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Stories of Interest
- White House Now Doesn’t Dispute Details of Trump's Call with Army Widow
- Goldman Sachs’ Lloyd Blankfein Just Threw Some Serious Brexit Shade
- Guggenheim Partners ‘Bank Wrecker’ Could Get $100Mn Exit Package
- Proposed Arbitration Rule Change: For Customers Dealing with an Inactive Firm or Associated Person
- This Family Bet It All on Bitcoin
- Clearinghouses Pass CFTC Liquidity Stress Tests
- President Trump Admits He’s Trying to Kill Obamacare. That’s Illegal.
- Trump Plunges Down List of ‘America’s Richest’
- Is Trump’s “Foreclosure King” in Over His Head?
- FBI Arrests NCAA Basketball Coaches and Adidas Rep in Bribery Probe Involving Recruitment
- Equifax CEO Steps Down Amid Hacking Scandal
- Litigation Costs to Rub Salt in RBS Investor Wounds
- RIAs Poised to Land Wirehouse Recruits - Dan Jamieson
- Citibank and U.K. Affiliate to Pay $550K Penalty for Swap Data Reporting Violations - CFTC
- AIG to Restructure into 3 New Units, Marking CEO's First Big Move
- Accounting Firm Deloitte Says It Suffered Cyberattack (subsc reqd)
- Upcoming FINRA Board Meeting and FINRA360 Update
- Elizabeth Warren Lifts Hold on Trump DOJ Antitrust Nominee
- Bigger Mergers Narrow Indy Reps' Options, Alter IBD Channel - Dan Jamieson
- Dentons to Merge with U.K.'s Murray & Spens
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NEWSLETTERS & ALERTS
BrokerCheck: Good Service That’s Gotten into the Wrong Hands
Stephen Kohn wrote a guest column on Bill Singer’s BrokeAndBroker.com web site that addresses what he sees as a serious flaw in the FINRA BrokerCheck program. That statement might surprise and elicit the question: If ‘it ain’t broke’, why fix it?
Well, according to Mr. Kohn, who’s been in the business 32 years – the last 21 years running Stephen A. Kohn & Associates – 'it is broke' because of an embedded flaw in the search function. This flaw is so serious that Mr. Kohn sees it as imperiling the existence of small broker-dealers.
As Mr. Kohn notes, while BrokerCheck Disclosure provides the public with an effective way to investigate their investment professional’s background, updates to the program have unintentionally provided recruiters and large firms with a tool to search for brokers. This has enabled others to pursue the digital equivalent of a raid on their smaller competitors.” The search tool is so effective that he considers it a threat to his firm's very existence.
WHAT CAN BE DONE? Cutting to the chase, Mr. Kohn sees the following simple 'fix' or solution: Just remove the zip code search from the "individual" tab, leaving it on the "firm" tab only.
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