Our interests may not always be the same as yours. Imagine telling your clients that. And then imagine saying 20 minutes later, But now that we're discussing your comprehensive planning needs, I'm acting in your best interests, because I've put on...
The mechanics of regulatory bodies only occasionally attracts the interests of rank-and-file advisors, like back in 1996 when the Nasdaq market was nailed for price fixing. It wasn't just investors that were paying too much for a trade: Small...
The brokerage industry will always loathe regulation. And it's safe to say brokers weren't raising pints of ale to the announcement in January that Mary Schapiro, head of NASD Regulatory Policy and Oversight, would be taking over for Robert...
What does an advisor do when clients at his firm are routinely charged an undisclosed commission on top of fees and he suffers for not falling in line? Q: I work for a major wirehouse. Like most others in our industry, we offer fee-based accounts...
Brokers must take tests. It's a fact of Wall Street life. That some people will go too far in an effort to pass them is sadly a fact of industry life, too. Here are a few of the more egregious examples: That's an Old Photo of Me Dmitry Verkhovsky ...
Part of the fallout from the regulatory onslaught of the past three years has been a drastic overhaul in how mutual funds are sold. Regulators exposed longstanding marketing practices that quietly boosted the profits of money managers and...
The recent acquisitions of Legg Mason's retail brokerage by Citigroup and Advest by Merrill Lynch brought an interesting recruiting problem into high relief: Raiding. Simply put, there are some brokers who are too hot to touch: groups or teams who...
Congregation Con man: James Upshaw didn't need fancy performance charts in order to convince 144 people to entrust him with a combined total of $3.2 million he just assured them his financial advice came directly from God. Upshaw, a thief with...
After stepping into the ring last spring with California Attorney General Bill Lockyer over fund disclosure practices, American Funds recently knocked the AG on the canvas; Edward Jones, another Lockyer target, hasn't been so lucky. In November...