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October 26, 2020

FA Suspended, Ordered to Return $2.75M in Commissions Over Sale of Alts
Brooklynn Chandler Willy and other agents allegedly earned that amount in commissions from the sale of alternatives to often unsophisticated investors.
SEC Orders Former FA, Firms to Pay Nearly $9M Over Ponzi Scheme
The regulator says that Paul Horton Smith, Sr. and his companies defrauded investors out of $5.6 million.
Most Clients Followed FAs to Their New Firms Amid the Pandemic: Recruiter
Advisors who have embraced technology that enables them to function during the pandemic are “exploding with assets,” another recruiter says.
States Could Ease Up on FA Regulation If Biden Wins: FSI CEO
Dale Brown was referring, in particular, to fiduciary rulemaking that certain states embarked on after being disappointed with the SEC’s Regulation Best Interest.
Wells Fargo U-Turns, Restores 401(k) Match
The reversal come less than 42 hours after the bank unveiled the planned 401(k) matching contribution changes to employees.
Betterment Launches New Socially Responsible Investing Options
The company has rolled out a new portfolio aimed at racial and gender diversity and another one aimed at climate impact, while updated its existing socially responsible investment offering.
UBS Boosts Employee Financial Wellness Tools for Corporate Clients
Among the new offerings is a platform to manage student debt, an expansion of services for smaller plans and a new digital platform that combines human guidance with digital resources.
Empower Says New Retirement Plan Sales Reached $110B in 12 Months
Meanwhile, the firm has also agreed to acquire the retirement businesses of Mass Mutual and Fifth Third, scheduled to close later in 2020.