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Registered Rep.
August 1, 2004
Bill Singer |
Dealing With Complainers Many official complaints can be handled in a way that minimizes the damage to a rep's reputation and to his permanent record.   |
On Wall Street
October 1, 2013
Alan J. Foxman |
Our Legal Expert Defines Client Complaints Do you know when a customer complaint is reportable? |
Registered Rep.
April 1, 2008
John Churchill |
The Failure Chain Consider the curious and rather grotesque case of Gary J. Gross, a financial advisor from Boca Raton, Fla. Gross' U4 is close to 100 pages long, and lists 35 customer complaints. |
Registered Rep.
September 1, 2005 |
Expunge Bath I received customer letters, written after a nasty falling-out, that my firm said would appear on my internal U4, but not my public statement. Am I forever marked up, or can I get the letters off my record?... |
Registered Rep.
January 1, 2005
David A. Gaffen |
Third Time Is a Harm A NASD proposal first announced in 2003 requires that reps with three or more formal complaints against them receive extra supervision from their firms. Most major broker/dealers are already operating as if the rule were in place. |
On Wall Street
January 1, 2012
Alan J. Foxman |
The Disclosure Dilemma When and what needs to be disclosed on the U4? |
Registered Rep.
February 19, 2010
Christina Mucciolo |
FINRA Seeks to Expand BrokerCheck, Make Some Records Permanent The Financial Industry Regulatory Authority announced it is seeking the SEC's approval to expand the amount of information made public on current and former brokers' permanent records in its free online CRD database, BrokerCheck. |
Registered Rep.
July 1, 2004
David A. Gaffen |
The Great Compliance Witch Hunt! Many clean brokers jump firms, only to discover their old broker/dealer besmirched their U4s. In a business where client realtionships are at stake, things can get ugly very quickly. |
Financial Planning
October 1, 2011
Jennifer Woods Burke |
The Risk of Hide and Seek Advisors are often guiding clients through financial nightmares rather than living their own. But a FINRA enforcement action this year demonstrates how easily your career can slip away if you don't properly disclose financial troubles. |
Registered Rep.
November 1, 2005 |
Supplemental Inquiry Q: Is there any way my employer can find out if I receive W-2 income from other sources... Q: Recently at a social event, a co-worker's client told me another local broker (who is a competitor) had made some disparaging remarks about my co-worker... etc. |
Registered Rep.
December 1, 2005 |
When to Blow What rights and/or obligations does the home office have to its representatives to maintain a support staff that is able to efficiently and correctly process the paperwork that is sent to them? Do you feel that the threat of legal action would be sufficient to finally get the attention needed? |
Financial Planning
May 1, 2012
Jennifer Woods Burke |
Gotcha! Audits Get Tougher This year, the SEC and FINRA launched a webinar for firms detailing their expectations and reaffirming that whether a firm is large or small, regulators expect the same level of diligence when it comes to audits. |
On Wall Street
November 1, 2008
Alan J Foxman |
Caught in the Middle In an arbitration lawsuit one advisor was named as respondent, one wasn't -- and now both have problems to deal with. |
On Wall Street
October 1, 2012
Alan J. Foxman |
Brokering the Commission Split Our legal analyst explores commission sharing and FINRA disclosure rules. |
Registered Rep.
April 1, 2006 |
Mudslinger Stains Q: I've been a broker for 22 years and worked for two of the largest brokerage firms in the world. Several years ago, I received a phone call from a long-standing client, who'd received something strange in the mail... A: Document what is taking place... etc. |
On Wall Street
October 1, 2008
Alan J Foxman |
Heightening Supervision Advisory firms have flexibility in creating plans to supervise brokers who have a history of complaints or disciplinary issues. |
Financial Planning
May 1, 2006
Marianne Czernin |
Don't Let Simple Things Trip You Up! Financial professionals must take the time to make sure they understand what the various regulatory organizations require them to do before they actually do it. They shouldn't go it alone, or they could find themselves in the same situations as these reps. |
Registered Rep.
November 1, 2006
Susan Konig |
A Big Trade Off? For advisors looking for further independence through a registered investment advisory firm, compliance burdens can increase. Reps working under an independent b/d's umbrella RIA, also known as "dually registered" advisors, must comply with both NASD and SEC rules. |
On Wall Street
July 1, 2011
Alan J. Foxman |
The Perception Of Privacy Concerns about privacy... History of broker complaints... |
On Wall Street
February 1, 2013
Alan J. Foxman |
Proposed FINRA Procedures May Let Brokers Expunge Records Advisors may be able to erase mark against them from disputes in which they were not directly named. |
Registered Rep.
November 1, 2006
Bill Singer |
Secret Agreements with Clients Can Backfire Developing NASD enforcement trends: NASD Conduct Rule 2330: Customers' Securities or Funds... NASD Conduct Rule 2370: Borrowing From or Lending to Customers... etc. |
Investment Advisor
April 2009 |
B/D Briefing: News & Products The latest from the broker/dealer world. |
On Wall Street
January 1, 2010
Alan J. Foxman |
Blamed for ARS He Didn't Sell Misrepresenting auction-rate securities... BrokerCheck public disclosure system... |
Registered Rep.
July 8, 2011
Diana Britton |
A Cautionary Tale: How One Arbitration Can Topple A Firm With small independent broker/dealers blowing up left and right, it's become that much more important to know what kind of compliance regime your firm has and who your colleagues are. |
Registered Rep.
October 1, 2004 |
When the Loan Comes Due I switched firms three years ago, joining a wirehouse offering a seven-year forgivable loan as upfront payment. Since hiring on at the new firm, my production has nosedived. If I am fired, can my firm legally ask for the balance of the forgivable loan back? |
Registered Rep.
February 1, 2003
Bill Singer |
Shelter From the Storm? In investor lawsuits against financial advisors, many reps choose to let the broker/dealer's lawyer represent them --- often simply because he's provided "free of charge". Big mistake. |
Registered Rep.
March 1, 2008 |
How to Dance the Wall Street Shuffle There's no such thing as an easy route to independence. But there are some things reps can do to ease the transition. |
Registered Rep.
August 29, 2014
Diana Britton |
One Strike, You're Out When it comes to the world of independent broker/dealers, the Financial Industry Regulatory Authority is cracking down. Its stated 2014 priority is to focus its regulatory firepower on "high-risk" brokers. |
Registered Rep.
February 1, 2006
Kristen French |
Both Sides Now Brokers who hold dual licenses -- both the Series 7 and Series 65 licenses -- will have to take fiduciary responsibility on some accounts. But they can also sell investments, after they make it crystal clear that they're doing so. |
Registered Rep.
December 1, 2006
Ann Therese Palmer |
Know When to Hold 'Em, Know When to Fold 'Em Q: I've been a certified financial planner and investment advisor rep for six years. What are some do's and don'ts for a client-appreciation event that I might not know about?... A: here is nothing like a good poker game to raise all types of ethical quandaries for people in the securities business... |
Investment Advisor
August 2010
Thomas D. Giachetti |
The Compliance Coach: Independent Advisors: Don't Violate the Protocol There are two major issues for a registered representative to consider when deciding to leave a firm and go independent. The first is how to leave. The second is appropriate registration and ongoing regulatory complance requirements. |
Financial Planning
November 1, 2006
Marianne Czernin |
Compliance Tips Registered reps have lots of eyes watching them. Supervisors, compliance personnel, sales directors, and operations all scrutinize reps' activities. But these aren't the only people interested in reps' movements. |
Registered Rep.
August 1, 2005 |
Suitable for Blaming? I just opened an account for a new client who said he had lost a lot of money with another firm. It was clear to me that the prior activity was not suitable for either the investment objectives or the risk tolerance of the customer. Should I say anything to my client, or should I just make the changes that I think are appropriate? |
Investment Advisor
August 2008
Thomas D. Giachetti |
The Three Troubling Themes How to combat compliance misunderstanding and misdirection. |
On Wall Street
February 1, 2010
Alan J. Foxman |
Advisor Sued When Market Is to Blame Legal experts answer questions from advisors who are being sued by clients who have lost money in the financial turmoil. |
On Wall Street
July 1, 2010
Alan J. Foxman |
Dueling Investigators Advisor Q&A: Why must agencies duplicate investigatory efforts?... Should I worry about reps picking up bad habits from old firms?... |
On Wall Street
May 1, 2011
Alan J. Foxman |
New York Or Bust Readers ask about licensing requirements, one-person operations, and moving to a new firm. |
On Wall Street
September 1, 2010
Alan J. Foxman |
Ponzi Schemes And Problems Paying Fines Q&A: What does it mean for advisors that records are now available to the general public online?... How will arbitration payments I must make but cannot afford right now affect my license?... more... |
Registered Rep.
April 1, 2007 |
Turf Wars Over Advice The age-old debate between the b/d and investment advisor (RIA) industries over who should be able to provide advice and when, and whose regulatory regime offers better investor protections, is far from over. |
Registered Rep.
April 1, 2008
Bill Singer |
One Too Many For The Road Drinking and driving is a very bad idea for a lot of reasons. And for advisors, here's one more: It could make it impossible for you to work for a broker/dealer for a long time. |
Registered Rep.
March 1, 2006
Kristen French |
The Best of Both Worlds Advisors say the broker/dealer-RIA hybrid model gives them freedom to choose what products, services and fees are best for their clients. |
Registered Rep.
June 1, 2006 |
Balancing Act? Q: I am a 17-year veteran with no compliance marks against me... I'm growing more concerned about making sure that I do what's in the best interest of my clients, which is not necessarily what's in the best interest of my firm... etc. |
Registered Rep.
February 2, 2015
Diana Britton |
Industry Will Lose 300 More B/Ds By 2016 Though the closure rate of FINRA-registered broker/dealers is slowing down, the number of firms is expected to decline from 4,154 at the end of last year to 3,800 by the end of 2016. |
Registered Rep.
October 1, 2005
John Churchill |
Growth at a Price While nobody is accusing GunnAllen of running a crooked business, the firm's growth strategy has translated to a reputation for hiring a relatively high proportion of reps with heavily marked up U4s, including some who have received criminal complaints. |
Registered Rep.
May 1, 2004
Will Leitch |
Out, Damn Spots Already, stockbrokers have located a loophole in a NASD instituted a rule meant to prevent stockbrokers from, in effect, buying their way out of client complaints. |
Registered Rep.
December 16, 2011
Diana Britton |
Social Media Archiver Erado to Expand Globally Erado, which provides social media compliance and archiving software for broker/dealers, plans to expand its operations into Western Europe, Canada and possibly Japan next year, and expects to add at least 30 new employees in 2012. |
On Wall Street
November 1, 2010
Alan J. Foxman |
Crime Versus Punishment Members of the financial services industry write in for advice and have their legal questions answered. |
Financial Advisor
July 2009
Sherri Scordo |
Compliance Concerns There's a lot of buzz these days about potential changes in compliance rules and the impact on advisors. |
Registered Rep.
August 24, 2012
Diana Britton |
The New Velvet Rope? B/D Admissions Down Dramatically It's become increasingly difficult for small broker/dealers to break into the business, as regulations increase. |
Registered Rep.
September 25, 2007
Karen Donovan |
Expunging Customer Complaints Is Too Easy . . . So Say Client Lawyers The lobbying group of lawyers who represent customers in disputes with their brokers is calling on FINRA and the SEC to "immediately halt" the practice that allows arbitration panels to expunge customer complaints from a rep's record. |
