Legal

Investors including nuns who manage an order's retirement funds asked Wells Fargo to produce evidence that its incentive programs are aligned with clients' interests.

The Department of Labor's auditors are pushing harder on plan sponsors to make better efforts to find missing terminated vested participants.

The SEC says Ameriprise did not ascertain whether the clients were eligible for the waived sales fees and did not disclose that the higher sales loads would negatively impact investment returns.

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In effect, the DOL could craft a new sellers' exemption that says an advisor or broker is in compliance with the fiduciary rule if they are in compliance with the standards ultimately produced by the SEC.

About 1,800 customers of Ameriprise paid roughly $1.8 million in unnecessary front-loaded sales charges and trails on mutual funds, according to the SEC.