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So, over a six year period of time, a broker manages to turnover nearly $50mm in positions in four different accounts at his employing firm and loses the vast majority of his liquid net worth in the process, $315,000. Manic day trading gone amok. Is the firm liable for some of those losses owing to failure to supervise? Put another way, does the firm's duty to supervise include a duty to protect a broker from recklessly trading himself into financial ruin?
Failing to establish a plan for the future
The young always seem to have more time than money, which is why financially important things like putting aside money for short- and longer-term emergencies – or feathering a retirement nest egg – often are never even considered until people approach their golden years. Of course, by then, it’s usually much too late. The old bromide really is true: Failing to plan is the same thing as planning to fail.