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.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access