Osaic Wealth Inc.

12/31/2007: FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE, WAIVER AND CONSENT NO.**** 20050001577-01 TO: Department of Market Regulation Financial Industry Regulatory Authority ("FINRA") RE: Royal Alliance Associates, Inc., Respondent Broker-Dealer CRD No. 23131 Pursuant to NASD Rule 9216 of the FINRA Code of Procedure, Respondent, Royal Alliance Associates, Inc. ("ROYL" or the "firm''), submits this Letter of Acceptance, Waiver and Consent ("AWC") for the purpose of proposing a settlement of the

Reference 2005000157701data-portal.finra.orgfinra.org

12/04/2006: NASD LETTER OF ACCEPTANCE, WAIVER AND CONSENT 20050014023-01 TO: Market Regulation Department NASD RE: Royal Alliance Associates, Inc. Broker-Dealer CRD No. 23131 Pursuant to Rule 9216 of NASD Code of Procedure, Royal Alliance Associates, Inc. ("ROYL") submits this Letter of Acceptance, Waiver and Consent ("AWC") for the purpose of proposing a settlement of the alleged rule violations described in Part II below. This AWC is submitted on the condition that, if accepted, NASD will not bring any future actions

Reference 2005001402301data-portal.finra.orgfinra.org

12/11/2006: NASD LETTER OF ACCEPTANCE, WAIVER AND CONSENT NO. EAF0401080003 TO: Department of Enforcement NASD RE: Royal Alliance Associates, Inc., Respondent Member Firm (CRD No. 23131) Pursuant to Rule 9216 of NASD's Code of Procedure, Respondent Royal Alliance Associates, Inc. ("Respondent" or "Royal Alliance") submits this Letter of Acceptance, Waiver and Consent ("AWC") for the purpose of proposing a settlement of the alleged rule violations described in Part II below. This AWC is submitted on the condition that,

Reference EAF0401080003data-portal.finra.orgfinra.org

01/16/2020: FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE, WAIVER AND CONSENT NO. 2017056769402 TO: Department of Enforcement Financial Industry Regulatory Authority (FINRA) RE: Royal Alliance Associates, Inc., Respondent Broker-Dealer CRD No. 23131 Pursuant to FINRA Rule 9216 of FINRA's Code of Procedure, Respondent Royal Alliance Associates, Inc. (Royal Alliance or the firm) submits this Letter of Acceptance, Waiver and Consent (AWC) for the purpose of proposing a settlement of the alleged rule violations described below.

Reference 2017056769402data-portal.finra.orgfinra.org

01/24/2023: FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE, WAIVER, AND CONSENT NO. 2021069460901 TO: Department of Enforcement Financial Industry Regulatory Authority (FINRA) RE: Securities America, Inc. (Respondent) Member Firm CRD No. 10205 Royal Alliance Associates, Inc. (Respondent) Member Firm CRD No. 23131 SagePoint Financial, Inc. (Respondent) Member Firm CRD No. 133763 Pursuant to FINRA Rule 9216, Respondents Securities America, Royal Alliance, and SagePoint submit this Letter of Acceptance, Waiver, and Consent (AWC) for the purpose of proposing a settlement of the alleged rule violations described below. This AWC is submitted on the condition that, if accepted, FINRA will not bring any future actions against Respondents alleging violations based on the same factual findings described in this AWC.

Reference 2021069460901finra.orgdata-portal.finra.org

12/02/2015: FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTACE, WAIVER AND CONSENT NO. 2012034450501 TO: Department of Enforcement Financial Industry Regulatory Authority ("FINRA") RE: Royal Alliance Associates, Inc. Respondent CRD No. 23131 Pursuant to FINRA Rule 9216 of FINRA's Code of Procedure, Royal Alliance Associates, Inc. ("Royal Alliance" or the "Firm") submits this Letter of Acceptance, Waiver and Consent ("AWC") for the purpose of proposing a settlement of the

Reference 2012034450501data-portal.finra.orgfinra.org

12/29/2025: Between April 2018 and September 2022, APFS failed to calculate the per account fees for customers enrolled in its Bank Deposit Program (Sweep Program) according to the formula in disclosure documents that it distributed to Sweep Program customers. As a result, APFS’s communications with those customers inaccurately represented how the firm calculated its fees. The firm also did not disclose that it retained surplus interest earned from customers’ funds. By making inaccurate and incomplete disclosures in communications with customers, the firm violated FINRA Rule 2010, and by contravening content standards for public communications, the firm violated FINRA Rules 2210(d)(1) and 2010. From April 2018 to May 2023, APFS lacked a system, including written supervisory procedures (WSPs), reasonably designed to supervise the Sweep Program, in violation of FINRA Rules 3110 and 2010. For these and other violations, the firm agrees to a censure, fine of $550,000, and $4,629,115.80 in restitution.

Reference 2022076811601data-portal.finra.orgfinra.org

03/14/2024: FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE, WAIVER, AND CONSENT NO. 2021071722201 TO: Department of Enforcement Financial Industry Regulatory Authority (FINRA) RE: Osaic Wealth, Inc., formerly known as Royal Alliance Associates, Inc. (Respondent) Member Firm CRD No. 23131 Securities America, Inc (Respondent) Member Firm CRD No. 10205 Pursuant to FINRA Rule 9216, Respondents Osaic Wealth and Securities America submit this Letter of Acceptance, Waiver, and Consent (AWC) for the purpose of proposing a settlement of the alleged rule violations described below. This AWC is submitted on the condition that, if accepted, FINRA will not bring any future actions against Respondents alleging violations based on the same factual findings described in this AWC.

Reference 2021071722201data-portal.finra.orgfinra.org

12/20/2024: FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE, WAIVER, AND CONSENT NO. 2020068653101 TO: Department of Enforcement Financial Industry Regulatory Authority (FINRA) RE: Osaic Wealth, Inc., formerly known as Royal Alliance Associates, Inc. Member Firm CRD No. 23131 Pursuant to FINRA Rule 9216, Respondent Osaic Wealth, Inc. (CRD No. 23131) submits this Letter of Acceptance, Waiver, and Consent (AWC) for the purpose of proposing a settlement of the alleged rule violations described below. This AWC is submitted on the condition that, if accepted, FINRA will not bring any future actions against Respondent alleging violations based on the same factual findings described in this AWC.

Reference 2020068653101data-portal.finra.orgfinra.org

12/20/2021: FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE, WAIVER, AND CONSENT NO. 2019062531501 TO: Department of Enforcement Financial Industry Regulatory Authority (FINRA) RE: Royal Alliance Associates, Inc. (Respondent) Member Firm CRD No. 23131 Sagepoint Financial, Inc. (Respondent) Member Firm CRD No. 133763 FSC Securities Corporation (Respondent) Member Firm CRD No. 7461 Pursuant to FINRA Rule 9216, Respondents Royal Alliance, Sagepoint, and FSC submit this Letter of Acceptance, Waiver, and Consent (AWC)

Reference 2019062531501data-portal.finra.orgfinra.org

12/20/2017: FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE, WAIVER AND CONSENT NO. 2016049977701 TO: Department of Enforcement Financial Industry Regulatory Authority ("FINRA") RE: Royal Alliance Associates, Inc., Respondent CRD No. 23131 Pursuant to FINRA Rule 9216 of FINRA's Code of Procedure, Royal Alliance Associates, Inc. (“RAAI” or the “Firm”) submits this Letter of Acceptance, Waiver and Consent ("AWC") for

Reference 2016049977701data-portal.finra.orgfinra.org

11/30/2005: NASD LETTER OF ACCEPTANCE, WAIVER AND CONSENT NO. E8A20010343 TO: Department of Enforcement NASD RE: Royal Alliance Associates, Inc. BD No. 23131 Jeffrey Scott Drejza Registered Principal CRD No. 1249668 Pursuant to Rule 9216 of NASD Code of Procedure, we submit this Letter of Acceptance, Waiver and Consent ("AWC") for the purpose of proposing a settlement of the alleged rule violations described in Part II below. This AWC is submitted on the condition that, if accepted, NASD will not bring any future

Reference E8A20010343finra.orgdata-portal.finra.org

11/30/2022: FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE, WAIVER, AND CONSENT NO. 2018060895801 TO: Department of Enforcement Financial Industry Regulatory Authority (FINRA) RE: FSC Securities Corporation (Respondent) Member Firm CRD No. 7461 Royal Alliance Associates, Inc. (Respondent) Member Firm CRD No. 23131 SagePoint Financial, Inc. (Respondent) Member Firm CRD No. 133763 Woodbury Financial Services, Inc. (Respondent) Member Firm CRD No. 421 Pursuant to FINRA Rule 9216, Respondents FSC Securities, Royal Alliance, SagePoint Financial, and Woodbury Financial submit this Letter of Acceptance, Waiver, and Consent (AWC) for the purpose of proposing a settlement of the alleged rule violations described below. This AWC is submitted on the condition that, if accepted, FINRA will not bring any future actions against Respondents alleging violations based on the same factual findings described in this AWC.

Reference 2018060895801data-portal.finra.orgfinra.org

12/06/2007: FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE, WAIVER AND CONSENT NO. E052004030102 TO: Department of Enforcement Financial Industry Regulatory Authority ("FINRA") RE: Royal Alliance Associates, Inc., Respondent [CRD No. 23131] Pursuant to NASD Rule 9216 of FINRA's Code of Procedure, Royal Alliance Associates, Inc., submits this Letter of Acceptance, Waiver and Consent ("AWC") for the purpose of proposing a settlement of the alleged rule violations described below. This AWC is submitted

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05/03/2017: FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE, WAIVER AND CONSENT NO. 2016049751001 TO: Department of Enforcement Financial Industry Regulatory Authority ("FINRA") RE: Royal Alliance Associates, Inc., Respondent Member Firm CRD# 23131 FSC Securities Corporation, Respondent Member Firm CRD# 7461 SagePoint Financial, Inc., Respondent Member Firm CRD# 133763 Woodbury Financial Services, Inc., Respondent Member Firm CRD# 421 Inger Wilson Fields, Respondent Financial and Operations Principal and

Reference 2016049751001data-portal.finra.orgfinra.org

12/22/2011: FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE, WAIVER AND CONSENT NO. 2009017644201 TO: Department of Enforcement Financial Industry Regulatory Authority ("FINRA") RE: Royal Alliance Associates, Inc., Respondent CRD No. 23131 Pursuant to FINRA Rule 9216 of FINRA's Code of Procedure, Royal Alliance Associates, Inc. ("Royal Alliance") submits this Letter of Acceptance, Waiver and Consent ("AWC") for the purpose of proposing a settlement

Reference 2009017644201data-portal.finra.orgfinra.org

07/24/2018: FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE, WAIVER AND CONSENT NO. 2016047636601 TO: Department of Enforcement Financial Industry Regulatory Authority ("FINRA") RE: Royal Alliance Associates, Inc., Respondent Member Firm CRD#23131 FSC Securities Corporation, Respondent Member Firm CRD# 7461 SagePoint Financial, Inc., Respondent Member Firm CRD# 133763 Woodbury Financial Services, Inc., Respondent Member Firm CRD# 421 Pursuant to FINRA Rule 9216 of FINRA's Code of Procedure,

Reference 2016047636601data-portal.finra.orgfinra.org

09/21/2026: Unit Investment Trusts (UITs) offer investors the opportunity to invest in a fixed portfolio of securities for a specified term. A recommendation to sell a UIT early causes the customer to forego part of the benefit of the investment for which the customer has already paid. From January 2018 to October 14, 2024, American Portfolios failed to reasonably supervise its registered representatives’ recommendations to sell UITs before maturity to achieve compliance with FINRA Rule 2111 and, beginning June 30, 2020, Regulation Best Interest (“Reg BI”). During this period, three representatives routinely recommended that their retail customers sell UITs prior to maturity, causing 295 customers to incur $1,232,939.09 in unnecessary costs and fees. Therefore, American Portfolios violated FINRA Rules 3110 and 2010. For these and other violations, the firm is censured, fined $400,000, and ordered to pay $1,232,939.09 in restitution...

Reference 2023078794701data-portal.finra.orgfinra.org

12/03/2025: From at least January 2018 to June 14, 2024, Securities America failed to establish, maintain, and enforce a supervisory system, including written supervisory procedures (WSPs), reasonably designed to achieve compliance with FINRA Rule 2111 and the Care Obligation of Rule 15l-1 of the Securities Exchange Act of 1934 (Reg BI) with respect to Class A mutual fund recommendations. Moreover, from June 30, 2020, to June 14, 2024, Securities America failed to establish, maintain, and enforce written policies and procedures reasonably designed to achieve compliance with the Care Obligation of Reg BI with respect to the same recommendations. As a result, from January 1, 2018, to June 14, 2024, Securities America violated FINRA Rules 3110 and 2010 and, for the period from June 30, 2020, to June 14, 2024, violated Reg BI and Rule 2010 by failing to comply with Reg BI’s Compliance Obligation. For these violations, the firm is censured, fined $1 million, and ordered to pay $2,019,040 in restitution...

Reference 2021069337301data-portal.finra.orgfinra.org