The Arbitration Debate ContinuesFeb 26, 2008,By David Geracioti Is arbitration fair? Do retail investors get a fair shake in arbitration hearings, considering one member of the three-member panel is an industry person? The argument has been ongoing, with the most recent salvo fired off by a new academic study. The study suggests that unless you work on Wall Street, you probably don’t think arbitration is very fair (the Bloomberg news story on the survey). ... 401(k) Participants Win Right to SueFeb 21, 2008,By Halah Touryalai Yesterday’s U.S. Supreme Court ruling allowing individual 401(k) account holders to sue plan administrators may cause some angst among advisors. ... Spinning Out Of ControlFeb 1, 2008,By Bill Singer Acting as Rocky Mountain Securities & Investments Inc.'s (RMSI) President, Director, Registered Financial and Operations Principal (FINOP), and Compliance... Do Your Clients Know Who You Are?Feb 1, 2008,By Christina Mucciolo What to do with the securities industry's Depression-era regulations that have investors confused over the difference between a registered investment... BlotterFeb 1, 2008,John Churchill Too Much Volume: The Financial Industry Regulatory Authority (FINRA) fined 19 broker/dealers in January a total of $2.8 million for substantially overstating... The Ultimate Contrarian PlayFeb 1, 2008
Depending upon who you listen to, we are either in a recession, or one is gathering on the horizon. (The Fed's Beige Book says no recession just slower... Sink Or Swim?Feb 1, 2008,By Stephen Gresham I was watching a TV documentary recently about a middle-aged man who was preparing to swim the English Channel. A reporter asked him why he had chosen... Fuss Over Broker Expungement ContinuesJan 29, 2008,By Kristen French Apparently, some people still think it’s far too easy for brokers to wipe their records clean, particularly where customer dispute information is concerned. A story on SmartMoney ... SEC’s RAND Study ReleasedJan 3, 2008,By Christina Mucciolo The SEC released the results of the RAND study today, which examined two issues: how broker/dealers and investment advisors market and provide products and services to investors, and how investors understand the differences between investment advisors and broker/dealers. ... Top Compliance Issues In 2008Jan 1, 2008,By Susan Konig If you thought compliance and regulatory scrutiny couldn't get any more intense, welcome to 2008. Consumer protection is expected to be the driving force... BlotterJan 1, 2008,John Churchill Not The Glengarry Leads: In December, the SEC charged former San Francisco-based stockbroker Sidney Mondschein with securities fraud and regulatory violations.... When Management Pushes Managed AccountsJan 1, 2008
All the major firms are doing it. If you think there are better investment options for your clients, tell management in writing (and keep copies). You... A Taxing ProblemJan 1, 2008,By Bill Singer In March 2003, NASD received a customer complaint letter accusing registered representative Morton Bruce Erenstein of misrepresenting investments, recommending... Spitzer Returns! New York A.G. Probes Wall Street On Mortgage-Backed SecuritiesDec 5, 2007,By Halah Touryalai The punches keep on coming for some of Wall Street’s biggest firms. A handful of firms were sent subpoenas late this summer courtesy of New York State Attorney General Andrew Cuomo... “Top” Independent Advisor Falls From Grace?Dec 3, 2007,By Christina Mucciolo Frank Julian Bluestein may have flipped a nut. Bluestein was ranked number four on our “America’s Top 100 Independent Advisors” list, published in August of this year... BLOTTERDec 1, 2007,John Churchill Internet Securities Bust: Gerald Milligan and Andrew Mariani, of Wellington, Fla., were jointly charged by the FBI, a Florida district attorney and others,... The Fight Is OnDec 1, 2007,By Karen Donovan When a client opens a brokerage account, he agrees that he won't sue you, the registered rep, in a court of law. In opening the account, the client agrees... Sister Can You Spare A Dime?Dec 1, 2007,By Bill Singer Want to borrow some money from a client? Yeah, sounds a little shady on the face of it, but maybe you have good reasons. Well, proceed with caution. NASD... Morgan Stanley in the EEOC’s Sights on Age-Discrimination?Nov 29, 2007,By Christina Mucciolo The EEOC is investigating claims made by former Morgan Stanley advisors that the firm discriminated against older workers when it laid off 1,000 financial advisors back in 2005, according to a story in the Associated Press. ... Top Independent Advisor Under InvestigationNov 27, 2007,By Christina Mucciolo Frank Bluestein, an independent advisor formerly of Maximum Financial in Waterford, Mich., had the distinction of being number four on our “America’s Top 100 Independent Advisors” list (click here to see the list) with $1 billion in assets under management. Alas, Bluestein is currently being investigated by Michigan state securities regulators, and, possibly, the SEC. ... Securities Lobby To Members: We’ve Done Good In 2007, But We Need To Whip Washington Into ShapeNov 8, 2007
The securities industry’s biggest lobby held its annual meeting today, and, as usual, congratulated itself on the great job the industry has been doing in raising capital for business... Subprime Mess: Merrill and Goldman Reportedly Under Eye of SECNov 1, 2007,By John Churchill The subprime debt market blowup has had very different effects on Wall Street firms Goldman Sachs and Merrill Lynch. Goldman earnings shined in the third quarter, and Merrill earnings stunk. But according to news reports... False AdvertisingNov 1, 2007
Q: I provide performance reports on the accounts of some of my selected clients to prospective clients. Any information by which a client could be identified... BlotterNov 1, 2007,John Churchill It's All In The Name: The SEC recently charged Robert Ray White Samples, principal of Pot O' Gold Financial Services in Denver, Colo., with misappropriating... The Expungement CrusadeNov 1, 2007,BY KAREN DONOVAN Wall Street Breathed a Sigh of Relief when Eliot Spitzer moved into the governor's mansion in Albany. Word was that Andrew Cuomo, New York's newly elected... Don't Do As I SayNov 1, 2007,By Bill Singer From September 1999 until January 2005, Salvatore F. Sodano was the chairman and CEO of the American Stock Exchange (AMEX), a quasi-governmental, self-regulatory... Ameriprise Branches Face Potential Fines for Fake Financial PlansOct 24, 2007,By Halah Touryalai Ameriprise Financial Services has long been accused of possessing a culture that’s more concerned with sales commissions than compliance. The latest allegations against the company from the New Hampshire Bureau of Securities Regulation suggest that may still be very much the case, at least in that state.... If Allegations Prove True, File This Under: Stupid BrokerOct 23, 2007,By David A. Geracioti The SEC has filed a complaint against a former LPL rep and branch manager, who, the SEC says, had been engaging in one of the oldest broker tricks in the book: Stealing his clients money. ... It's Time To Vote For The New FINRA BoardOct 1, 2007,By Bill Singer The first annual meeting of the new Financial Industry Regulatory Authority's (FINRA) 23-member board is slated for October 26, 2007, and the regulator... BlotterOct 1, 2007,John Churchill Trader Jett Asked to Pay Up, Again Joe Jett, the young bond trader at Kidder Peabody, who was the central figure in one of Wall Street's most high-profile... Dealmaker or Penny Stock Tout?Oct 1, 2007,By John Churchill Don't call Mark Beloyan a penny stock tout. Sure, Beloyan speculates in low-priced securities. And, yes, his book is built around trading and finding... U5 HazardOct 1, 2007,By Karen Donovan Brokerage firms can say anything they like on a departing broker's Form U5, even if it's defamatory in nature and untrue. That's because the New York... Getting Help On ComplianceOct 1, 2007,By Christopher O'Leary Last year, Robert Isbitts, who runs Weston, Fla.-based RIA Emerald Asset Advisors, decided he had to take drastic action. Legal and regulatory compliance... Put Your Clients' Interests FirstOct 1, 2007
Q: Where do you draw the line between what is best for your clients' money, and what is best for your clients in the long run? My manager gets upset with... SEC charges 38 in Multi-Million Dollar Stock Loan Kick-Back SchemesSep 21, 2007,By Christina Mucciolo The Securities Exchange Commission (SEC) charged 38 defendants of stealing more than $12 million in stock loan kickbacks from their Wall Street employers. Basically stock loan traders at Morgan Stanley, A.G. Edwards, Nomura Securities and Oppenheimer, among others, worked with phony stock loan “finders” to skim profits from the traders’ firms in the form of finder fees, and then took cash kick backs from these finders. The SEC alleges the fraudulent transactions took place from 1998 to June 2006. ... |
Current Issue Asset-Gathering MachinesBY HALAH TOURYALAI In the first half of 2008, Camden Capital Management, a fee-only RIA in El Segundo, Calif., added $100 million to its growing pot of client assets... advertisement Recent NewsREP. RESEARCHadvertisement BOOKS
This reference book was updated for 2008 and now contains over 900 pages of information on essential financial concepts and wealth management strategies for your work with wealthy clients. The book not only contains brief summaries of each topic, but it also contains many useful diagrams and charts that can be used with clients when explaining difficult financial concepts. The information in this book meets current FINRA/NASD guidelines. Click here. Bookstore
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