Tax professionals are calling for changes to the proposal, even though they welcome clarifications they have been waiting on for decades.

Lawyers note the kinds of grievances the firm allegedly withheld are what potential clients look at when choosing advisors.

Schwab vehemently denied allegations that it mishandled clients' uninvested cash, calling the putative class action just the latest in a series of "unsound, copycat lawsuits."

Fines levied by the Wall Street regulator have dwindled in recent years.

Wealth management firms are facing scrutiny from investors over their investing choices and missed signs of fraud, in our latest look at the legal issues in wealth management.

Industry groups see the new AML requirements as unnecessarily redundant and burdensome on small firms.

The GAO investigated industry disclosures and conducted undercover calls to evaluate "where issues around conflicts of interest and investment advice stand today."

The legal action comes after executives expressed comfort with their firm's deposit rates in a recent earnings call.

The wealth management giants join their rivals Wells Fargo, Morgan Stanley, UBS, LPL Financial and Ameriprise in being accused of using uninvested cash in advisory accounts to boost their bottom lines rather than benefit clients.

Firms like Morningstar and Savvy Wealth share their experiences in building guardrails around AI tools to prevent them from giving risky advice or creating regulatory concerns.