Articles Posted in Raymond james

silhouette-thief-hand-drawn-sketch-doodle-illustration-44180154-246x300
On September 17, 2019 the SEC (The Securities and Exchange Commission) imposed an order against three Raymond James entities for improperly charging advisory fees on inactive accounts and charging excess commissions for investments, including unit investment trusts (UITs).

The SEC Order states that Raymond James & Associates, Inc., and Raymond James Financial Services Advisors, Inc., failed to perform review of advisory accounts which had no trading activity for at least one year.

Because Raymond James did not conduct the reviews properly, Raymond James failed to conclude whether the client’s fee-based account was suitable. The Order concluded that the entities also misapplied incorrect pricing to various UIT positions held by clients.