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What You Need to Know About “Selling Away”
A spate of recent high-profile incidents of “selling away” client assets – moving money off the broker-dealer custody and records platform -- should have financial advisors and others who manage money on the alert. Even if you don’t fully know the rules, you could find yourself violating federal securities law.
Independent powerhouse LPL Financial terminated its relationship with top broker James Bashaw and now Wunderlich Securities has let him go too.