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.
The long parade of securities scandals has convinced broker/dealers to apply some prophylactic measures to their fee-based accounts. Registered reps at the major b/ds say their managements have been heavily scrutinizing whether certain accounts...
Much of the noise in the broker/dealer industry lately is coming from the halls of Washington rather than from the trading desks all over the country. Ask an average registered rep what the most time-consuming portion of his day is, and more often...
Martha Stewart apparently is not alone in her creative approach to document management. During a recent NASD examination, a broker/dealer could not locate originals of every new account form requested by the regulator, so it set about preparing...
Q: I work for three credit unions that offer investment services to members. I replaced a man who had been here for years and was fired for selling away. He had signed a contract with a poorly rated (Best B-/S&P BB) annuity company, was holding...
Get ready, brokers All of the hand wringing during the last two years over faulty research and enhanced disclosure will seem like grade school compared with the newest cannons trained on mutual funds. New SEC proposals could drastically change...
ANASD rule change destined to take effect later this year would have the unintended consequence of making it harder for investors to obtain the redress they seek against brokers. Indeed, proposed Rule 2130, which would prohibit the expungement of...
Q: I've been a Morgan Stanley registered rep for 19 years. Lately, with the new push on account fees for everything, sometimes clients don't pay. Firms charge the broker for the fee and deduct it from the broker's paycheck. By law, I'm not allowed...
With scandals continuing to dominate the news and broker/dealers under more fire from the investing public, it come as little surprise that arbitration figures rose again in 2003. According to the NASD, 2003 brought more arbitrations than any year...
Hydie Sumner, one of the remaining 50 or so registered reps who sued Merrill Lynch for gender discrimination, is expected to hear a decision from an arbitration panel within the next few weeks. Among remedies to her claims proposed by her lawyers...
In one of the few memorable scenes in Godfather III, Michael Corleone laments his inability to break free of the gangster life: Just when I thought I was out, they pulled me back in. Some subjects of NASD disciplinary actions know that sort of...