An enforcement action from the Securities & Exchange Commission is a timely reminder to advisors to disclose any financial benefits their firm may receive from the broker-dealer it recommends to clients.
The SEC last month charged a Cincinnati advisory firm, Fry Hensley and Co., and its president, Nicholas Fry, with failing to disclose significant conflicts of interest from which it profited at its clients expense by way of payments from an unnamed Cincinnati broker-dealer who employed Frys wife, Jane, as a registered representative.
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