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Prudential Financial Brokers Told to Produce or Leave
Prudential Financial's subsidiary, Prudential Securities, is losing close to one million dollars every day it is open for business - approximately $239 million last year, of which $79 million was lost during the fourth quarter.
The firm has reacted by telling brokers that, by the end of next year, they must generate about $600,000 annually in gross commissions. Additionally, brokers will be pushed to maintain at least 50% of their accounts as fee-based accounts.
Source: Investment News, April 1, 2002
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Sponsored by James J. Eccleston, an attorney representing stockbrokers, financial planners and
investors nationwide in arbitration, litigation and regulatory matters, and a shareholder with the law firm
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P.C.(www.snsfe-law.com). This Web site contains material
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Always consult an attorney and/or investment advisor when building and protecting your wealth.
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