Stifel, Nicolaus & Co. is an advisory firm and broker-dealer based in St. Louis that recently came to the attention of the Securities and Exchange Commission. Stifel accepted a $300,000 fine from the SEC to settle allegations the firm failed to disclose to clients the need to pay transaction fees to third-party brokers.
ACA Insights, a weekly newsletter for investment management legal and compliance professions, ran a story on the Stifel case and its implications. EVW partner Paul Lieberman was quoted in the article. An excerpt of Mr. Lieberman’s comments and a link to the entire newsletter—where the Stifel story is highlighted in yellow—are below.
“Investment advisory representatives should be knowledgeable about how their firms and the sub-advisers they work with, conduct these sales to make sure they are handled in accordance with the agreements with the clients and regulatory requirements”
–EVW Partner Paul Lieberman, ACA Insights, April 3, 2017
CLICK HERE TO READ THE ENTIRE ARTICLE
(Stifel Story Highlighted In Yellow)