Up until a year and a half ago, Colin Mackenzie, a financial advisor with Cetera Financial Group, says his clients were paying 12% in commissions and other charges for the nontraded REITs he sold them.

Mackenzie, co-owner of Cetera’s Pasadena, Calif., office, says he stopped selling nontraded REITS right around the time FINRA announced a new rule regarding the securities in January 2015. The rule, which took effect two months ago, requires advisors in most cases to report the actual value of those investments – less commissions.

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