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BrokeAndBroker.com Blog by Bill Singer WEEK IN REVIEW

April 23, 2016

Wall Street Critic Bill Singer Revisits His 2009 Reform Proposals


Yesterday, I posted the link on my social media sites to: "Why I (Belatedly) Blew the Whistle on the SEC's Failure to Properly Investigate Goldman Sachs"(Watchthecircus.com, by James A. Kidney, April 21, 2016). If you haven't read Kidney's jeremiad against failed Wall Street regulation, do so -- you will find his commentary spellbinding.

After reading Kidney's article, I was reminded of my own lengthy battle against the ineptitude and incompetency of those who style themselves as the securities industry's cops. In keeping with that spirit, I've explored the annals of my published writing and resurrected three columns: 
  • "Becoming Part of the Solution" (July 28, 2009); 
  • "The Death of the Salesman" (August 8, 2009); and
  • "Bringing Consistency to Wall Street" (August 14, 2009)
As the dates indicate, the three blogs were written near the depths of the Great Recession. Today, nearly seven years after the publication of those articles, I take pride in noting that many of my edgy ideas have since gained acceptance. READ

BrokeAndBroker.Com

GUEST BLOG

By Andrew Wels, Esq.

SETTING UP YOUR OWN RIA - HOW DOES IT FEEL TO BE ON YOUR OWN? 

In Part I of this series, I reviewed the regulatory and technological changes driving the financial industry to the day when I believe most brokers will have to consider becoming investment advisers.  In this Part II, I will review what it means, as Bob Dylan said, to be on your own - the decisions you have to make, and the partners you have to choose to succeed. READ


BrokeAndBroker.Com

GUEST BLOG

By Andrew Wels, Esq..

The RIA Times They Are A Changin'

If you've been a successful broker long enough to remember Bob Dylan then you must have thought about leaving your brokerage firm to start your own firm as a registered investment adviser ("RIA").  But if you haven't done so yet, then get ready to do it now.  Historic changes in regulation and technology are converging in a perfect storm that will transform the financial services industry.  Over the next few years, every broker will have to consider becoming an RIA.

In this two-part series, I hope to explain the trends that are now forcing this fundamental change, and what you can and should do to protect yourself and your clients. These insights come from more than 30 years of personal experience as regulatory counsel for some of the most innovative firms on Wall Street. READ



Although an Acceptance, Waiver, and Consent ("AWC") appears to be the most common outcome for Financial Industry Regulatory Authority ("FINRA") regulatory investigations, the mechanics and consequences of such a settlement are rarely understood by many registered representatives acting as their own counsel, and often not properly explained by lawyers to their industry clients.  Join veteran Wall Street regulatory lawyer Bill Singer as he guides you through the nuts-and-bolts of FINRA Rule 9216. READ

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