David Cray knows the perils of whistle-blowing. More than three years ago, Cray, then an associate vice president at NationsSecurities in Florida, warned his bosses in writing about what he thought were serious problems at the firm. Among other...
Conventional wisdom says that the more you can put into your pension plan, Keogh or IRA, the better off you are. Think again, say some estate planners.Retirement plans are great when you're alive-you get tax deferral, a nice write-off and...
Dear Client:"Good Morning." * ** **** The above statement neither implies nor guarantees that the firm has subjected either the morning, afternoon, evening or any other time of the day, to quality review.** Current and past Good Mornings are no...
Brokers could face yet one more state licensing test. The North American Securities Administrators Association (NASAA), the state regulators organization, is revamping the licensing procedures for what the states call "investment adviser...
While much of the hoopla over the Taxpayer Relief Act of 1997 concerns ordinary citizens, a small provision in the law could end years of squabbling between independent contractor reps and the Internal Revenue Service.Previously, the IRS had...
Thinking about retiring? Think carefully before drawing up an agreement with someone at your firm to take over your book. A broker could seize your accounts with the manager's approval, leaving you out on the street.Ellis Prince Jr., a former...
On June 2, an NASD arbitration panel ordered the Westcap Corp., the bankrupt Houston-based broker/dealer subsidiary of National Western Life Insurance, to pay a former broker at the firm, George Hawkins, $266,000 for damage to his reputation...
Dean Witter has agreed to pay $1.8 million to settle a class-action lawsuit brought by former brokers who complained the firm had no right to demand repayment of training costs.The firm will reimburse brokers the full amount each had been required...
At a pre-trial conference held on Oct. 9 in the U.S. District Court in Manhattan, the attorneys for both sides of the Smith Barney discrimination and sexual harassment cases told Judge Constance Baker Motley that they had reached an "agreement in...
What sort of income will a client need in retirement? The traditional rule of thumb has been 70% to 80% of current expenses plus an inflation factor. But some brokers are digging deeper into those expenditures, not only to get a better idea of...
