A Question of ClassJul 1, 2004
Q: My firm encouraged in a documentable way the conversion of A-share mutual funds into a new class that could be held in wrap accounts (and be charged... It's the Advice, StupidJul 1, 2004,By Gregg Wirth When Mike DiGirolamo, former head compliance officer at Raymond James Financial, was first contacted by the NASD about how the firm determined whether... Alone In a CrowdJul 1, 2004,By Bill Singer The tale of Gina Guzzone is one that would do Franz Kafka proud. All the elements are there the mazelike system of bureaucratic roadblocks, the surreality... The Downside to the Rube DefenseJun 1, 2004,By Bill Singer Time was, the perfect stockbroker was equal parts salesman and stockpicker, but these days you have to throw a good measure of lawyering into the mix.... Haunted by the PastJun 1, 2004
Q: Back when I was 18 I was charged with two felonies. On one, the charges were completely dropped the next day. For the other, it was reduced to a minor... Fee-ling GoodJun 1, 2004,By Kevin McKinley A recent article in The Wall Street Journal described a probe securities regulators have launched into fee-based accounts. I paid extra attention, because... It's Your Call—AlwaysMay 1, 2004,By Bill Singer Far too many reps are learning the hard way how little responsibility clients shoulder when it comes to assessing the suitability of their investments.... Archive Items Now?May 1, 2004,Will Leitch Most reps work under the assumption that all their professional correspondence could be scrutinized, and the SEC now is telling them that assumption is... Out, Damn SpotsMay 1, 2004,Will Leitch In April, the NASD instituted a rule meant to prevent stockbrokers from, in effect, buying their way out of client complaints and a dinged Form U4 by... Arbitrary DecisionsMay 1, 2004
Q: In a securities arbitration by a brokerage client, the client's former broker was not named as a party nor mentioned in the claim. Attorneys for the... What the Martha and Peter Case Means to YouMay 1, 2004,By David A. Feldman To many rank-and-file financial advisors, the Martha Stewart-Peter Bacanovic case is very far removed from their everyday business experience. After all,... Fee-Based Accounts Come Under ScrutinyApr 1, 2004,David A. Gaffen The long parade of securities scandals has convinced broker/dealers to apply some prophylactic measures to their fee-based accounts. Registered reps at... The Problem with Filling in the BlanksApr 1, 2004,By Bill Singer Martha Stewart apparently is not alone in her creative approach to document management. During a recent NASD examination, a broker/dealer could not locate... Last Call for Soft Dollars?Apr 1, 2004,Will Leitch MFS Investment Management and Morgan Stanley's announcements in March that they will no longer pay soft dollars to brokerages for third-party research... A View From the Nation's CapitalApr 1, 2004,David A. Gaffen Much of the noise in the broker/dealer industry lately is coming from the halls of Washington rather than from the trading desks all over the country.... What's a Rep to Do?Apr 1, 2004
Q: I work for three credit unions that offer investment services to members. I replaced a man who had been here for years and was fired for selling away.... Arb-ominationMar 1, 2004
With scandals continuing to dominate the news and broker/dealers under more fire from the investing public, it come as little surprise that arbitration... Merrill Broker Expects Ruling SoonMar 1, 2004,David A. Gaffen Hydie Sumner, one of the remaining 50 or so registered reps who sued Merrill Lynch for gender discrimination, is expected to hear a decision from an arbitration... Compensation ConundrumsMar 1, 2004
Q: I've been a Morgan Stanley registered rep for 19 years. Lately, with the new push on account fees for everything, sometimes clients don't pay. Firms... Sunset for Settlements?Mar 1, 2004,By Richard Roth & David M. Kasell ANASD rule change destined to take effect later this year would have the unintended consequence of making it harder for investors to obtain the redress... Not-So-Fine PrintMar 1, 2004,John Churchill Get ready, brokers All of the hand wringing during the last two years over faulty research and enhanced disclosure will seem like grade school compared... Wrapped in RedFeb 1, 2004,By Bill Singer In one of the few memorable scenes in Godfather III, Michael Corleone laments his inability to break free of the gangster life: Just when I thought I... We May Be Guilty—But Only of Being AnnoyingJan 1, 2004,David A. Gaffen Let the finger pointing begin. As the mutual fund scandal kicks into high gear, brokers are starting to unveil their plans for fighting regulators' charges... Late-Trading Disclosure At Schwab Rankles AdvisorsJan 1, 2004,Will Leitch In November, Charles Schwab & Co. disclosed instances of late trading and market timing in its Excelsior Funds, operated by its U.S. Trust unit. Not only... Whistleblowers Save Your BreathJan 1, 2004,By Bill Singer Bureaucracy that smacks of willful ignorance that's what one would-be tipster (and client of mine) encountered when he tried to anonymously notify regulators... Women Reps Vs. Merrill—It's Not OverDec 1, 2003,David A. Gaffen A protracted legal action against Merrill Lynch may finally be seeing the end or at least the beginning of its end in the next few months. Arbitration... Playing with FireDec 1, 2003,By Don Trone The questions above warrant immediate consideration because there is a very strong likelihood that new Federal legislation is going to be passed that... Get It In WritingDec 1, 2003,By Bill Singer Some of the knowledge required to acquire Series a 7 flees a rep's brain before the test scores have even been computed a process that takes mere minutes.... When Yawns Turn to GapesDec 1, 2003,By Michelle Leder Until recently, there was little danger of confusing SEC filings with anything interesting say a best-selling novel or a hard-hitting newspaper story.... On Guard OnlineNov 1, 2003,By Bill Singer The commotion surrounding the salacious e-mails of the equities-research scandal is starting to subside, but that doesn't mean it's safe to forget about... If You File a Complaint and Nobody Reads ItOct 1, 2003,By Bill Singer The NASD says its core mission is ensuring market integrity and investor confidence goals few in the industry have trouble supporting. Trouble is, in... Employment Issues: Preventative Medicine for the Retail BrokerSep 1, 2003,By Richard Roth Arbitration is painful; the practices outlined below are arb "aspirin."... Street Legal: The Brokerage Industry's Darwin AwardsSep 1, 2003,By Bill Singer Sometimes the disciplinary cases that come before the NASD are as amusing as they are troubling.... Employment Issues: A New Way to Look at DisclosureAug 1, 2003,By Bill Singer NASD's rules about reporting complaints are anything but clear. Here's some help in deciphering them.... Will Your Firm Pick Up Legal Costs?Jul 1, 2003,By Jonathan P. Arfa A broker sued by a client typically has a lot of questions about rights and responsibilities. But none is more important than: Who is liable for my defense... |
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