Regulatory reform

The fees will vary depending on whether they're assessed on equities, options or over-the-counter equities.

The regulator accused a broker-dealer of not having proper supervisory procedures to prevent $533,500 in excessive transactions.

The state regulators group plans eventually to introduce a similar system for independent advisor representatives.

Other states are likely to look to Massachusetts for guidance on how far they can go in holding broker-dealers to a higher standard than Regulation Best Interest.

Commissioner Hester Peirce warns an unintended consequence of the new regulation could be less thorough internal compliance reviews.

Missouri requires brokers who recommend investing on environmental, governance or social principles to sign statements saying they "are not solely focused on maximizing" returns.

Many advisors use real estate investment trusts to hedge against inflation while also providing steady dividend income. But private funds still provoke skepticism.

A lawyer representing advisors warns the new rule will drive the forum fees of arbitration hearings well above $10,000.

The proposal to replace in-person inspections still drives a wedge between investor advocates and brokerage industry groups.

The move comes amid predictions that clients will increasingly base wealth management decisions on online testimonials and ratings.