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About Tradier Brokerage

Tradier Brokerage is a brokerage services provider offering pricing and platforms fit for the trading needs of its clients.

Tradier Brokerage Headquarter Location

11016 Rushmore Drive Suite 350

Charlotte, North Carolina, 28277,

United States

+1 980 272 3880

Latest Tradier Brokerage News

After SEC’s first wave of Reg BI cases, FSI praises rule’s implementation

Jul 27, 2021

July 23, 2021 1:01 PM Critics of Reg BI have panned it as a watered-down version of the Obama administration’s fiduciary rule, which would have placed most brokerage services under the same standards as advisory ones. FSI and other business groups successfully challenged the Labor Department’s fiduciary rule in court in 2018. Advocates for the previous rule view the new Form CRS documents as too complicated for retail clients to grasp, and they’re expressing hope that the Biden administration will tweak the disclosure document in a way that more simply explains the difference between the required duties to clients governing brokerage and advisory accounts. “These SEC actions are important,” Knut Rostad, president of the Institute for the Fiduciary Standard, said in an emailed statement on the enforcement cases. “Yet, they are also just first steps. CRS needs major reconstructive surgery to fulfill its purpose. The SEC knows this well; next steps are sure to come.” The largest civil monetary penalties ordered by the SEC in the more than two dozen settlements amounted to $97,523, which four firms agreed to pay: Cohen Klingenstein , Embree Financial Group , Minot DeBlois Advisors and Paratus Financial . The SEC ordered Tradier Brokerage and The Cavanaugh Group to each pay $50,000 in separate settlements. All six firms failed to meet the June 30, 2020, deadline to deliver Form CRS to the SEC and post the document on their websites, according to the SEC. Investigators say each firm was at least six months late. None of the firms immediately responded to phone and email inquiries about their settlements. Like the other 21 companies settling with the regulator, though, they didn’t accept or deny the regulator’s allegations. “Form CRS is intended to provide retail investors with a brief summary about the services a firm offers, its fees, conflicts of interest and other information that can help investors make more informed choices,” Adam Aderton, co-chief of the SEC Enforcement Division’s Asset Management Unit, said in a statement. “By failing to file, deliver and post this form, these firms deprived their clients and customers of the benefits of that information.” While FSI CEO Dale Brown said he hadn’t reviewed the details of the cases, he says independent wealth managers are wary of any regulatory actions that alter the rule without engaging in a formal rulemaking process. “The rule's not effective if firms don't abide by it, so from that standpoint I think it's good,” Brown said. “And we're going to continue — because of the SEC's unfortunate track record of using their extensive enforcement powers to change the rules in the middle of the game — we're going to keep a close eye because it will not support effectiveness of Reg BI if they're rewriting it through only the enforcement side of the equation.”

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