ON ITS WEB SITE, THE NASD SAYS THE HEART OF ITS MISSION IS TO ENFORCE SECURITIES LAWS IN A VIGOROUS, FAIR AND EFFECTIVE MANNER. ASK ANY BROKER/DEALER EXECUTIVE OR COMPLIANCE CHIEF AND THEY WOULD LIKELY GROAN, VIGOROUS, YES, BUT FAIR? Executives of...
IT TOOK SOME TIME, but the brokerage industry finally is coming to terms with the death in the family. In this case, the dear departed is a way of operating that is now gone for good. Like any mourner, the industry has collectively gone through...
Surveying the financial services landscape back in April 1998, Raymond Mason, CEO of Legg Mason, told Barron's how he saw the future: I have believed that there are three businesses over the next ten years that all financial-services companies...
Most estate planners know the three basic elements of a trust: a trustee, a corpus, and one or more beneficiaries. Many commentators regard the presence of a beneficiary as the most important element, because without a beneficiary there would be...
The following is a parable of a great prospecting idea gone awry for one simple reason: the prospector did not plan his meeting carefully enough. The prospector in question was none other than I a financial consultant with a 12 handicap in golf ...
Wealthy clients are very familiar with wirehouse brand names a sign that the industry's heavy marketing is paying off. But when it comes to rating the actual services that firms deliver, wealthy clients favor boutique trust firms and private banks...
Contesting arbitrations is often a smart move especially for reps who believe they were unjustly accused or that the settlement demanded by the customer is excessive. At the same time, the case doesn't necessarily end with the issuance of an award...
When Smith Barney and Legg Mason announced a deal to swap the wirehouse's asset-management business for Legg's brokerage unit, a lot of Legg reps saw an ugly storm brewing. Some made calls to recruiters and began to prepare for a move they wish...