Martin Ray Evans had approval from customers to transfer their accounts to his new firm, but he didn't have all the information he needed. So he impersonated them on the phone to get it, according to the regulatory agency, and was terminated.
About 70,000 self-directed customers will transfer from Folio Investments to Interactive Brokers as a result of the deal, expected to close in January.
Why It Matters: Clients’ basic human behavior may prevent them from saving for retirement. You can help clients unravel the complex investment environment. Automation may help clients save in ways they hadn’t thought of.
Peak Brokerage Services' Michael Lomas provides insight on the firm as a “one-stop financial shop” that creates a virtually-connected atmosphere for advisors.
