Law and regulation

"An investor should move to cash and cash alternatives," he advised.

The firm detailed its compliance plans while acknowledging that the regulation could be changed under President-elect Trump.

Its managers are debating whether it's time to move away from so-called secular growth companies.

Though against the firm's policy, the wirehouse still permitted the purchase of securities with credit lines "on thousands of occasions" during a four-year period, according to the regulator.

A FINRA panel ordered the wirehouse to pay damages to two former clients who invested in Puerto Rican municipal bonds and closed-end funds.

The ongoing trend to passive or smart beta products will continue, according to Maxwell Gold, the director of investment strategy at ETF Securities.

The catalyst is Trump, whose election, according to Macquarie Group analyst David Konrad, will usher in a "new world order" for the industry.

The regulator, in a proposed final judgement, wants the former planner held liable for $123,000 spent on golf outings, shopping and cruises.

She is the third generation to control the company and, like her family members, has maintained a low profile despite the reach of the firm’s mutual funds.

Advisors Asset Management CEO Scott Colyer says loosening regulatory reigns may free up spending previously directed toward compliance.