Smith Barney brokers who want a crack at the accounts of departing brokers are being asked to sign a one-page "account referral agreement."The agreement stipulates that any accounts that are reassigned from a departing broker belong to the firm...
Ten years ago this month, the stock market suffered through its steepest plunge of the modern era, with the Dow Jones industrial average tumbling 508 points in a single day. Investors and brokers who sat tight through the debacle were well...
No one was the least bit surprised when the NASD made its Aug. 7 announcement that it intended to make discrimination and sexual harassment claims exempt from its mandatory arbitration requirement. In the face of mounting criticism from the Equal...
Wheat First reps seem positive after the Aug. 20 announcement that their firm will be acquired by Charlotte, N.C.-based First Union Corp., the nation's sixth largest bank.The acquisition was billed by both Wheat First, a Richmond, Va.-based...
Firms can settle customer complaints, report the settlement on a broker's record, and even come after a rep's assets to pay for it--all without the broker's consent.What's more, although states disclose customer settlements of more than $5,000...
When Morgan Stanley and Dean Witter Discover announced their merger this year, many on Wall Street speculated about a possible culture clash between a white-shoe investment-banking firm and its new "9-to-5" retail partner.Already, a push to sell...
In an August Notice to Members (97-50), the NASDR is requesting comment regarding the "appropriate regulation" of various forms of compensation paid in the sale of funds and variable annuities.The NASDR is considering requiring some type of...