In the first settlement of its kind, the NASD hit Raymond James with a $750,000 fine Wednesday for improperly putting certain clients in fee-based brokerage accounts. The NASD said Raymond James Financial will terminate its fee-based brokerage...
Sometimes it pays to take on securities regulators, despite their financial and legal heft. Consider the case of Charles Elliott. In a rare victory for a broker in a settlement dispute with the SEC, Elliott last week won recovery of over $100,000...
On Wednesday, the SEC unanimously voted to allow Series 7 holders—registered reps—to position themselves as financial advisors—with certain caveats. But, once again with the “broker/dealer rule issue,” the SEC seemed...
Even though Morgan Stanley’s board has said that it stands behind Philip Purcell as CEO, the group of dissidents calling for Purcell’s ouster is digging in for a long, protracted fight for control of the company.
Broker/dealers and their reps may get a big break on point-of-sale disclosure if the Securities and Exchange Commission heeds recent NASD advice. In a report issued Monday, an NASD task force recommended that b/ds and mutual funds make certain...
The palace intrigue at Morgan Stanley continues—to the delight of the New York City-based financial journalism core. For days now, Morgan CEO Philip Purcell’s struggle to keep the helm of Morgan has been splashed across front pages of...
For years, reps have been told that separately managed accounts (SMAs), were being The institutional-quality management, tax efficiency, transparency and customization that had made SMAs so popular among high-net-worth individuals would be...
For advisors looking to expand a practice quickly, purchasing a book of clients was once the most expedient solution. Robert Enright learned the hard way that it isn't necessarily so anymore. Enright, of the Burton/Enright Group in Walnut Creek...
As one A.G. Edwards financial advisor sees it, regulators and broker/dealer management have gone overboard with mutual fund disclosure. Take the case of the B-share class of mutual funds. Right now, B shares are the baddest guys on the Street, the...
