Month: January 2016

FINRA Registered Stockbrokers and Representatives, Investment Advisor Representatives, or Both?

Recent statistics of the Financial Industry Regulatory Authority (FINRA) indicates that there are over 637,000 individual registered representative associated person stockbrokers in the United States employed by over 4,000 FINRA broker dealer member firms. Separately, statistics of the Securities and Exchange Commission Division of Investment Advisors indicates that there are approximately 238,000 investment advisor representatives […]

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FINRA Issues Investor Alert Warning of Fraudster Phone Scams

On November 5, 2015 the Financial Industry Regulatory Authority issued an investor alert entitled “Tools of the Fraud Trade: Phones and Emotions” warning investors’ prevalence commonly emergent phone scam wherein fraudsters contact unsuspecting investors claiming to be employed by the Internal Revenue Service (IRS). These very convincing fraudsters oftentimes use a very aggressive and official […]

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Financial Exploitation of Vulnerable Adults and Senior Citizens

The Financial Industry Regulatory Authority (FINRA) has proposed the amendment of FINRA Rule 4512 (Customer Account Information) to require member firms to make reasonable efforts to inquire into the identity of a trusted contact person to be contacted for a customer that may be vulnerable due to their advanced age and cognitive impairment. In Regulatory […]

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Investment Advisor Representatives (IARs)

The United States Department of Labor’s Bureau of Labor statistics estimates that financial advisors in the workplace will grow by thirty percent (30%) over the end of this decade. Self-employed financial advisors constitute approximately thirty percent (30%) of the financial advisor industry, which has seen an explosion in the growth of Investment Advisor Representatives (IARs). […]

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