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Failing to disclose compensation leads to SEC enforcement settlement
As an investment adviser, Kestra PWS was obligated to disclose all material facts to its advisory clients, including any conflicts of interest between itself or its associated persons and its clients that could affect Kestra PWS’s advice to its clients. To meet this fiduciary obligation, Kestra PWS was required to provide its advisory clients with full and fair disclosure that was sufficiently specific so that they could understand the conflicts of interest concerning Kestra PWS’s advice and have an informed basis on which to consent to or reject the conflicts
