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Following in Dad's or Mom's Footsteps?

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Oct 9, 2005 5:56 pm

This month's issue of Registered Rep has an article titled, "Revenge of Mama's Boy" which focuses on one young broker (Jay Gagne) who was apparently discriminated against and taunted by fellow brokers at MERrill Lynch in Carmel, IN (known as Carmel by the Interstate). His mother, Paula, was/is a broker in that office. His dad was/is a broker with Smith Barney in Carmel. I guess he's got a brother who was/is a broker with MERrill in Boulder, CO.

For those of you who read it, any comments about the pluses (other than a guaranteed inherited book of business) and the minuses? I know of several other situations like this (within MER and other wirehouses) where sons or daughters of successful brokers sued and/or are suing their wirehouses for pretty much the same thing Jay Gagne sued for and prevailed via NASD arb.