For the new study, Diligence Review examined the Form ADV filings for all 11, 622 advisers registered with the SEC to identify violations and potential conflicts as well as assets under management.

FORBES: $23 Trillion In The Hands Of Managers With One Or More Violations

The study by Diligence Review Corp. follows up on earlier research, based on mandatory Form ADV filings with the SEC, that found one in nine money managers has a regulatory black mark.

FORBES: $23 Trillion In The Hands Of Managers With One Or More Violations