Top RIA Compliance News Articles for the Week of July 4, 2015

Each week we’re giving you our weekly report highlighting the top compliance news articles from various industry news publications. We have selected the most relevant and important news articles related to registered investment adviser (RIA) compliance and regulatory issues. Check back each week for the latest list of top stories.

Here’s our top investment adviser compliance articles for the week of July 4, 2015:

1. Regulators Want to Know How You’re Protecting Seniors (Author- Kenneth Corbin, FinancialPlanning)

As the number of older investors grows, so do the policies and procedures that need to be put in place. Kenneth Corbin explains the action that are being taken, and that still need to be taken, in order to protect aging clients.

2. Senators seek ten-fold increase in SEC penalties for fraudsters (Author- Mark Schoeff Jr., InvestmentNews)

Senators feel that SEC penalties are too low to be seen as anything but a slap on the wrist. Fines by the SEC for breaking securities laws could soon reach $1 million per offense in order to get the firm’s attention. Mark Schoeff Jr. gives us a look at the reasons behind the bill.

3. Why FINRA’s Broker-Comp Rule Proposal Works for Advisors (Author-Michael King, FinancialPlanning)

Recently, FINRA proposed a new rule which would force brokers to disclose any financial incentives they may receive from an investment. Michael King gives the rundown on the details of the proposal and why this may be good for advisors.

4. Finra board candidate claims examiners are out of touch (Author- Mark Schoeff Jr., InvestmentNews)

A candidate for the board of Finra wants things to change when it comes to the behavior of examiners during audits. Mark Schoeff Jr. gives us the break down on the letter Stephen A.Kohn wrote to the small-firm Finra members.

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5. Digital services must adhere to core fiduciary principles (Author- Blaine F. Aikin, InvestmentNews)

In the May 2015 Wells Fargo/Gallup survey, over two-thirds of investors prefer both digital and financial advice. Advisors must now stop relying on one or the other if they want to stand out to investors.

6. FSI Taking the Fiduciary Fight to Consumers (Author- Megan Leonhardt, WealthManagement.com)

The fight over the DoLs fiduciary proposal wages on. Now, investors are getting a chance to weigh in. Megan Leonhardt takes a look at comments made by consumers in regards to the proposal.

7. Barred Broker Facing Fraud Charges for Alleged Ponzi Scheme– (Author- Megan Leonhardt, WealthManagement.com)

A new case has emerged surrounding a previously barred broker. Megan Leonhardt gives the run down on the new allegations being brought against a broker for a $15.5 million Ponzi scheme.

8. Wells, Raymond James, LPL Ordered to Pay Clients $30M (Author- Andrew Welsch, FinancialPlanning)

Major financial institutions have been found guilty of overcharging clients on mutual funds. Though it was a mistake caused by inadequate supervision, the firms have been ordered to pay clients a total of $30 million. Andrew Welsch gives us the details of the case.

9. Fraudsters Are Targeting Your Elderly Clients — Fight Back (Author- Kenneth Corbin, FinancialPlanning)

Perpetrators of elder abuse are not always cyber-criminals and strangers. Many times, the victim’s family is doing the damage. Kenneth Corbin uses one advisors story to shed light on a serious problem.

Be sure to check back next Friday for next week’s top articles!