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The controversial enforcement actions have been called a “cash cow” by Commissioner Hester Peirce.
The $17 billion financial firm fired chief executive Dan Arnold for allegedly violating the company’s code of conduct.
Defined outcome ETFs have long promised virtually risk-free investing, but also place significant caps on potential gains.
Assets under management requirements are becoming a high hurdle for early-career advisors looking for a new role.
A new division will connect the firms’ wealthiest clients with other products and services on the Bank of America platform.