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Certainly, going indie has a lot of appeal. And there are lots of stories of happy former wirehouse brokers who have flourished on their own. But it doesn't just happen. Take, for example, the wirehouse rep from the West Coast. The rep hadn&...
Although trusts are, according to many theories, hundreds of years old, their provisions have changed more in the past 30 years than in the previous 300 years. The catalysts are not only increasingly complex laws, but also the fact that trusts are...
Offshore trusts are popular estate-planning tools for a various reasons, especially legal impunity. Some offshore jurisdictions don't recognize foreign judgments, and creditors have limited time to make claims on trusts established there.1 No...
So what exactly are fraud, fraudulent conveyance, deceit and fraudulent transfer and when are attorneys accountable? Being a trustee entails risk of personal liability. Being one of a number of trustees can increase the risk. In the legendary...
Registered reps serving multiple high-net-worth clients typically benefit from a benign domino effect. In many cases, an affluent-focused practice has its origins in a single client; if the rep does a good job serving that client, his actions set...
It wasn't tainted research. It wasn't late trading. It wasn't even good for a lot of headlines. But it was another ugly moment for investment advisors when, in mid-2004, politicians and regulators began looking into 529 college savings plan sales...
There's one thing that stands between the big retail brokerage firms and the high profit margins that the executives of these firms and their investors seek: the financial advisor. Yes, the wirehouses including embattled Morgan Stanley have...
In October 2003, a back-office glitch made Robert Burns the recipient of $12,000 that did not belong to him. Burns was an advisor with Merrill Lynch, Pierce, Fenner & Smith, and the error involved crediting the funds to Burns' personal account...
Theodore Sihpol III, a former broker at Banc of America Securities (BAS), and poster boy for the market-timing scandals and the first target of Spitzer to say no to a plea offer has settled with the SEC. In 2003, the SEC alleged that Sihpol helped...