Regulation and Compliance issues for Wealth Professionals can be challenging to navigate especially when the SEC is involved. Catch the latest news and analysis on compliance updates that impact financial advisors.
When the NASD released follow-up guidance on Conduct Rule 3012 in April, it aimed to clarify how member firms must supervise the personal business of producing branch managers. Unfortunately many firms particularly independents remain confused...
No-brainer decisions aren't what they used to be in the brokerage industry, and outsourcing is a case in point. Broker/dealers have long understood that third-party service providers can handle processes, such as transaction clearing, more...
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 numbers, CRD numbers, fingerprints...
Q: I am a big fan of the Ethical Rep section of the magazine. As a registered representative, I often encounter situations where my licensing and continuing education do not provide me with the necessary guidance. For instance, my current firm...
After eight turbulent years under President Bush, America is heading in different direction a very different direction. It's February 2009 time to meet the new President of the United States. But before we formally introduce him, what a race it...
In the past, almost any violation by a rep resulted in a fine. Only in the most extreme cases were severe measures, like suspension and expulsion, used. Break a rule, be found guilty, write a check without admitting or denying guilt. Not so today...
Smith Barney is facing a new round of sex-discrimination suits. A quartet of financial consultants from California has filed a national class-action lawsuit against the firm in a San Francisco federal court. The suit alleges systemic sexual...
Q: Many firms use third-party investment research to cover companies their own analysts don't or to supply a second opinion. As part of these arrangements, the firms often enter into contractual agreements with unregistered third parties. The...
When the SEC ruled in April to re-propose the so-called Merrill Exemption, permitting Series 7 licensees to continue to call themselves financial advisors, thousands of reps and their firms heaved a sigh of relief. Technically, a Series 7 license...
If legal filings are a leading indicator of the amount of trouble a particular industry is in, the securities industry can start to breathe a bit easier According to the NASD, the number of new case filings dropped by 8 percent, to 8,201, in 2004...