Business Planning

If you are a producing supervisor and work alone in a remote office, the NASD is sending you (and management) a special message: Exception reports alone may not be enough supervision. On Feb. 21, the NASD announced it had fined Raymond James Financial Services (RJFS) $2.75 million for failing to maintain an adequate supervisory system to oversee the sales activities of over 1,000 producing branch managers throughout the country. In a related action, the NASD permanently barred RJFS branch manager Donna Vogt, who worked from an office in Campbellsport, Wis., for recommending unsuitable mutual fund and variable annuities to elderly or retirement-age customers, and making misleading statements to customers in correspondence.

bySusan Konig