Discretion

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Dec 1, 2006 6:09 pm

I heard of a guy (ok, it's not me but I know the guy) who got fired (allowed to resign) for admitting (honesty is the best policy) to having entered orders without having spoken to the client first.


20 YOS, ended in approximately 1 day! Book split among the office hounds. (this was a $360M grosser).


Yes, that's wrong. You know you are not supposed to take unwritten discretion.


What I'd like to confirm, however is that now written discrtion is also a thing of the past with the exception of fee based managed discretionary accounts.


Even if you have filed discretion papers, they are no longer valid according to a ruling by the SEC this past year?


Also, does the guy I know have any recouse? (I think he doesn't, except that they selectively applied this policy to him, they didn't ask the others in the branch if they had ever done the same. Which they'd have to say yes to if they were being honest.) His "Allowed to resign" has made him pariahic at top tier firms.


Thank you.


Mr. A


Dec 1, 2006 7:29 pm

Is this NASD under clever guise?  I don't know, it just smells of Put Trader.

Dec 1, 2006 7:35 pm

No. I make enough enemies all by myself, I don't need to have been any other person.


Mr. A

Dec 2, 2006 1:11 am
dude:

Is this NASD under clever guise?  I don't know, it just smells of Put Trader.



I doubt it...the spelling and grammar is too poor.

Then again it's interesting that this supposedly new poster seems to know who Putsy is....implied in his response to your question.

Dec 2, 2006 9:02 am

I may be new here, but I've been a serial poset on other sites for nearly 10 years.


I was here back before they reset the forum in 2004 ish, posting under the same handle I'm using now.


The people here do the same thing today that they did then. I wasn't here a day before I was accused of being someone everyone else had just ostracized.


Spelling and grammar indeed! Pedant!


Mr. A



Dec 2, 2006 10:17 am
mranonymous2u:

I may be new here, but I've been a serial poset on other sites for nearly 10 years.


I was here back before they reset the forum in 2004 ish, posting under the same handle I'm using now.


The people here do the same thing today that they did then. I wasn't here a day before I was accused of being someone everyone else had just ostracized.


Spelling and grammar indeed! Pedant!


Mr. A





ahem.....I may have given you the wrong idea, I was trying to tell this guy that you aren't this Putsy fellow.  He was totally anal with spelling and grammar, and also had a certain distinctive style of writing.   Consequently I figure it is unlikely you are he.

Dec 2, 2006 1:29 pm

It's no biggie to me.


I'm used to it (and if you think my spelling and grammar are bad, you should see my handwriting. Actually I figured in 2nd grade that if they couldn't read my handwriting then they couldn't say I misspelt it. The strategy never really worked, but I've clung to it doggedly ever since.).


You might say that my particular tell is the overuse of parenthetical asdides.


Can we get back to my topic now?


Mr.A

Dec 2, 2006 1:31 pm

But I like parenthetical asides!

Dec 4, 2006 11:30 am

Thank you, Bill (if I may call you Bill).


I'm under the impression that discretion has been ruled to beallowable only in manager type accounts at all.


In other words, if the client is not in a fee based advisor run account (one where the broker has a list of approved stocks to choose from and conforms to a specific sector/stock weighting rubric, or one where the running of the account is passed on to a portfolio manager) the broker has no legal claim of discretion. Could this be?


Thanks.


Mr.A

Dec 5, 2006 5:15 pm

Thank you again, Bill.


"The trend is not discourage the use of discretionary accounts,..."


Did you mean "the trend is TO discourage..."?


One thing's for sure, this poor guy got "allowed to resign"ed right out of the business. 20 years without a mark, the rest of his life without a book. We weren't the only ones that had to pass on the great opportunity of hiring him. Where's the Mikado when you need him?


Mr. A