The company did not admit or deny wrongdoing. It was accused of charging annual fees ranging from $10,000 to $45,000 for perks such as increased access to branch offices, links on its Web page, and the opportunity to sponsor promotional events for brokers.
The company didn't clearly tell customers about these perks and instead only referred them to vague disclosures in mutual fund prospectuses, the SEC said.
The Providence, Rhode Island, company is having discussions with private wealth management teams elsewhere as it seeks to expand its fledgling private bank. In just three months, private banking deposits doubled to $2.4 billion.
A therapist in New York still has $50,000 in student loans. Can President Biden's new policy bring her relief?
The wealth program at Kinecta Federal Credit Union is changing brokerage, RIA and custodian as the industry fights for recruits of all sizes in the channel.
A phish, a mill and a stroll overseas are just three of the 12 major scams the Internal Revenue Service identified for this year's rogues gallery.
A new MIT study says AI could potentially adapt to an advisor's predictive and empathetic behaviors. But industry leaders argue AI is actually generating more job growth for advisors, not replacing them.
Late-in-life divorces have more than doubled since 1990, and they often decimate retirement savings. How can gray divorcees shore up their finances?
