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In mid-September, the SEC ordered Raymond James Financial Services (RJFS) to pay a $6.9 million fine for failing to supervise Dennis Herula, a former broker who's in prison after pleading guilty to federal fraud charges. In addition, David Lee...
Newborns need protection; it's an adage that applies as much to the business world as it does to the nursery. As it relates to the brokerage industry, this means newbie reps usually need a little help in establishing a healthy practice, and it...
It was just another hot Indiana summer day when Jay Gagne wheeled his Mercedes into the parking garage of the Merrill Lynch office in Carmel, a suburb of Indianapolis. What he saw as he nosed his car into his space made him wonder just how much...
Q: I'm 54 years old and, 19 years ago, was the first woman hired by my firm, which settled a sexual discrimination complaint filed by women employees last year for $54 million. I've got a couple of questions relating to my termination at the firm...
A member of the New York Stock Exchange was arrested in late August for allegedly issuing a death threat to another seat holder who sued to block the Big Board's takeover of Archipelago Holdings. Edward Reiss, 65, a floor broker since 1973...
The retail brokerage model in the U.S. is flawed. Why? Because advisors get too much of the revenue pie. That's the conclusion of a report published recently by Morgan Stanley, titled U.S. Retail Brokerage: Flawed but Improving. The report argues...
Years ago, most investors assessed the merits of companies by analyzing balance sheets, P&L and cash-flow statements. Investors who analyzed corporate boardrooms and ranked them for their shareholder friendly policies were a small (and sometimes...
It is an article of faith in recruiting circles that wirehouses are practiced in the art of brainwashing. The target of their mind control is advisors. The message: the firms' reputation is the central factor in any success the advisor might...
Eric Hernandez, a financial advisor at UBS Securities, one day realized that he just couldn't make another cold call. For Hernandez, who had been with UBS for five years, and with Prudential Securities four years before that, the life of a...
In this month's column, we explore succession planning, a key service that wealth advisors can and should provide for clients whose fortunes are tied up in closely held businesses. We give you the hypothetical case of Charlie and Sally, a couple...