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The fair fund includes $50 million in disgorgement and penalties collected from AIM Advisors and AIM Distributors following a case brought in 2004. This also includes $11 million in disgorgement, penalties and interest from Bank of America Capital Management Distributors and Bank of America Securities and $12.4 million in disgorgement, penalties and interest from Bear Stearns.
The newly formed Cetera Planning Partners is part of the firm's plan to broaden its channel for advisors working as direct employees.
A federal judge finds that the embattled brokerage Alpine Securities' argument that FINRA should answer to the federal executive branch amounts to " wishful thinking" that "collapses under the weight of spiraling aspiration."
The firms' collaboration shines a light on how the wealth management business works today and how it is evolving, as advisors weigh independence against the risks of "poking the bear" when they leave.
Matthew Pallai said he has no doubt wealth managers explained the risks of private credit when recommending it to clients, but the recent rush to withdraw money from credit funds suggests "they probably should have said it more often and said it louder."
Court decisions vacated the Biden administration's DOL rule — but that didn't make rollover rules easy, experts say. Firms that get compliance right will have an edge in tapping a trillion-dollar-plus market.
New research from the nonprofit, nonpartisan Employee Benefit Research Institute shows pessimism about retirement preparedness is on the rise — that could open doors for advisors.
