SEC warns advisers about poor oversight of branches

10/21/2013 | Financial Advisor online

As financial-advisory firms expand and open branches, they often exercise weak supervision of these offices, says Drew Bowden, director of the Securities and Exchange Commission's Office of Compliance Inspections and Examinations. In some cases, investment-advisory firms don't have supervision rules that are commonplace among broker-dealers. This is a problem because many broker-dealers are shifting to the adviser model, Bowden says.

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