restitution.

Many mass affluent investors have not seen their financial situations improve in the past year and list not saving more toward their 401(k) plans and children’s college funds as top regrets, according to a new report released by Bank of America.

Nearly two-thirds of plan sponsors have changed the investment lineup in their 401(k) plan in the past year, up markedly from a mere 20% in 2008, according to the Profit Sharing/401(k) Council of America.

The team is taking about $1.2 million in production with them. The move makes Brancucci and Crossan managing partners at the practice, which has more than $100 million in AUM.

Linedata says that it has combined the risk analytics services of Riskdata with its Beauchamp portfolio management platform.

Legacy expert attorneys Andy and Danielle Mayoras say the intrigue and legal wrangling surrounding the copper heiress’s $400 million estate serve as a stark reminder that everyone -- wealthy or not -- needs to get proper estate planning advice from their financial advisor before it’s too late.

Nearly two-thirds, 63.8%, of plan sponsors have changed the investment lineup in their 401(k) plan in the past year, up markedly from a mere 20% in 2008, according to the Profit Sharing/401(k) Council of America.

Transamerica Retirement Services has added 38 new stock and bond options to its investment platform for company-sponsored retirement plans.

The SEC has charged three investment advisors — OMNI Investment Advisors, Feltl & Company and Asset Advisors LLC — for failing to implement compliance procedures to prevent securities law violations. OMNI’s owner, Gary R. Beynon, was also charged.

An industry group has asked regulators to disclose the factors they will use to determine which muni broker-dealers pose more risks and should undergo compliance examinations more often under a new proposed exam program.