New York Stock Exchange Regulation handed down a $900,000 fine to A.G. Edwards today, marking the regulator’s first fine for abuses in fee-based accounts. The firm was also charged with failure to supervise staff, including one particularly wayward branch manager....
Most registered reps compare themselves to professionals, such as doctors and lawyers. But, in fact, it seems that, financial advisors may be held to the same labor law standards as an hourly employee ...
Not when it comes to the interests of an advisor's client. They win out over your firm's dictates every time, though an advisor should be diplomatic in dealing with their supervisors...
Citigroup agreed in mid-May to pay a record $98 million to past and present advisors to settle their overtime-pay claims. It's the fourth major financial firm to settle a class-action suit regarding overtime pay within the past 10 months...
Arbitration used to be relatively quick and cheap. Not anymore, and no one - not firms nor lawyers, nor brokers, nor customers - seems to like it. What to do?...
A labor lawyer, armed with depression era law that was originally intended to protect blue-collar workers, is threatening Wall Street's age old compensation structure. Do you deserve to be paid overtime? Sick of paying your assistants salary?...
When a former co-worker sets out to ruin an advisor's reputation it may be extremely difficult to extract any justice, much less the smudge on his reputation...
What does an advisor do when clients at his firm are routinely charged an undisclosed commission on top of fees and he suffers for not falling in line?...
Brokers must take tests. It's a fact of Wall Street life. That some people will go too far in an effort to pass them is sadly a fact of industry life,...
Penitence Pays Off for Putnam: The SEC filed charges against six former officers of Putnam Fiduciary Trust Company (PFTC) for helping to defraud a defined...
The mechanics of regulatory bodies only occasionally attracts the interests of rank-and-file advisors, like back in 1996 when the Nasdaq market was nailed...
Q: I had an oral contract with my partner that I would inherit his $40 million book when he retired in two to three years, but he was laid off in the...
Congregation Con man: James Upshaw didn't need fancy performance charts in order to convince 144 people to entrust him with a combined total of $3.2 million...
Terry Kassel, head of Merrill Lynch's human resources department, will be retiring at the end of this year, after 20 years with the firm and four years...
Q: As a nonproducing registered representative who acts in a purely operational and/or compliance capacity, how much are we expected or allowed to make...
Cannon’s Concepts For Professionals: A Complete Library of Essential Financial Concepts
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....
Wall Street Wage Fight