Calugar is alleged to have invested $10 million in one of Franklins funds in exchange for market timing other funds, and in the process, he earned $45 million in profits, at the expense of long-term shareholders.
"We have an outrageous example of a company requiring a quid pro quo, basically a legal bribe, to be market timed," Galvin told the New York Post. "Its truly outrageous that we have a company being the beneficiary of the market timing," he added.
Franklin issued a
As judges have shown in other recent cases involving UBS and Stifel, firms have a high bar to clear if they want an arbitration award vacated.
In an unusual development, LPL saw its advisor total decline slightly in the first quarter. And client assets brought in through advisor recruiting were down 55% year over year.
Still, the number of widows who leave advisors is three times higher than the industry average. It doesn't have to be that bad.
The new money will be used primarily to pay off investors who provided capital when Reverence first bought a majority stake in the former Advisor Group in 2019.
When the same buzzwords — "fiduciary," "holistic," "goals-based," "client-driven" — appear on most wealth firms' websites, they do little to help firms stand out in a crowded market, experts say. There are, however, tactics that work.
The influential planning entrepreneur and the FPA are leading an effort to change a tiered fee structure for continuing education providers that started three years ago.
