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Wealthy people and good poker players have at least one thing in common: The habit of holding cards close to their vests. At least that's what a wirehouse veteran named Jack told me while explaining his difficulty getting referrals from...
THE QUESTION WHAT NEXT? is an expression of exasperation but also one of hope as if so much has already happened that it can't possibly get worse. With all the scandal that's buffeted the securities industry, it's understandable if reps are...
When the scandal craze that has gripped the securities industry first got its kick in the pants two years ago from Eliot Spitzer and his crew, few in the industry recognized how deep it might go. Sure, some nefarious conflicts of interest would be...
They're coming to get you. As the number of arbitrations filings increases, so too do the odds that you will be called to appear in a regulatory hearing. The complaint may not even be against you; registered reps are often summoned to testify...
The SIA Soft Dollars and Institutional Brokerage Conference took aim at a wide range of issues related to soft-dollar payments in the brokerage industry, but most of the conference's attendees were there to find out one thing: Can the practice be...
Death and taxes are an inevitable part of everyone's life. If you're a registered rep, you can add customer complaints to that short list. It's an article of faith among reps that once a complaint is lodged against them, it's an automatic black...
If selling to the affluent were a sport, every day would be game day. For better or worse, in investment sales, there is no practice field, and only serious players should suit up. At the risk of overextending the metaphor, I would further submit...
Psychologists the world over say vacation is important because, The brain needs a break, but it's surprising how few advisors give their minds a true rest during their time off. It's my experience that those who have built strong financial...
When Mike DiGirolamo, former head compliance officer at Raymond James Financial, was first contacted by the NASD about how the firm determined whether fee-based or commission-based accounts were appropriate for customers, he was surprised. That...
