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Advisor Practice, Regulatory

THE Securities and Exchange Commission adopted regulation Best Interest (Reg BI) in 2019 and it became effective in 2020.  Now, the North American Securities Administrators Association (NASAA), the organization representing state securities regulators, has issued a report on exams conducted by its members.  Recently, Wealth Management published an article about the organization’s findings as they relate to nontraded securities, among other investments.NASAA notes that the firms examined relied heavily on suitability standards for evaluating these investment programs for customers.  Notes WM: “…too many firms failed to recommend lower-cost or lower-riskSEE DETAILS