Weekend Reading For Financial Planners (March 22–23)
Nerd's Eye View
MARCH 21, 2025
of advisor compensation, while commission-based revenues have declined to 23% of an average advisor's revenue.
SEC Charges Former WEG Advisor for Defrauding Elderly Clients
Wealth Management
OCTOBER 26, 2023
The commission accused Julie Anne Darrah of a multi-year scheme targeting elderly female advisory clients spanning from before and after her firm joined Wealth Enhancement Group.
Clients 
290
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Weekend Reading For Financial Planners (January 25–26)
Nerd's Eye View
JANUARY 24, 2025
Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with the news that while overall financial advisor headcount remains relatively flat, the RIA channel continues to gain share in terms of both headcount (as brokers break away to start their own independent firms and aspiring advisors seek (..)
SEC Charges Former Advisor For Fraudulently Using Client Assets As Collateral
Wealth Management
FEBRUARY 7, 2023
The commission claims Joshua Coleman raised more than $200 million in loans, opening multiple lines of credit and using clients’ funds without permission.
Clients 264
264 
SEC: Father, Son Team Lied About Being Fired, Impersonated Clients on Calls
Wealth Management
MARCH 2, 2023
The commission charged Kevin Kane and Sean Michael Kane for defrauding clients after they were fired from Waddell & Reed by telling them they left voluntarily.
Clients 264
264 
#FA Success Ep 332: Transitioning From (A Father’s) Commissions-Based Practice To Fee-Based Planning As A G2 Advisor, With Liz Hand
Nerd's Eye View
MAY 9, 2023
Liz is the co-owner of Pleasant Wealth, a hybrid advisory firm based in Canton, Ohio that oversees $146 million in assets under management for 522 client households.
Commission 246
246 
SEC: Firm Used Athlete Endorsements Without Disclosing Payment
Wealth Management
NOVEMBER 4, 2024
The commission settled charges that Wahed Invest violated the ad rule when including a pro soccer player and MMA athletes in marketing without clarifying that they weren’t clients and were compensated.
Commission 349
349 
SEC Report on Forced Arbitration Clauses Finds RIA Clients at Disadvantage
Wealth Management
JUNE 29, 2023
Commissioned by the U.S. House Committee on Appropriations, the study confirms views that mandatory arbitration agreements imposed by fiduciary-bound RIAs can unfairly limit clients' ability to seek legal remedies from wrongful actors.
Clients 253
253 
SEC Charges Former Cetera Rep With Stealing $2.4M From Elderly Client
Wealth Management
JULY 31, 2023
According to the commission, Clarice Saw liquidated the securities of her 87-year old client without his knowledge when he was hospitalized.
Clients 246
246 
Weekend Reading For Financial Planners (April 12–13)
Nerd's Eye View
APRIL 11, 2025
Senate has confirmed Paul Atkins to be the next Chair of the Securities and Exchange Commission (SEC). Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that the U.S.
SEC Bars California Advisor For Defrauding Hundreds of Retail Clients
Wealth Management
OCTOBER 17, 2022
According to the commission, Keith Springer and his firm used “deceptive marketing” via ads and his radio show to attract investors, many of whom were retirees.
Retail 262
262 
101 Ways Advisors Can Add Value And Attract Their Ideal Clients
Nerd's Eye View
NOVEMBER 28, 2022
Traditionally, investment planning has been at the forefront of how financial advisors add value for their clients. Combined with growing advisor (and consumer) interest in comprehensive financial planning services, the number of ways advisors can add value for their clients has expanded greatly.
Clients 246
246 
SEC Charges Tennessee Advisor with Faith-Based Strategy of Defrauding Investors
Wealth Management
SEPTEMBER 11, 2024
According to the commission, Donald Anthony Wright made false statements when selling promissory notes to clients to fund the purchase of a Texas-based media marketing company.
Commission 277
277 
SEC Charges Cetera Duo for Cherry-Picking Trades
Wealth Management
SEPTEMBER 30, 2024
The commission alleged two advisors defrauded clients by allocating unprofitable trades into their accounts, netting millions in "illicit" profits for themselves.
Commission 272
272 
SEC Charges Former Advisor with Cherry-Picking
Wealth Management
DECEMBER 12, 2024
The commission charged South Carolina-based former rep Eric Cobb with defrauding clients while working for SeaCrest Wealth Management. The firm paid $375,000 to settle the charges.
PIABA Urges SEC to Suspend RIA Mandatory Arbitration Clauses
Wealth Management
DECEMBER 11, 2023
In a recent report, the SEC Investor Advocate suggested the commission "temporarily" stop RIAs from including mandatory arbitration clauses in contracts, arguing they could "mislead retail clients into not exercising their legal rights."
Commission 290
290 
SEC Charges Former Advisor With Cherry-Picking Trades
Wealth Management
NOVEMBER 25, 2024
According to the commission, James David Burleson’s scheme caused over $3 million in losses for his clients and a 26.5% positive return for himself. The SEC argues the probability that divergence occurred by chance was “less than one in a million.”
Commission 264
264 
SEC: Firm Used Athlete Endorsements Without Disclosing Payment
Wealth Management
NOVEMBER 4, 2024
The commission settled charges that Wahed Invest violated the ad rule when including a pro soccer player and MMA athletes in marketing without clarifying that they weren’t clients and were compensated.
Commission 246
246 
Weekend Reading For Financial Planners (March 15–16)
Nerd's Eye View
MARCH 14, 2025
Which, if implemented under the new administration, could provide relief for investment advisers, particularly smaller firms that already have to balance compliance with client service, marketing, and the other duties that go into running a firm.
SEC: Firm Used Athlete Endorsements Without Disclosing Payment
Wealth Management
NOVEMBER 4, 2024
The commission settled charges that Wahed Invest violated the ad rule when including a pro soccer player and MMA athletes in marketing without clarifying that they weren’t clients and were compensated.
Commission 242
242 
SEC Fines Betterment $9M for Not Revealing Tax-Loss Harvesting Errors
Wealth Management
APRIL 18, 2023
The robo advisor failed to tell some clients its tax-loss harvesting service only checked accounts on alternating days and not daily, as some materials claimed, according to the commission.
Taxes 264
264 
PIABA Will Look to Congress if SEC Doesn't Act on Forced Arbitration
Wealth Management
JULY 25, 2023
A commission report from last month highlights the problem of forced arbitration clauses in contracts between RIAs and clients.
Commission 246
246 
Private Advisor Group to Pay $5.8M to Settle SEC Share Class Charges
Wealth Management
JULY 22, 2022
The firm recommended investments in share class options for clients in its wrap account programs when more affordable options were available, according to the commission.
Commission 246
246 
Weekend Reading For Financial Planners (April 27-28)
Nerd's Eye View
APRIL 26, 2024
Also in industry news this week: The Federal Trade Commission released a final rule that would ban most non-compete agreements, which could lead to an increasing number of non-solicit agreements (and, potentially, lawsuits regarding their enforcement) between financial planning firms and their advisors The Securities and Exchange Commission issued (..)
Mercer Launches Broker/Dealer for Legacy Assets
Wealth Management
FEBRUARY 28, 2023
Mercer CEO Dave Welling says the new brokerage will help it better serve prospective clients and M&A prospects with long-standing commission-based assets at outside broker/dealers.
Assets 246
246 
Florida Rep to Pay $1.2M to Settle ETF Cherry-Picking Charges With the SEC
Wealth Management
SEPTEMBER 13, 2022
Scott Adam Brander allegedly made more than $800,000 when allocating certain trades to benefit his own accounts, while placing less successful trades into clients’ accounts, according to the commission.
Commission 242
242 
Weekend Reading For Financial Planners (July 1-2)
Nerd's Eye View
JUNE 30, 2023
Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that NAPFA has announced that it will no longer exclude advisors who receive up to $2,500 in annual trailing commissions from previous product sales, if they agree to donate that money to a non-profit organization (..)
MTA: Peter Borish, Tudor Investments
The Big Picture
APRIL 28, 2023
He was the founding Trustee of the Robin Hood Foundation in 1988He was also Chairman and CEO of Computer Trading Corporation, an investment and advisory firm whose largest consulting client is the Canadian Imperial Bank of Commerce (CIBC). Presidential Task Force on Market Mechanisms (Brady Commission) for the U.S.
Investments 278
278 
Extracting Actionable Takeaways From The SEC’s Staff Bulletin Regarding An RIA’s Standard Of Care
Nerd's Eye View
OCTOBER 25, 2023
There is a general understanding that investment advisers have a fiduciary relationship with their clients – in other words, that they are required to act in the client's best interests. These 3 components in practice make up a core part of the adviser's fiduciary duty to their clients.
Fiduciary Duty 246
246 
Adviser links: a competitive game
Abnormal Returns
MARCH 18, 2024
xyplanningnetwork.com) Clients are increasingly willing to meet remotely. investmentnews.com) How home buying is going to change with the upheaval of realtor commissions. (riabiz.com) When do you need to register as an investment adviser? obliviousinvestor.com) How to pick an encrypted file system.
Adviser links: forces you cannot control
Abnormal Returns
DECEMBER 25, 2023
riabiz.com) DPL Financial Partners is seeing growth in commission-free annuity sales. advisorperspectives.com) Do financial advisers recommend annuities to their clients? (morningstar.com) A list of the most popular podcasts for financial advisers. linkedin.com) The biz Vestwell just raised a new $125 billion Series D. kitces.com)
NAIFA Member Spotlight: Tom Schmidt: A Journey of Resilience, Relationships, and Advocacy in Financial Services
NAIFA Advisor Today
JANUARY 6, 2025
Over the decades, he has built enduring relationships with clients, many of whom have been with him for over 30 years. Despite the initial shock and challenges of working on straight commission, Tom leaned into his natural work ethic, his extensive network, and his determination to succeed.
When Are Advisors (Financially) Liable For Negligent Investment Advice? (And Who Pays For It)
Nerd's Eye View
JUNE 12, 2024
Financial advisors, as professionals whose clients rely on their advice to make financial decisions, are legally and financially responsible for the advice that they give. Because ultimately, it's better to be surrounded by others who take care in advising their clients than to be the only one doing so! Read More.
Fiduciary Duty 245
245 
Weekend Reading For Financial Planners (Sept 24-25)
Nerd's Eye View
SEPTEMBER 23, 2022
While the new rule allows financial advisors to proactively use testimonials (from clients), endorsements (from non-clients), and highlight their own ratings on various third-party websites, the SEC’s warning suggests that advisory firms will want to take care to abide by the compliance requirements linked to the new rule.
Weekend Reading For Financial Planners (September 14–September 15)
Nerd's Eye View
SEPTEMBER 13, 2024
Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that the SEC this week fined 4 RIAs for violations of its marketing rule related to their claims that they offered 'conflict-free' financial advice.
Weekend Reading For Financial Planners (May 11-12)
Nerd's Eye View
MAY 10, 2024
billion (thanks to expected reductions in commissions and the embedded costs in these annuities). could save retirement plan participants $55 billion over the next 10 years (due to an expectation of more low-cost fees being offered in plans) and those rolling over workplace plans into IRAs to purchase annuities another $32.5
The Latest In Financial #AdvisorTech (October 2022)
Nerd's Eye View
OCTOBER 3, 2022
While the growth of DPL’s marketplace may itself usher in a greater level of annuity competitiveness, as companies are forced to compete for RIA attention not by offering the biggest commissions but by offering the best features and benefits to get through the RIA-as-gatekeeper.
Commission 246
246 
Weekend Reading For Financial Planners (Aug 6-7)
Nerd's Eye View
AUGUST 5, 2022
How the proposed “Inflation Reduction Act” will impact financial advisors and their clients. Why state long-term care insurance programs are driving demand for private policies, and the implications of these programs for advisors and their clients. How advisors can support clients in choosing a Medigap policy.
Weekend Reading For Financial Planners (Dec 17-18)
Nerd's Eye View
DECEMBER 16, 2022
From there, we have several articles on practice management: Why it is important for advisors charging on a fee-for-service basis to regularly reassess their pricing, and best practices for letting current clients know about a fee increase. How firms can best leverage their internal data to improve the number of client referrals they receive.
101 Things That Advisors Actually DO To Add Value (Beyond Just Allocating A Portfolio)
Nerd's Eye View
NOVEMBER 28, 2022
Traditionally, investment planning has been at the forefront of how financial advisors add value for their clients. Combined with growing advisor (and consumer) interest in comprehensive financial planning services, the number of ways advisors can add value for their clients has expanded greatly.
Fee Only 246
246 
Weekend Reading For Financial Planners (February 10-11)
Nerd's Eye View
FEBRUARY 9, 2024
Also in industry news this week: A recent study finds that having a defined marketing strategy is a linchpin of marketing success, as advisors with a defined strategy were more likely to have seen an increase in inbound leads during the past 12 months and have more confidence in meeting their practice goals during the coming year than those without (..)
Kitces & Carl Ep 93: Getting An ROI From Your New Associate Advisor (In Less Than 6 Years)
Nerd's Eye View
AUGUST 25, 2022
Historically, the career path for newer financial advisors has followed a commission-based model that was focused on sales and business development first and learning the technical aspects of financial planning along the way. Read More.
Kitces & Carl Ep 93: Getting An ROI From Your New Associate Advisor (In Less Than 6 Years)
Nerd's Eye View
AUGUST 25, 2022
Historically, the career path for newer financial advisors has followed a commission-based model that was focused on sales and business development first and learning the technical aspects of financial planning along the way. Read More.
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