The naughty-kid list of brokerages in the US: Promarket Blog reported on a study by University of Chicago’s Booth School Gregor Matvos and Amit Seru, and the University of Minnesota’s Mark Egan, that examined the cost of misconduct for financial advisers who have been caught. “The study revealed not only the pervasiveness of misconduct in the financial adviser market but also disclosed for the first time a ‘rating’ of the brokers’ firms according to the percentage of their advisors that are involved in misconduct.” Using data from the Financial Industry Regulatory Authority (FINRA), Promarket shows that the naughty kid-list is topped by Oppenheimer, which a 19.6% misconduct rate. Second in this rating is First Allied Securities, followed by Wells Fargo Advisors Financial Network, UBS Financial Services, and Cetera Advisors. The study finds that financial misconduct is more prevalent among firms that target retail investors and the bigger problem is “that misconduct is targeted at customers who are potentially less financially sophisticated.”