Other Voices

IN Voices

Apr 6, 2014 @ 12:01 am

How many sharks are in the water?

A

column by Bruce Kelly on a broker-dealer that employs an unusually large number of brokers with disclosure events on their BrokerCheck records touched off a debate among readers about just how extensive the issue of problem brokers is in the industry.

Another great article, Bruce. Even though I make a living as a lawyer pursuing bad brokers, I am still sad to see the industry — 95% of whom are honest, caring people — suffer because of the few.” — Brian Mahany

How do you come up with the 5% of brokers are bad or unethical? It sounds like you are just pulling numbers out of thin air to justify your existence. Typical lawyer. “ — Guest

I was in the industry during the "80s and had my principal's license. I have good firsthand knowledge. There is a small percentage of the industry that has no clue of what they are doing. If you look at the statistics on BrokerCheck (as compiled in a recent WSJ article), there is just a small percentage of bad brokers out there. Unfortunately, the mess they create hurts the image of the industry.” — Brian Mahany

Wow! You're jumping all over Brian for saying just 5% of brokers are bad or unethical?!?! A LOT of us think the percentage is A LOT higher than that!! First of all, it's a service industry that doesn't have to take a fiduciary responsibility to its customers. You don't think that opens up a whole realm of irresponsibility to clients? Many bad eggs actually convinced themselves that they are moral, yet they are out only for themselves. Heck, Allen Stanford is serving 110 years and he still claims that his clients would get their money if only authorities hadn't intervened to stop him!!!!!” — AssnapKined

Frivolous complaints get on a broker's permanent record; even a manager who doesn't like a broker can slap something on a broker's U4 and make up anything to fire them, and ruin their life and career. Who is protecting the financial advisers and brokers trying to do their best dealing directly with the investing public? No one. We are the bad guys, like how we are depicted in that garbage movie "The Wolf of Wall Street.' LAME!” — Guest

0
Comments

What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video

Events

Carson Group's Schaben: Making sense of millennials

Lazy, entitled, the trophy generation: These are stereotypes most often associated with millennials. But why are these myths and not realities. Carson Group's Aaron Schaben explains.

Video Spotlight

The Search for Income

Sponsored by PGIM Investments

Recommended Video

Path to growth

Latest news & opinion

T. Rowe Price steps up its game to serve financial advisers

The Baltimore-based mutual fund giant is more aggressively targeting financial advisers with a beefed-up wholesale crew and placement on custodial platforms.

The most important tax changes for 2018

The Internal Revenue Service issued inflation adjustments to more than 50 tax provisions for 2018.

Shift to Roth 401(k)s 'highly likely' part of tax reform: former Treasury official Mark Iwry

Mandated contributions to Roth accounts would likely only be partial, as opposed to having a full repeal of pre-tax accounts.

E*Trade acquiring custodian Trust Company of America

Discount broker buying second-tier custodian for $275 million.

Another thousand Dow points higher, and investors yawn

Market milestones keep falling like dominoes, with 51 records broken so far this year.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print