Broker Put On The Spot When An Account ShiftsIn the wake of New York Attorney General Eliot Spitzer's probe of alleged bid-rigging, all eyes are on the abuse of the long-standing brokerage contingency fee system.
For my next column, I'm asking for your feedback into whether the system itself is so tarnished as to be beyond redemption, or if somehow such fees might be salvageable and, if so, how brokers might regain the trust of clients and regulators (see the accompanying sidebar).
However, in this space, I'll address another ethical quandary posed in my last column on July 19. A producer has lost an important piece of business due to a merger and a decision to centralize insurance with the surviving organization. The new broker of record called the producer who had the account for loss information.
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