When Edward Jones was accused last year of steering clients to certain mutual fund families without disclosing that the firm received multimillion-dollar payments from those funds, it denied the charges.
Six years ago, Hilliard Lyons, a successful small broker/dealer with roots dating back to 1854, shocked many by selling itself to PNC Bank. To many, the Louisville, Ky., b/d was the model small firm, a master of its...
An A.G. Edwards broker recently found himself in the midst of a competitive conversation of the sort that is likely to become more common among high-net-worth advisors. The exchange began when the rep took a call from...
With the securities firms forever searching for edgy products, it should come as little surprise that exchange-traded-fund (ETF) wrap accounts are growing in popularity. ETF wraps, which are less expensive than mutual...
In a rare public appearance Thursday, Stan O’Neal, chairman and CEO of Merrill Lynch, took indirect aim at regulators and perhaps even New York State Attorney General Eliot Spitzer in particular.
The SIA’s Mutual Fund Reform Conference, held in New York City’s Grand Hyatt Hotel on Tuesday, had an unexpected guest in the form of NASD Chairman and CEO Bob Glauber.
Allegations against broker/dealers these days have become somewhat commonplace. Still, it’s unusual for the SEC to file charges of civil fraud against a firm for the actions of one of the firm’s registered...
For the first time in a year-and-a-half, quarter-over-quarter revenue at bank-owned broker/dealers dropped, by 18 percent, according to a Bank Insurance & Securities Association's (BISA) report on the second quarter...
A Morgan Stanley advisor sat at his desk a few months ago, reviewing his professional life. During the late 90s boom, he had been trading millions of dollars a day. When, like many reps, he crashed to earth in the...
