Advisor to SEC: show the court your guidance on commission payments

November 5, 2024 by John Hilton

A Massachusetts financial advisor also licensed as an insurance agent is asking a judge to force the Securities and Exchange Commission to explain its stance on commission payments.

In March 2023, the SEC filed charges against Jeffrey Cutter and his advisory firm, Cutter Financial Group for “recommending that their advisory clients invest in insurance products that paid Cutter a substantial up-front commission without adequately disclosing Cutter’s and CFG’s financial incentive to sell the products.”

The case is being closely watched by industry trade associations who adamantly oppose further federal encroachment on state-regulated insurance.

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Originally Posted at InsuranceNewsNet on October 30, 2024 by John Hilton.