Miriam Rozen

Osaic’s predecessor, SagePoint Financial, allowed representatives untrained for options trading to override automated alerts and restrictions, Finra said.

The company disclosed the charge on the first conference call under new CEO Rich Steinmeier.

Sergio Ermotti’s comments came one day after the bank chairman said UBS would purchase another wealth management firm “when the time is right.”

Firms are more focused on giving brokers tools to be effective portfolio managers rather than coaxing them to use home-office portfolios, according to the Boston-based consultancy.

Wells Fargo Advisors discharged a 30-year veteran broker for having his assistant charge the company about $60 to the firm’s Federal Express account although he was using the service for personal purposes.

The Wealth and Investment Management division’s net interest income in the third quarter fell by $165 million year-over-year.

The regulator said its investigation was prompted by a “tip relating to possible undisclosed private securities transactions,” according to its October 8 posted letter.

The steps move the St. Louis-based wealth management firm more in line with common industry practices, as it pursues more experienced advisors and higher net worth clients.

Finra credited the firms with self-reporting and remediating the issues.

Among the supporters for such a plan are Finra CEO Robert Cook, Commodities Futures Trading Commissioner Christy Goldsmith Romero and two U.S. Senators.