Regulation

A new industry snapshot highlights record firm count and AUM, while continuing steep client growth fueled in considerable part by the rise of robos.

The violations ranged from the improper reuse of signed customer forms to the execution of discretionary transactions without written authorization.

CEO Dan Arnold said advisers’ uncertainty about the fiduciary rule is waning.

Collectively the four firms provided market access to numerous clients that executed millions of trades per day.

"This is a challenging time for the firm with the DoL rule," CEO Paul Reilly said.

The move will streamline investigations and standardize sanctions, the regulator says.

The rule has cost the firm tens of millions of dollars in compliance and lost revenue.

Make sure clients understand that a 401(k) rollover could trigger a hefty tax bill, and that liquidating assets before the age of 59 1/2 could mean a hefty penalty.

The rep claimed the firm misled him when they recruited him from PNC Bank.

The Labor Department is receiving a deluge of feedback from advisers and investors on whether to revise its controversial regulation.