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FINRA alleges the firm failed to maintain control of billions of dollars in securities and spent more than a decade inaccurately disclosing potential conflicts of interest.

Firm may be less nimble, CEO Penney more transparent after shares float, analysts say.

Janice Kirkel is a senior reporter at Financial Planning.

Here's what you missed this week in wealth management.

As the K-shaped recovery continues, wealthy clients are calling their private bankers to see if they should borrow against their art or buy a fourth home.

Individual investors who were ahead of the S&P 500 for most of 2020 have been stuck behind the benchmark since early 2021 as stay-at-home and meme stocks struggled.

Robert Smithson is the founder and CEO of Just Insure, a pay-per-mile insurance technology company that uses telematics to set prices, rewarding safe drivers and reducing bias. A successful entrepreneur, Robert also founded PythonAnywhere, a leading Python platform-as-a-service, and Genius Sports Group, which was sold for $280 million in 2018.

Prior to his entrepreneurship, Robert held several fund management positions including investment director at GAM, a pure-play asset management group headquartered in Zurich. He was also a partner at both THS Partners and Arete Research in the United Kingdom.

Robert graduated from Cambridge University with a degree in philosophy and currently resides in Los Angeles, California where Just Insure is headquartered.

Anneliese Lederer is director of fair lending at the National Community Reinvestment Coalition.

Bank of America revamped leadership across its wealth management business, placing more responsibilities on current heads Andy Sieg and Katy Knox.

Inadequate financial literacy is a problem for the majority of Americans. Fintech CEO Uzrad Lew chats with EBN about solutions.