Less than a year after being named a top ten branch manager by a national magazine, a Florida broker goes to work for a local RIA and registers as Uber driver.
Firm may retract some planned sales restriction if DOL fiduciary rule is delayed or discarded, but is sticking by plan to curtail mutual fund shares that pay ongoing trails.
Decision is “vote of confidence in our advisors’ continuing commitment to placing client interests’ first” in the face of the new DOL fiduciary rule, wealth executives said.
Like LPL, firm and its brokers are looking for ways to make up for advisory account revenue that will be lost to new DOL fiduciary rule.
Every year at its Private Client conferences, the Securities Industry and Financial Markets Association deplores the public’s lack of trust and confidence in the brokerage industry.
It’s one thing for branch or complex managers to miss a broker who is “selling away” under their jurisdiction. It’s another story entirely when the managers themselves put their own money into such forbidden investments.
An Ameriprise Financial broker accused of selling more than $1.5 million of privately issued shares to clients and his sales managers has agreed to a one-year suspension.
In addition to the 10-day suspension, which starts on January 19, Dunlap will pay a fine of $15,000.