Though there are not many broker/dealer defections in the news, movement within the the broker/dealer business continues. Merrill Lynch recently nabbed several professionals from Wells Fargo and Morgan Stanley. Though movement does not seems to be as prevalent as several years ago, it continues. Considerations for making a move remain the same. When considering
After the financial meltdown there was talk of the Securities and Exchange Commission imposing a fiduciary duty standard on financial advisors and brokers. That no longer looks like the case and apparently the SEC is only going to "study" the situation. Why does it matter? In Texas, a fiduciary-defendant has the burden of proof
Brokers Promissory Note Southern District of New York
Continue Reading
From late 2008 through 2009 financial advisors were on the move. Thousands of brokers left their positions with firms like Merrill Lynch, Wells Fargo and UBS. Many transitioned to new brokerage houses enticed by lucrative signing bonuses and compensation packages. Others were simply unsure of ever changing policies and compensation systems that resulted from industry
Judge William C. Griesbach, of the Eastern District of Wisconsin, recently denied a request for a temporary restraining order filed by Smith Barney against several departing brokers and their new employer, Robert W. Baird & Co. Smith Barney sought a TRO in conjunction with Rule 13804 of the FINRA Code of Arbitration Procedure, meaning entry