It’s a funny thing: financial advisors position themselves as professionals, sometimes even comparing themselves to doctors and lawyers in responsibilities. Yet, like working stiffs, they want their overtime too. UBS today said it had agreed...
After more than seven months as Morgan Stanley’s chief executive, John J. Mack named Zoe Cruz and Robert Scully co-presidents. The appointments help clear up an uncertain management picture. The arrival of James Gorman next week as retail...
Merrill Lynch has changed the way it pays its brokers to include more deferred compensation and less cash. The new package rewards brokers who stay a long time, while penalizing those that don’t. Its aim is reducing turnover, but may also...
Not long ago, maintaining dual registration—as a Series 7 commission broker and as a registered investment advisor—was unusual. Mostly, dual registration was regarded as a transitory phase, as financial advisors moved their businesses...
The NYSE’s regulatory unit, the New York Stock Exchange Regulation, introduced on Tuesday a new Web-based educational tool for brokers, that is aimed at reducing the number of enforcement actions.
H&R Block Financial Advisors recently lost an appeal to stop three departing brokers from soliciting or contacting their clients. For reps around the country, the ruling means that moving your book could get a lot easier.
Rick’s Cabaret International, a publicly traded strip, er, “gentleman’s club” will be hosting a special “Stockbroker’s Due Diligence Ball” at its New York City mammary mecca, beginning with an all day &...
In an election victory that would make Ralph Nader, Ross Perot and other pot-stirring outsiders smile, two of three candidates running against NASD’s leadership supported nominees have won seats on the self-regulator’s National Board...
It’s no longer business as usual on Wall Street. Starting yesterday, broker/dealers must follow a new SEC rule that requires them to disclose at certain times that they may not be acting in their clients’ best interest. The change...