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Six years ago, Hilliard Lyons, a successful small broker/dealer with roots dating back to 1854, shocked many by selling itself to PNC Bank. To many, the Louisville, Ky., b/d was the model small firm, a master of its own destiny and consistently...
Q: I have about $154,000 remaining on a forgiveable loan that I received when I joined a major wirehouse in 2001. Recently I was terminated for unauthorized trading in a client's fee-based account. About 3 percent of it was invested in stocks. On...
As the holiday season approaches, the SEC is getting daily entreaties from registered investment advisors seeking an end to the broker/dealer exemption rule. The rule says brokers who charge fees for their services are exempt from regulation under...
When dealing with lawyers especially on matters as complex as securities law even the most controlling clients are tempted to go passive. The instinct is generally rooted in good intention: Stay out of the pro's way and let him work his magic. But...
Playing out of position is something that rarely works out long term it's true in sports and it's true for financial advisory teams. Pressing a baseball catcher into one-time duty at first base, or turning a quarterback into a receiver for a play...
Q: I joined a regional bank brokerage firm three years ago. When I hired on, I was asked to sign a nonsolicitation agreement. Eleven months later, at a cocktail party no less, I was asked to sign a revised version of the nonsolicitation, which...
Talk about paying to play. Three registered investment advisors were accused by the SEC of accepting cash payments from TD Waterhouse in return for putting client assets with Waterhouse. The SEC announced in late September that it had fined TD...
Your branch manager is a jerk. The broker/dealer is run by idiots. Worse, those morons just reprimanded you for unsatisfactory production and warned you to shape up or ship out. Okay, so you've reached the point in your career when you face the...
Regulators have been all over brokerages, investigating mutual fund breakpoints and, more recently, the probity of fee-based accounts. Now, add forgivable loans to the list. Although NASD officials say this is something they've been looking at for...