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Henry Ford famously offered to deliver his Model T in any color, so long as it was black. Customers in the securities industry have roughly the same amount of choice when it comes to settling disputes it's arbitration or nothing. This is...
A decade ago, when Doug Nani was a rookie rep at Legg Mason Wood Walker in Providence, R.I., the firm started a merchant banking division. Little did Nani know that the move would end up providing him with a lucrative way to supplement his...
Perhaps you've encountered a situation like this: A client loses money in his account but the performance report he receives shows a positive return. The client is understandably perplexed by this and requests an explanation. After kicking around...
By now, financial advisors know the drill. They are supposed to be evolving into wealth managers. This upgrade helps advisors better connect with existing clients, attracts more high-net-worth prospects and improves profitability by broadening the...
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...
