The growth of nondiscretionary fee accounts and discount options has created a potential regulatory trap for brokerage firms. So in November, the SEC proposed a rule to solve the problem.As full-service firms separate the cost of a transaction...
Merrill Lynch is introducing a new program for IRA rollovers. The plan, called OneStop, is being tested in several locations throughout the country with 65 reps participating.The service is modeled after Fidelity's Rollover Express program...
A complaint filed by Morgan Stanley & Co. against former managing director Steven Yamane two years ago backfired in September, when an NASD arbitration panel awarded Yamane stock and options worth more than $3.5 million.The panel also ordered...
Dain Rauscher is raising its consulting bar a notch by forming a consulting group for brokers. The new consulting group and a training and designation program will be officially unveiled this month. It has two tiers brokers can qualify for: The...
As months and years pass, everything changes--including this business. Old-school brokers, the stock pickers who dominated Wall Street for much of this century, are being challenged by a new generation of techno-savvy upstarts who defer to...
The buzz on Wall Street is about the quick pace of change. Retail brokers can't stop talking about Internet trading, falling fees, mergers and their firms' strategies. They are both curious and concerned about what the future holds.In the here and...
In a surprise move, the NASDR has asked the SEC for yet another extension of the pilot program testing expedited arbitration in temporary restraining order (TRO) cases while it works up a new version of the rule, RR has learned. A permanent rule...
Getting accustomed to the changing product offerings at a brokerage firm can be daunting for new and existing clients. To better orient clients and to save reps and their assistants' time, Prudential Securities is experimenting with an in-branch ...
Just four years after continuing education requirements were introduced, violations of those rules are among the most common problems discovered by the NASDR. However, formal disciplinary actions on this issue are rare.Most of the deficiencies are...
