Awesome cover story in the March 2012 Research Magazine on my colleague Josh Brown:
“Joshua Brown is one angry former broker. The 35-year-old financial advisor, whose Reformed Broker blog has brought him wide acclaim in recent years, has just written a book meant to uncover the perfidy of Wall Street. Backstage Wall Street is part plea, part mea culpa, part screed. Brown unmasks the financial industry for all to see, revealing the less-than-honest sales tactics of boiler-room brokers and dressing down investment banks for running away with fees and riches while Mom and Pop retail investors are left holding the bag.
Brown makes some startling claims: wirehouse brokerage firms will be gone in 10 years, as will the “suitability” standard governing broker-dealers. Mutual funds? They’ll be gone too, replaced by their fast-rising cousins, ETFs. Brown takes his readers on the bumpy ride of Wall Street, from 2000 (when he started), through the credit crisis of 2007-2008, to the present day, when you can find him as a reinvented registered investment advisor, happily banking management fees instead of commissions.”
I already read his book (Backstage Wall Street: An Insider’s Guide to Knowing Who to Trust, Who to Run From, and How to Maximize Your Investments), its a Molotov cocktail thrown at the brokerage industry.
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Source:
Breaking Ranks
Gerald Burstyn
RESEARCH MAGAZINE, February 24, 2012
http://www.advisorone.com/2012/02/24/breaking-ranks
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