At 9 p.m., the end of a hectic day, Robert, a successful 45-year-old million-dollar producer at a major wirehouse in downtown Manhattan, closed the door to his office, locked it, and took the elevator to the 36th floor of his office building. Despondent over recent losses his best clients suffered in a certain hedge fund over the past year, Robert had been short-tempered and adversarial with colleagues as well as with his branch manager, and threatened to leave the industry on more than one occasion. This business was crushing him. He could see no future. Not only had he let his clients and his family down, but just as important… he knew he had let himself down. When the elevator door closed behind him, he took the stairs to the roof where he breathed in the cool night air. With an empty glare in his eyes, he slowly made his way across the roof with a purposeful pace. Robert walked to the roof’s ledge, looked out across the dark city... more +

NASD Notice to Members 07-31: NASD Rule Changes to Conform with Amendments to SEC Rule 10a-1 and Regulation SHO; Compliance Date: July 6, 2007

Executive Summary
NASD is issuing this Notice to advise firms and other interested parties of conforming NASD rule changes in light of the elimination of Rule 10a-1 under the Securities Exchange Act of 1934 (SEC Rule 10a-1) and amendments to Regulation SHO. Specifically, on July 5, 2007, NASD filed for immediate effectiveness a proposed rule change to: (1) repeal NASD Rule 5100 and IM-5100; (2) eliminate references to NASD Rule 5100 and SEC Rule 10a-1 from NASD rules; and (3) remove any “short exempt” marking requirements in NASD rules.1 NASD also is advising firms of temporary no-action relief from Rule 200(g) of Regulation SHO granted by the Securities and Exchange Commission (SEC) for “short... more +

Renowned estate planning attorney Sally Mulhern knows her trusts and tax law. She could fill volumes discussing charitable lead and remainder trusts, QTIPs and ILIDs, –as well as EGTRRA – The Economic Growth and Tax Relief Reconciliation Act of 2001. But in Estate Planning to Die For, written for financial professionals, Mulhern explains that investment advisors don’t have to be acronym geeks to successfully navigate the waters of estate planning. She also argues the most important trust is that which exists between clients and members of their estate planning teams.

Rule #1 in Mulhern’s book is to assemble the right estate planning team – which she defines to include the financial advisor, estate attorney, CPA and insurance agent. “When the strengths of all team members are combined, the whole is always greater than the sum of the parts.” One of the great benefits of the team approach, Mulhern... more +

Richard Bryant, founder of Capital Investment Companies, offered us his experienced and candid insight into the riggors of building his successful firm with his partner Bobby Edgerton.

How did you get into the business? My grandfather and father built Bryant Electric Supply from the ground up starting in 1922. When I graduated from North Carolina State University in Raleigh I went straight to Bryant Supply Company. I was ecstatic that I was finally there. However, when I got there something wasn’t quite right. I realized that playing it safe by simply fitting into the family business wasn’t for me. I had witnessed my father’s success in investing first-hand and, after much research and soul-searching, I decided to get my brokerage license. So, I returned to Raleigh, got registered and worked with Prudential-Bache Securities. It quickly became clear that this option was still not enough. After only a year I felt the... more +