Investment adviser firms and their legal counsels are bristling at a new SEC rule provision they say imposes a burden on advisers to monitor the Y2K readiness of companies they recommend to clients.The controversial provision is contained in the...
If Salomon Smith Barney issued an official directive asking branch managers to distribute inherited accounts more fairly, as was reported by at least one industry newsletter in September, that directive hasn't filtered down to retail brokers.SSB...
Beginning next year, there won't be many more "due diligence" meetings being held in exotic resort locales.A decade after they were first drafted, the NASD's recommended changes in noncash compensation rules were approved by the SEC in July and go...
If you want to fend off competition from Internet-based trading services, no-loads and other discount competitors, personal service is your most effective strategy, according to speakers at the second annual retail development conference sponsored...
Salomon Smith Barney completed the rollout of its new NextGen broker workstations in late September, completing a process that began in 1997. And feedback from brokers seems to be positive."It's terrific," says Senior Vice President Ken South at...
The NASDR filed a prospective rule change with the SEC in July that would change the way arbitration panels are picked.Under the plan, both sides to a dispute would assign rankings to a list of arbitrators and strike any they did not like. The...
Although the NASD's continuing education program was just toughened up in July, Merrill Lynch's director of regulatory policy doesn't think it goes far enough. Addressing a crowd of about 200 compliance and training directors at the SIA's...
Brokerages are targeting wealthy clients by setting up separate departments whose mission is to attract and service high-net-worth individuals.Bear Stearns is the latest entrant to add a "wealth department" business unit. In September, the firm...
It pays not to produce. According to a survey conducted by the Securities Industry Association, nonproducing branch office managers (BOMs) in retail operations earned almost $100,000 more than their management counterparts who still serviced...
