RIAs Breach Their Fiduciary Duty with Improper Share Class Selection

On April 6, 2018, the SEC ordered three Registered Investment Advisers (RIAs) to pay $12 million to clients harmed by the firms’ breach of their fiduciary obligations. The RIAs had generated millions of dollars in improper fees by selecting higher-cost mutual fund shares for clients, even though less expensive ones were available. In total, the […]