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Wachovia Fine Related to Fee Based Accounts

Fee based accounts with brokerage firms are typically an alternative to commission accounts in which the account is charged a fixed annual fee or an annual percentage fee based on the assets in the account.  These accounts may not be suitable for all customers.  As set out in the link below, the NASD fined Wachovia for ?failing to adequately supervise its fee-based brokerage business between 2001 through 2004.?
NASD Press Release

Posted by Greco & Greco on 07/20 at 03:29 PM
Brokerage FirmsWachoviaNASD RegulationSuitability

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