Fee disclosures

Alpine Securities will seek to overturn a FINRA finding that it saddled clients with “unreasonable” fees and converted accounts without authorization.

The regulator didn’t provide any explanation for the much larger payout, but it did release another similar settlement the following day.

Despite industry criticism, the regulator’s ongoing wave of cases has expanded into allegations that wealth managers breached their duty of best execution.

The cuts continue a trend that started 20 years ago.

The regulator has charged about 100 other wealth managers with failing to explain 12b-1 fees tied to their mutual fund recommendations.

The firm faces an additional penalty after it didn’t participate in the regulator’s self-reporting initiative.

In the wake of the regulator’s latest risk alert, compliance experts identify several steps advisors can take to stay clear of more cases and deficiencies.

Higher internal expenses in mutual fund share classes came with much lower overall advisory fees in wrap accounts, the firm argues.

The firms agreed to censures, the settlement payments and to cease-and-desist orders tied to their alleged misconduct.

The case against Centaurus Financial comes after the industry and consumer advocates decried the previous administration’s approach for different reasons.