We start with a wife and her children. We add a husband. We toss into that scene a stockbroker. Then come the redemptions. All of which sets the stage for a Wall Street reggae tune about pain, sadness, and a stinging regulatory rebuke. READ
In a recent FINRA regulatory settlement, 18 registered folks sort of fell off their firm's compliance radar. It's not a case involving earth-shattering misconduct. Sometimes stuff just falls through the cracks. Every wrong on Wall Street isn't intentional. Ya got yer accidents. Ya got yer negligence. Nonetheless, after you've read today's column, walk about your branch office and make sure everything is plugged in and turned on. READ
The road to Hell is paved with good intentions and a recent FINRA regulatory settlement involving a customer's email request for a wire transfer certainly proves that point. Presented for your consideration is a stockbroker who appears to have tried to deliver the best in customer service; unfortunately, in going the extra mile, she took some detours and short-cuts around a couple of rules. In the end, FINRA takes an intelligent and somewhat compassionate posture. READ
If a public customer wants to place an idiotic order or insists on engaging in trading that seems destined to commit "economic suicide," what, if any, obligation does the servicing stockbroker and the brokerage firm have? Similarly, what happens when you substitute your sense of what's best for the customer's and he or she loses money when the order you refused to accept would have been, in retrospect, a winning trade? See this recent case for discussion of some of these issues. READ
In recent weeks, the press has been awash with stories about payment for order flow. You've seen it pop up in all its sordid glory via revelations abo... Read On
Whatever you do, don't lie to FINRA. I can't even begin to recount the number of times that I have given that admonition to a client. You wouldn't thi... Read On
BrokeAndBroker.com Blog publisher, Bill Singer, is no fan of Wall Street's version of self regulation, as spearheaded by the Financial Industry Regula... Read On
The Saga of FINRA Versus Kimberly Springsteen-Abbott(2015 - 2021 -- and maybe not done yet)FINRA placed Kimberly Springsteen-Abbott squarely in its re... Read On
GUEST BLOG: COVID-19's Impact on Financial Advisors / How the Pandemic is Changing the Way Advisors Work by Michael King of Michael King Associates (B... Read On
If there's one thing that's certain about the COVID-19 pandemic, it's that it has changed the way we work and interact with one another. From virtual ... Read On