Financial Industry News

Wells Fargo Fined $1 Billion Over Mistreatment of Consumers

  • Fed cited a pattern of abuses and lapses
  • Firm tries to resolve a year & a half of scandals across its operations
  • Wells Fargo still faces scrutiny with the DOJ & SEC examining the wealth management unit
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SEC’s Proposal to Protect Investors Isn’t All That Helpful

  • SEC passed a proposal that would regulate the way broker-dealers provide financial advice

  • Critics believe that the proposal is a step in the right direction, but the agency has a long way to go before any investors are truly safe from conflicts

  • Anything short of the fiduciary standard is an insult to American workers and families” SEC Commissioner, Kara Stein

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Health Care Will Cost $280,000 in Retirement

  • The cost of health care for a 65-year-old American couple retiring this year rose to $280,000 (excludes long-term care costs)

  • The estimate has jumped 75% since 2002 (then $160,000)

  • The cost of health care in retirement is expected to continue to rise

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SEC Hits PNC, Securities America, Geneos with $15M Fine

  • PNC Investments, Securities America & Geneos Wealth Management agree to pay nearly $15M for failing to disclose conflicts and putting clients into higher-cost mutual fund shares

  • These firms breached their fiduciary duties to clients & generated “millions of dollars of improper fees in the process”

  • "Investment advisors putting their clients into higher fee share classes when lower cost ones are available is a widespread problem” – Steven Peikin, co-director of the SEC’s Enforcement Division

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Market Update

“You work hard for your money. We’ll work hard to protect it.”

Market Direction Is Important –

Updated Chart of the S&P 500 and Secondary Signals

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Market Update

“You work hard for your money. We’ll work hard to protect it.”

Market Direction Is Important –

Updated Chart of the S&P 500 and Secondary Signals

Read more

Merrill Lynch Slammed With Huge Fines!

Merrill Lynch to Pay $415 Million!

Misusing Customer Cash and Putting Customer Securities at Risk

As reported by the SEC.gov on June 23, 2016

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Is your Advisor working in your Best Interest? Did you ever check out the firm you entrust your life savings to?

Less than 1% of investors have taken the time to check their advisor or firm for fines and censures. That is one costly mistake!

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SEC Awards Merrill Whistle-Blowers Record Payout

SEC Awards Merrill Whistle-Blowers Record Payout

Three individuals helped agency bring 2016 case, lawyer says; SEC didn’t name people involved, citing confidentiality rules.

As reported by Think Advisor on March 19, 2018

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Ex-Morgan Stanley Advisor Ami Forte Has a New Job After Scandal

The former Morgan Stanley advisor, fired after a $38 million ruling, is now part of Pinnacle Investments.

As reported by Think Advisor on March 16, 2018

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Is your Advisor working in your Best Interest? Did you ever check out the firm you entrust your life savings to?

Read more

Market Update

“You work hard for your money. We’ll work hard to protect it.”

Market Direction Is Important –

Updated Chart of the S&P 500 and Secondary Signals

Read more

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