Aon's Fee-Error Bill Comes Due
Consultant Aon has reached a $7 million settlement with a former client. The agreement with the $76.5 billion Pennsylvania Public School Employees' Retirement System, ends a dispute over miscalculated returns, FundFire's Justin Mitchell reports. The consulting firm, and one of its former partners, earlier this year agreed to pay fines to settle with the Securities and Exchange Commission over the matter.
Get the details here.
WhatsApp Tab Grows
Last week, 26 broker-dealers got their hands slapped by the SEC over unmonitored work communications by employees, and agreed shell out money for fines to resolve the charges. Read more from Sam Del Rowe, a senior reporter at Financial Advisor IQ, a sister publication of FundFire.
Chart of the Week
Since 2018, nearly 65,000 advisors have switched firms, leading to greater concentration of headcount, and assets, at some of the wealth management industry's largest firms. Data Reporter Michael Taffe has the story here.
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