Although the NASD's continuing education program was just toughened up in July, Merrill Lynch's director of regulatory policy doesn't think it goes far enough. Addressing a crowd of about 200 compliance and training directors at the SIA's...
Brokerages are targeting wealthy clients by setting up separate departments whose mission is to attract and service high-net-worth individuals.Bear Stearns is the latest entrant to add a "wealth department" business unit. In September, the firm...
It pays not to produce. According to a survey conducted by the Securities Industry Association, nonproducing branch office managers (BOMs) in retail operations earned almost $100,000 more than their management counterparts who still serviced...
A.G. Edwards in September renamed its producers "financial consultants," dropping the former title of "investment broker." The firm gave reps the option of continuing to use the investment broker moniker, however.One Northeast-based Edwards rep...
The average CFP is an independent serving a client who earns between $50,000 and $99,000 a year and has a net worth of less than $500,000. Most times, that client was referred to the CFP, who offers a general menu of planning services.This...
More than ever, brokers are dealing with a very emotional commodity--people's futures. That was the message from PaineWebber CEO Don Marron to attendees at the September Securities Industry Association's retail management conference Sept. 16-17 in...
While the SEC continues to investigate alleged sales practice violations at the Washington, D.C., branch of Wheat First Securities (now Wheat First Union), several clients of the firm have confirmed to RR some of the allegations first brought to...
Merrill Lynch is relaxing its health insurance policies beginning Jan. 1, 1999, allowing brokers and other employees to add "domestic partners" and extended family members to their plans.Pat Crowley, Merrill's senior director of organizational...
Salomon Smith Barney has introduced an enhanced payout schedule for inactive accounts that brokers awaken.According to Tom Matthews, SSB's director of national sales, inactive accounts are defined as accounts that have done less than $100 in gross...
The NASDR appears to have done nothing with a disciplinary referral it received from an arbitration panel more than a year ago over Dean Witters refusal to follow customer instructions to transfer accounts.On Aug.26, 1997, NASDR arbitrators filed...
