Wealth managers fall short under Reg BI? What regulators are saying
November 16, 2020 by Jessica Mathews
Five months into Reg BI’s reign, initial regulatory exams reveal wealth managers are making a bona fide effort to meet new requirements — but the industry is hardly up to snuff, according to regulatory officials.
Some firms have failed to disclose how they make compensation. Others inaccurately reported their disciplinary history. And at least a few firms haven’t even filed a Form CRS, SEC and FINRA officials said at a Reg BI public roundtable Oct. 26.