Category: Uncategorized

The Securities and Exchange Commission on Thursday said PNC Investments, Securities America Advisors, and Geneos Wealth Management agreed to settle fiduciary duty breach charges related to mutual fund sales by paying $15 million in penalties and restitution to customers.   The three firms each settled charges of putting customers who were paying fees in advisory programs into A-share funds that charged ‘12b-1’ marketing and distribution fees when cheaper institutional share classes were available.   PNC Investments agreed to »

In a promotion that appears aimed at replenishing its scandal-depleted salesforce, Wells Fargo & Co. on Thursday unrolled a super-charged “referral” fee for headhunters who bring eligible recruits to any of the bank’s five wealth management channels.   Its Wells Fargo Advisors unit will pay 10% of a candidate broker’s trailing 12-month revenue if he or she is hired between now and September 30 of this year, according to a letter agreement reviewed by AdvisorHub that was sent by Sarah K Warren, the St. Louis-based »