As much of the nation reeled from fresh layoffs late last year, SolomonEdwardsGroup was busily recruiting financial professionals in south Florida. In little more than a month, the executive search firm filled 22 jobs at Morgan Stanley, Salomon...
The bull market of the late 1990s didn't bring Baltimore-based investment advisor Bob Mewshaw much satisfaction. His newer clients defected, seeking higher returns than his value-based style was producing. Prospects bypassed fee-based advisors...
After receiving hundreds of complaints from brokers, UBS PaineWebber switched gears and decided it will not penalize reps whose clients quickly sell shares in new IPOs, a practice known as "flipping." The firm issued an e-mail to brokers on...
The hotly-debated and controversial question of “who owns the client” appears to have been answered by the NASD and the SEC: it’s the broker, not the firm. The NASD announced today it will bar member firms from blocking customers...
UBS PaineWebber brokers claim their firm's "flipping" policy of charging two times gross commissions when clients sell newly issued stock is "illegal" and that the firm "has never put it in writing." During the past 1 1/2 weeks, branch managers...