As the SEC was working on the regulatory package, it found that those two groups of investors were “particularly susceptible” to paying too much for advice, SEC Chairman Jay Clayton told the Securities Enforcement Forum in Washington.
“Teachers and military folks hold a special place in all our hearts at the SEC,” Mr. Clayton said. “For the most part, their money is long-term money. If they’re paying 250 [basis points] or 300 bps and they don’t know it, and they could be paying 15 or 20, that’s not good.”
‘Enforcement 40’ for 2020
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