NASHVILLE, TN – The Tennessee Department of Commerce & Insurance (TDCI), a member of the North American Securities Administrators Association (NASAA), has joined a $17 million settlement with Edward D. Jones & Co., L.P. (Edward Jones) stemming from an investigation into the broker-dealer’s supervision of customers who paid front-load commissions for Class A mutual fund shares, particularly in cases where brokerage assets were later moved into fee-based investment advisory accounts.
The four-year investigation was conducted by a working group of 14 state securities regulators focusing on Edward Jones’s practices regarding the transition of customers from brokerage to advisory accounts, especially in light of the 2016 U.S. Department of Labor (DOL) Fiduciary Rule, which established a fiduciary standard for investment advice concerning retirement…
