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DoL’s Retirement Security Rule & PTE 2020-02 Amendment: What Advisers Need to Know Now About Giving Rollover Advice After Sept 23, 2024

Nerd's Eye View

commissions), and who holds themselves out as a trusted adviser by either stating they are acting as a fiduciary or otherwise indicates that they are making individualized recommendations based on the investor's best interest.

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The Stock Market Never Changes

A Wealth of Common Sense

Charley Ellis wrote a great book about the index fund revolution back in 2016. Commissions still averaged 40 cents a share. One of my favorite parts of the book is where Ellis looks at how Wall Street has changed in the past 50 years: MBAs were uncommon. PhDs were never seen. All trading was paper based.

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: Former Wells Fargo executive agrees to pay $3 million fine

MarketWatch

Securities and Exchange Commission said late Tuesday. Tolstedt, who retired in 2016 around the time of Wells Fargo’s fake-account scandal, did not admit or deny the SEC’s allegations. The SEC already has settled related charges against Wells Fargo’s former Chief Executive John Stumpf.

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Top Movies & Shows for Financial Advisors to Watch

BlueMind

Deciding to chase after bigger commissions and targeting high net worth clients, he begins his own firm selling penny and IPO stocks. Although a work of fiction, this movie is based on very realistic “pump and dump” schemes carried out by advisors who love selling hard and earning high commissions. Boiler Room (2000).

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A Promising Picture for Financial Planner Job Growth

eMoney Advisor

It has awarded more than $1 million in scholarships since 2016, including 80 new scholarship awards in 2021. Some of the basic compensation models include: a base salary plus bonus, commissions, fees, and a combination of fees and commissions. That’s a 67 percent increase from its 48 awards in 2020.

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: SEC penalizes robo-adviser Betterment $9 million, settling charges of misleading customers

MarketWatch

Robo-adviser investment firm Betterment LLC agreed late Tuesday to pay a $9 million penalty to settle charges by the Securities and Exchange Commission that it misled customers about its automated tax loss harvesting (TLH) service. The penalty will be disbursed to affected customers by Betterment, the SEC said.

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: Goldman Sachs to pay $15 million to CFTC for index-swap violations

MarketWatch

Goldman Sachs GS settled charges Monday with the Commodity Futures Trading Commission that it violated standards related to equity index swap transactions. Goldman admitted that it failed to make necessary disclosures for “same-day” swaps to clients in 2015 and 2016, the CFTC said Monday.