It's one of those stories that makes an advisor realize: That could have been me. In September 1999, Customer X and her husband transferred their son's custodial account, a joint account and two retirement accounts to...
The way things started out, William Scott seemed like a class act. In 2002, when his employer, Prudential Securities, decided to create a complex by merging his Dayton, Ohio, branch with one in Cincinnati, Scott won...
Contesting arbitrations is often a smart move especially for reps who believe they were unjustly accused or that the settlement demanded by the customer is excessive. At the same time, the case doesn't necessarily end...
Talking is good any marriage counselor will tell you so. I mention this because the relationship between regulators and the brokerage industry lately resembles that of a long-term union that's hit the rocks, and the...
People applying for work on Wall Street can be denied for many reasons these days, but there are two very common ways they get tripped up. First, some try to hide their criminal past as if their Social Security...
Eva Yee May Sung forged the signatures of public customers and a branch manager on forms authorizing Sung to become the new representative of certain brokerage accounts. OK, now, no peeking what sanction do you think...
Any rep or branch office manager who has been disciplined by the NASD can attest to the organization's zealous dedication to enforcement. However, a recent SEC report shows that the NASD is far less enthusiastic about...
Training is everythingcauliflower is nothing but cabbage with a college education. Mark Twain To this famous quote brokerage firms might add: Financial advisors are but Avon salesmen transformed by their wirehouse...
Greener pastures await at another broker/dealer: I'm outta here. Adios. Sayonara. Kiss mywell, you get the idea. It's a heady moment when a rep leaves his firm. It also often sets in motion a series of showdowns over...
Aclient of mine recently received the securities industry's equivalent of the black spot that pirate death summons made famous in Robert Louis Stevenson's Treasure Island. The client reacted to the arrival of the NASD...
