
Verizon Settles 401(k) Complaint for $30M
The agreement is still pending court approval but would end 7-year court case.

FINRA Expels Brokerage SW Financial for Misrepresenting Fees
The brokerage and investment bank was expelled for misrepresenting its fee structure, churning accounts and failing to properly supervise and train its employees.

Legislative and Judicial Actions
Revenue Sharing Disclosure Failures Result in SEC Action
A recent cease-and-desist order filed by the Securities and Exchange Commission underscores the fact that revenue sharing among financial advisers and ‘parties in interest’ is not necessarily an inherent problem—but a failure to disclose the relationship and the potential for conflict is.
B/D Attorney: Don’t Be Distracted by FINRA Examination Priorities Letter
Alan Wolper, an attorney with significant experience helping advisers and brokers navigate FINRA and SEC examinations, says the recently published FINRA 2019 priorities list is interesting, but ultimately not all that informative when it comes to helping advisers avoid the most pressing compliance issues.
Northwestern University 403(b) Lawsuit Tossed By District Court
Defendants strongly prevailed with their motion to dismiss, and the Illinois District Court barred further motions as moot: The complaint was far too general in its scope and allegations to move ahead.
With DOL Fiduciary Expansion Faltering, CFP Board Requires Best Interest Service
The Certified Financial Planner Board of Standards has adopted a revised ethics code that requires a CFP professional to act as a fiduciary in all client service contexts, and therefore, to act in the best interests of the client at all times when providing financial advice.
DOL Fiduciary Rule Ambiguity Mustn’t Derail Quality Client Service
With so much uncertainty now overhanging the future of the DOL fiduciary rule expansion, the onus is squarely on advisers, broker/dealers and recordkeepers to decide how they will respond; we hear from one small advisory firm in Northern Ohio that will carry on with business as usual.
DOL Fiduciary Rule Gets Another Successful Defense in Appeals Court
The appellee, Market Synergy Group, argued unsuccessfully that its representatives would never be able to make the Best Interest Contract Exemption, a key mechanism underlying the new DOL fiduciary rule, workable.
Wells Fargo Advisors SEC Filing Hints at Federal Fiduciary Investigation
The firm says it does not have additional information to share at this juncture beyond what has been noted in a 2017 year-end SEC filing; in that newly emerged document, Wells Fargo Advisors says it has begun an internal investigation into “whether there have been inappropriate referrals or recommendations” made by its advisors, including with respect to rollovers for 401(k) plan participants.
FINRA Rep Monitoring Rule Change Could Trigger RIA Compensation Renegotiation
Self-Dealing Lawsuit Targeting Capital Group Routed in District Court
In a dense dismissal decision, the district court offers a reminder of the exacting pleading standards of ERISA and statues of limitations before roundly rejecting the plaintiff's allegations for failing to state an actionable claim.
PANC 2017: Washington Update
Industry Trends Threaten Traditional Broker/Dealer Model
Mapping Industry Change Just Part of the Job
Fidelity Dismissed from Verizon Plan Investments Suit
Mesirow Financial Launches Level Compensation Platform
The firm will provide 3(21) and 3(28) services through a tech-focused solution.