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 with the newest cannons trained on mutual funds. New SEC proposals could drastically change...
There aren't a lot of $50 million clients out there, so when one comes around, there's going to be competition to win his business. One such situation arose a couple years ago, after Morgan Stanley and Dean Witter merged but while the two were...
Consolidation of management positions continues apace at Wachovia with the departure of two regional presidents and the firm's former broker advocate. All three are former Prudential managers, marking a continuation of a trend in which Pru...
Frank James has defected from Fahnestock & Co. to join Bear Stearns as branch manager in Chicago. James, who has been in the business for 40 years, was serving as branch manager in San Francisco and had been with Fahnestock's predecessor...
Imagine $13 billion evaporating. Poof. Gone from the financial services system. If 12b-1 fees are prohibited, financial advisors collectively would lose about that much per year in income. That's not an exact number, of course, but it's what the...
Greg Sarian is living proof that timing is sometimes more important than time served. The 34 year-old Merrill Lynch broker has been in business just 11 years, but he's already built a $300 million practice (with the help of two partners). He's...
If a recent SEC staff report is any indication, it may not be long before hedge fund investment professionals are regulated as heavily as their brethren at brokerage firms. The Sept. 2003 report, entitled Implications of the Growth of Hedge Funds...
Morgan Stanley recently lost two arbitration cases with former brokers, resulting in million-dollar awards for the disgruntled reps. The arbitration panels found Morgan Stanley to have wrongfully terminated the brokers in both cases. One of the...
This story begins with an illusionist but one whose audience would be none too pleased to unravel the secret behind his act. The deceiver in question (we liked to call him Hunter Simpson) was a high-flying producer at a regional firm where I...
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 they seek against brokers. Indeed, proposed Rule 2130, which would prohibit the expungement of...
