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If your pipeline is full of affluent prospects, you can skip this month's column. If, however, you could use more affluent prospects and new affluent clients on a more consistent basis, you are going to want to read this carefully and take notes...
Q: Is there any way my employer can find out if I receive W-2 income from other sources, which, by the way, are not from other brokerage firms? When I called the IRS, I was told there is no way it would disclose that confidential information to a...
It's a serious conundrum for financial advisors: Their success hinges on their ability to cultivate loyalty in their most affluent clients, but many are having a tough time building that loyalty. This, at least, is the finding of our recent...
Merrill Lynch has proffered retention packages to newly acquired Advest Group's financial advisors, and according to industry observers, the packages are having their desired effect. I think it will do largely what it intends, which is to keep as...
Cooked Books: Philip Bennett, former CEO of Refco Inc., the largest independent commodities and futures exchange, was arrested on securities fraud charges in October. It is alleged that a firm Bennett controlled owed Refco as much as $545 million...
The biggest brokerage houses on Wall Street are giving themselves a makeover. Their reinventions, in some ways, are part of the usual ebb and flow between centralized structures to decentralized and back again. But even in the context of such...
If you need more proof that competition for top financial advisors is growing more intense, look no further than First Allied Securities. The San Diego-based independent broker/dealer recently announced plans to offer forgivable loans to any of...
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...
