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Registered Rep.
March 1, 2008 |
Client Complaints: To Report Or Not To Report When a registered rep should report client complaints.   |
Registered Rep.
September 1, 2005 |
Expunge Bath I received customer letters, written after a nasty falling-out, that my firm said would appear on my internal U4, but not my public statement. Am I forever marked up, or can I get the letters off my record?... |
On Wall Street
October 1, 2013
Alan J. Foxman |
Our Legal Expert Defines Client Complaints Do you know when a customer complaint is reportable? |
On Wall Street
January 1, 2009
Alan J. Foxman |
Reimbursing Your Firm Advisors are unsure how to split the cost of damages from a complaint -- and when a settlement goes on the U-4. |
Registered Rep.
May 1, 2004
Will Leitch |
Out, Damn Spots Already, stockbrokers have located a loophole in a NASD instituted a rule meant to prevent stockbrokers from, in effect, buying their way out of client complaints. |
On Wall Street
January 1, 2012
Alan J. Foxman |
The Disclosure Dilemma When and what needs to be disclosed on the U4? |
On Wall Street
February 1, 2010
Alan J. Foxman |
Advisor Sued When Market Is to Blame Legal experts answer questions from advisors who are being sued by clients who have lost money in the financial turmoil. |
Registered Rep.
April 1, 2006 |
Mudslinger Stains Q: I've been a broker for 22 years and worked for two of the largest brokerage firms in the world. Several years ago, I received a phone call from a long-standing client, who'd received something strange in the mail... A: Document what is taking place... etc. |
On Wall Street
November 1, 2008
Alan J Foxman |
Caught in the Middle In an arbitration lawsuit one advisor was named as respondent, one wasn't -- and now both have problems to deal with. |
Registered Rep.
January 1, 2005
David A. Gaffen |
Third Time Is a Harm A NASD proposal first announced in 2003 requires that reps with three or more formal complaints against them receive extra supervision from their firms. Most major broker/dealers are already operating as if the rule were in place. |
Registered Rep.
July 1, 2004
Bill Singer |
When Silence Isn't Golden Reps may not inhibit customers or other parties from providing information, documents or testimony or from cooperating otherwise with a regulator in an investigation of alleged violations, even after a settlement. |
Registered Rep.
April 1, 2008
John Churchill |
The Failure Chain Consider the curious and rather grotesque case of Gary J. Gross, a financial advisor from Boca Raton, Fla. Gross' U4 is close to 100 pages long, and lists 35 customer complaints. |
Registered Rep.
July 1, 2004
David A. Gaffen |
The Great Compliance Witch Hunt! Many clean brokers jump firms, only to discover their old broker/dealer besmirched their U4s. In a business where client realtionships are at stake, things can get ugly very quickly. |
Registered Rep.
February 1, 2003
Bill Singer |
Shelter From the Storm? In investor lawsuits against financial advisors, many reps choose to let the broker/dealer's lawyer represent them --- often simply because he's provided "free of charge". Big mistake. |
Registered Rep.
October 1, 2002
Jonathan P. Arfa |
First, Hire the Lawyers With heavy investor losses, customer claims filed with the NYSE and the NASD are expected to hit an all-time high in 2002. What should a broker do if they are the target of a complaint? |
Registered Rep.
May 13, 2011
Bill Singer |
Blaming, Naming, and FINRA Gaming Suppose that an unhappy investor didn't specifically name you in a lawsuit or arbitration when he complained about your investing advice. You'd think that would get you off the regulatory disclosure hook, right? Think again. |
Registered Rep.
January 1, 2005
Bill Singer |
For the Record An on-the-record interview with the NASD is much less fearsome (and dangerous) when handled correctly. Given that they are becoming more common, it's worth taking a few minutes to understand a rep's rights and obligations. |
Registered Rep.
February 1, 2005
Bill Singer |
Short but Not Necessarily Sweet It's a heady moment when a rep leaves his firm. It also often sets in motion a series of showdowns over client ownership and compensation issues. One way to make things easier is to pay careful attention to your resignation letter. |
Financial Planning
October 1, 2011
Jennifer Woods Burke |
The Risk of Hide and Seek Advisors are often guiding clients through financial nightmares rather than living their own. But a FINRA enforcement action this year demonstrates how easily your career can slip away if you don't properly disclose financial troubles. |
Registered Rep.
September 25, 2007
Karen Donovan |
Expunging Customer Complaints Is Too Easy . . . So Say Client Lawyers The lobbying group of lawyers who represent customers in disputes with their brokers is calling on FINRA and the SEC to "immediately halt" the practice that allows arbitration panels to expunge customer complaints from a rep's record. |
On Wall Street
October 1, 2012
Alan J. Foxman |
Brokering the Commission Split Our legal analyst explores commission sharing and FINRA disclosure rules. |
Registered Rep.
February 19, 2010
Christina Mucciolo |
FINRA Seeks to Expand BrokerCheck, Make Some Records Permanent The Financial Industry Regulatory Authority announced it is seeking the SEC's approval to expand the amount of information made public on current and former brokers' permanent records in its free online CRD database, BrokerCheck. |
Registered Rep.
May 1, 2004
Bill Singer |
It's Your Call Always Far too many reps are learning the hard way how little responsibility clients shoulder when it comes to assessing the suitability of their investments. |
On Wall Street
February 1, 2013
Alan J. Foxman |
Proposed FINRA Procedures May Let Brokers Expunge Records Advisors may be able to erase mark against them from disputes in which they were not directly named. |
Registered Rep.
November 1, 2005 |
Supplemental Inquiry Q: Is there any way my employer can find out if I receive W-2 income from other sources... Q: Recently at a social event, a co-worker's client told me another local broker (who is a competitor) had made some disparaging remarks about my co-worker... etc. |
Registered Rep.
November 1, 2006
Bill Singer |
Secret Agreements with Clients Can Backfire Developing NASD enforcement trends: NASD Conduct Rule 2330: Customers' Securities or Funds... NASD Conduct Rule 2370: Borrowing From or Lending to Customers... etc. |
Registered Rep.
October 1, 2005
John Churchill |
Growth at a Price While nobody is accusing GunnAllen of running a crooked business, the firm's growth strategy has translated to a reputation for hiring a relatively high proportion of reps with heavily marked up U4s, including some who have received criminal complaints. |
Registered Rep.
September 8, 2006
Kevin Burke |
Male-Bashing at Mother Merrill? Merrill's sex-discrimination troubles just won't go away. But this time it isn't a woman raising a stink. Blas Catalani, a former sales manager at Merrill Lynch's San Antonio office, is suing a female ex-broker and her lawyer on grounds that the two women conspired to get him fired. |
Registered Rep.
May 1, 2006
Anne Field |
Staying On Top of It While the market is reaching levels not seen in years, financial advisors have much to be wary about given the steady drumbeat of corporate scandals and complaints. |
Registered Rep.
May 28, 2010
Bill Singer |
Widows Always Win, Wachovia Hit With Fine Seventy-nine-year-old widow Lois Pillen alleged that in 2007, various securities were purchased in her Wachovia Securities LLC account without her authorization |
Registered Rep.
August 1, 2004
David A. Gaffen |
The Cost of (Financial) Malpractice Insurance In this environment, the level of insurance, specifically called errors and omissions insurance, has become a more important factor in chosing a broker/dealer. |
On Wall Street
July 1, 2011
Alan J. Foxman |
The Perception Of Privacy Concerns about privacy... History of broker complaints... |
Registered Rep.
January 27, 2004
John Churchill |
New Rule Makes Clearing Your Record Harder Brokers can expect a new rule that will make removing customer complaints and disciplinary actions from their public records much more difficult. |
Registered Rep.
January 1, 2007
John Churchill |
Will Jones Wrap it Up? Buy-and-hold Edward Jones is considering a platform option it has long eschewed as foreign to the firm's culture: fee-based accounts. |
Searcher
April 2001
Carol Ebbinghouse |
You Have Been Misinformed - Now What?: Attacking Dangerous Data If you have already been the victim of fraudulent information, omission of information, misinformation, or fraud on the Internet, it is small consolation that there were ways to have prevented damages -- even if only to your pride... |
Registered Rep.
January 1, 2005
Jennifer Woods Burke |
Not in My Name Under limited circumstances, NASD Rule 2130 allows registered representatives to erase histories of disputes with customers from the CRD system. |
Registered Rep.
July 1, 2004
Bill Singer |
Alone In a Crowd Registered reps cannot count on their firms or the regulators to look out for them. Indeed, there's an argument to be made that these institutions cannot be relied upon to use common sense. |
Registered Rep.
November 5, 2003
Churchill & Gaffen |
Pru Market-Timing Charges Widen The investigation into mutual fund trading abuses is widening, with the release of a complaint filed by the Massachusetts Securities Division against brokers who formerly worked in Prudential Securities' hub office in Boston. |
Registered Rep.
October 1, 2004
Bill Singer |
To Quit or Not To Quit, That Is the Question on Item 14J Among the things many reps fail to consider when they decide to leave a job is the impact of termination upon deferred-compensation agreements, on employee forgivable loans and on noncompete and nonsolicitation provisions. |
Financial Planning
May 1, 2006
Marianne Czernin |
Don't Let Simple Things Trip You Up! Financial professionals must take the time to make sure they understand what the various regulatory organizations require them to do before they actually do it. They shouldn't go it alone, or they could find themselves in the same situations as these reps. |
BusinessWeek
August 16, 2004
Emily Thornton |
The Brokers Strike Back Wall Street to investors: Beware of suing your brokers -- they might just sue you back. |
Registered Rep.
October 23, 2007
David A. Geracioti |
If Allegations Prove True, File This Under: Stupid Broker The SEC has filed a complaint against a former LPL rep and branch manager, who, the SEC says, had been engaging in one of the oldest broker tricks in the book: stealing his clients money. |
Financial Planning
November 1, 2006
Marianne Czernin |
Compliance Tips Registered reps have lots of eyes watching them. Supervisors, compliance personnel, sales directors, and operations all scrutinize reps' activities. But these aren't the only people interested in reps' movements. |
Registered Rep.
August 1, 2005
John Churchill |
Brokers Called Up for Active Duty Face Licensing Headaches, Book-Poaching Colleagues For registered rep reservists serving in one of the nation's armed forces, coming home and returning to the job is soon to get a lot easier. Of course, the NASD says there is nothing it can do to prevent colleagues from stealing a GI advisor's book. |
Registered Rep.
April 1, 2005
Richard A. Roth |
Keep It Dark Though one function of the NASD is to police its member firms and protect investors, another of its functions is to provide a fair and just arbitration forum for dispute resolution. The NASD should protect the sanctity of the process by ensuring that all parties are treated equally and fairly. |
Registered Rep.
December 1, 2004 |
The Promise Keepers Is arbitration the answer to this broker's woe?... Should a former employer pay defense costs for broker being sued while employed with that firm?... |
Registered Rep.
November 1, 2006
Ann Therese Palmer |
Listen to Your Client Q: I'm handling and making recommendations in an account for an elderly client who has several million dollars in assets... A: From a liability perspective, should you follow the client's insistence here... etc. |
Registered Rep.
September 1, 2004 |
The Blame Game When is a broker or a financial planner a fiduciary?... Should I seek separate legal counsel or allow my former firm's attorney to represent me?... |
Registered Rep.
August 9, 2006
Kristen French |
NYSE Reg to Streamline Arbitration: Proposes One Arbitrator for Cases Under $200,000 The arbitration system has been under fire lately for being costly, slow and skewed in favor of the industry. This new proposal will help to alleviate those concerns. |
Registered Rep.
August 1, 2006
Gary Weiss |
Institutionalized Unfairness Here the author of Wall Street Versus America discusses how the mandatory arbitration of customer disputes must be made to go away. And not just because it hurts financial advisory customers. It hurts the financial advisor equally. |
