File this one under Fund Distribution Before Spitzer: The NASD announced today it fined three mutual fund distributors a total of $700,000 for violations of its non-cash compensation rules. One firm’s activity list for a Saturday training session—when no education and training events were actually planned: “golf, fishing and horseback riding followed by dinner and live entertainment.” Ah, the good ole days of fund sales.
The three firms, Scudder Distributors, Putnam Retail Investments and Alliance Bernstein, were fined for improperly providing entertainment and paying for the expenses of guests and their spouses at training and education meetings, according to the NASD release (view the release here). All infractions took place between 2001 and 2004. All three firms settled with the NASD without admitting or denying guilt.
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....
