Defendant Name:
Transamerica Retirement Advisors, LLC
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Aegon N.V.
SIC Code:
6719
CUSIP:
0076CA10
Initial Case Details
Legal Case Name
In the Matter of Transamerica Retirement Advisors, LLC
First Document Date
17-Jan-2025
Initial Filing Format
Administrative Action
File Number
3-22426
Allegation Type
Investment Advisers/Investment Companies
Violations Alleged
•
Sections 206(2), 206(4) Advisers Act; Rule 206(4)-7 Advisers Act
Resolutions
First Resolution Date
17-Jan-2025
Headline Total Penalty and Disgorgement
See Related Documents
Related Documents:
IA-6826
17-Jan-2025
Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Sections 203(e) and 203(k) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On January 17, 2025, the SEC instituted settled administrative and cease-and-desist proceedings against, stating: "Transamerica Retirement Advisors, a registered investment adviser, breached its
fiduciary duty to certain of its advisory clients by failing to disclose conflicts of interest created
by paying incentive compensation to its investment advisor representatives in connection with
the rollover of retirement assets to accounts with Transamerica Retirement Advisors."
SEC Charges Investment Adviser for Failing to Disclose Conflicts of Interest Created by Paying Incentive Compensation, Orders It to Pay Affected Clients
On January 17, 2025, the SEC "announced settled
charges against registered investment adviser Transamerica Retirement Advisors, LLC
(“Transamerica”) for failing to disclose conflicts of interest created by Transamerica’s
incentive compensation payments to investment adviser representatives (“IARs”) in
connection with the referral and rollover of retirement assets to thousands of
Transamerica accounts. The SEC also charged Transamerica with failing to implement
disclosure-related policies and procedures."
IA-6876
25-Apr-2025
Administrative Proceeding
Amended Order Instituting Administrative and Cease-And-Desist Proceeding, Pursuant to Selections 203(e) and 203(k) of the Investment Advisors Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-And-Desist Order
The Commission stated that "Transamerica Retirement Advisors, a registered investment adviser, breached its fiduciary duty to certain of its advisory clients by failing to disclose conflicts of interest created by paying incentive compensation to its investment advisor representatives in connection with the rollover of retirement assets to accounts with Transamerica Retirement Advisors ("advisory accounts"). Transamerica Retirement Advisors offered investment education and managed account services to participants of employer-sponsored retirement plans ("employer plans") in connection with recordkeeping services provided to these plans by an affiliate of Transamerica Retirement Advisors. Starting in June 2017, Transamerica Retirement Advisors paid incentive compensation to its Retirement Planning Consultants ("Retirement Consultants") for referring employer plan participants to its investment advisor representatives in its Transamerica Advice Center ("TAC Advisors") to consider whether to rollover plan assets into advisory accounts. Also in June 2017, Transamerica Retirement Advisors began paying incentive compensation to its TAC Advisors when those participants rolled over their assets into advisory accounts."
