Results from a Securities Industry Association (SIA) investor survey, released during the firms' annual convention in Boca Raton, Fla., Nov. 5-8, show that 56% of investors with a broker prefer paying commissions versus just one-third who said...
Smith Barney brokers may be getting calls from some clients over a class-action mailing sent out in late September.Though the letter is six pages of legalese, the issue is relatively simple: When Smith Barney acquired Shearson, it upped the annual...
Last March, SEC enforcement chief Bill McLucas told a compliance conference in New York that his agency doesn't regularly review arbitration cases for possible follow-up enforcement action, while admitting at the same time that arbitrations might...
The Taxpayer Relief Act of 1997, approved last August, didn't specifically mention variable annuities. But by cutting capital gains rates, it gives unsheltered alternatives a more level playing field. And the Roth IRA likely will prove a more...
Two of three attorneys picked by the NASDR to serve on its U-5 immunity task force are objecting to the regulator's proposal to create a uniform clear-and-convincing standard of evidence in proving defamation via U-4s and U-5s (see "NASD Issues U...
A vocal NASD critic is orchestrating a boycott of the NASD's upcoming board of governors election.Alan Davidson, owner of tiny Zeus Securities in Jericho, N.Y., and president of the 100-member Independent Broker-Dealer Association, sent a Dec. 10...
Lockwood Financial Services is forming a joint venture with Wheat First Butcher Singer to create The Consulting Alliance, an investment management consulting service.Malvern, Pa.-based Lockwood provides investment management consulting services...
Like other tax laws, the so-called Taxpayer Relief Act of 1997 and its new Roth Individual Retirement Account has investors asking questions."There's a huge interest and a lot of confusion about it," says Ellen Breslow, director of individual...
A Michigan broker is in trouble with NASDR for allegedly "selling away" from his firm. Although his lawyer won't identify him, the case involves a broker who referred a customer to his wife--who is a broker at another firm, according to the...
The NASD and the NYSE have warned the SEC about the dangers of allowing upstart SROs to regulate alternative trading systems.In comment letters to the agency's wide-ranging concept release on exchange regulation, both SROs recommend against the...
