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Stockbrokers Wages And Salaries

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BUSINESS
June 16, 1994 | From Reuters
Want a super-paying job? Become a hedge fund or commodity fund manager. They're the people who shuffle around billions of investment dollars and get fat paychecks. One fund manager, George Soros, took home at least $1.1 billion last year, says Financial World magazine, a business publication.
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BUSINESS
July 4, 1999 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
Energy commodities trader Parks Wesson of Manhattan Beach opened an account at brokerage giant Merrill Lynch three years ago because he wanted to focus on his job and leave his personal investments to a professional. But last year, disappointed with the mutual funds he and his broker picked out--and with fees that he considered excessive--Wesson moved most of his money to do-it-yourself online brokerage E-Trade. "I didn't see the service I was paying for," Wesson, 38, says.
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BUSINESS
December 25, 1990 | From Associated Press
Drexel Burnham Lambert Inc. is paying two traders more than $1 million a year and other top executives hundreds of thousands of dollars during the firm's costly bankruptcy proceedings. Drexel confirmed Monday that 29 senior executives and traders are receiving more than $250,000 a year each. But the firm said the salaries were set early in the case, are necessary to manage its business and are on a par with compensation elsewhere on Wall Street.
BUSINESS
July 4, 1999 | TOM PETRUNO
It's a great life, being a stock broker today at a major full-service firm. At least, that's what the numbers would suggest. The average broker earned $158,201 in 1997, the latest figure available. You can bet that sum went up last year. Average earnings, however, can be skewed by a few very highly compensated individuals.
NEWS
September 8, 1987 | MICHAEL A. HILTZIK, Times Staff Writer
The man fit Hans Kessler's profile of the typical Ferrari buyer. He was under 40, employed as "an investment banker or money dealer of some sort" and anxious about only one thing as he wrote out a check: How soon could he take delivery of his $170,000 Ferrari? "Doctors and lawyers buy Porsches, things that really have a utilitarian value," Kessler remarked later. "This is more of a toy. You can barely fit a briefcase into a Ferrari. This is a car to be seen in."
BUSINESS
August 7, 1996 | From Bloomberg Business News
Stockbrokers earned an average of $123,839 last year, a 6% increase from 1994, as equity markets and trading surged, the Securities Industry Assn., Wall Street's trade group, said Tuesday. They may make even more money in 1996 as their customers buy more stocks and mutual funds amid near record highs in the markets, brokerage executives said. Retail brokers, those who advise and buy securities for individual investors, are paid mainly on the basis of the commissions they generate.
BUSINESS
August 9, 1994 | From Times Staff and Wire Reports
Stockbrokers Took Home Record Paychecks Last Year: Record market activity and higher stock prices raised brokers' commissions, the Securities Industry Assn. said. Retail brokers earned a record $128,553 on average, up 10.3% from the previous high of $116,510 in 1992. Institutional brokers earned a record $304,716 on average, 12.2% more than the previous high of $271,495 in 1992, the trade group said.
BUSINESS
July 4, 1999 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
Energy commodities trader Parks Wesson of Manhattan Beach opened an account at brokerage giant Merrill Lynch three years ago because he wanted to focus on his job and leave his personal investments to a professional. But last year, disappointed with the mutual funds he and his broker picked out--and with fees that he considered excessive--Wesson moved most of his money to do-it-yourself online brokerage E-Trade. "I didn't see the service I was paying for," Wesson, 38, says.
BUSINESS
August 7, 1996 | From Bloomberg Business News
Stockbrokers earned an average of $123,839 last year, a 6% increase from 1994, as equity markets and trading surged, the Securities Industry Assn., Wall Street's trade group, said Tuesday. They may make even more money in 1996 as their customers buy more stocks and mutual funds amid near record highs in the markets, brokerage executives said. Retail brokers, those who advise and buy securities for individual investors, are paid mainly on the basis of the commissions they generate.
BUSINESS
October 4, 1995 | From Bloomberg Business News
Dean Witter Reynolds Inc. said it will stop paying higher commissions to its brokers for selling its own financial products, the last major brokerage to do so. Other major securities firms stopped offering enhanced commissions for sales of proprietary products after a Securities and Exchange Commission panel criticized the practice in April. "More and more of the retail-oriented firms" are taking steps to eliminate potential conflicts of interest, SEC Chairman Arthur Levitt Jr. said.
BUSINESS
April 11, 1995 | SCOT J. PALTROW and JUBE SHIVER Jr., TIMES STAFF WRITERS
A committee of financial luminaries said in a report issued Monday that the way most stockbrokers are paid puts them in conflict with their customers' best interests. But they called the system "too deeply rooted" to do away with soon. Instead, the five-member committee on compensation practices, appointed by Securities and Exchange Commission Chairman Arthur Levitt Jr., proposed less radical steps aimed at taking away brokers' financial incentives for exposing customers to unnecessary risks.
BUSINESS
April 11, 1995 | SCOT J. PALTROW
Key recommendations of the high-level committee appointed by Securities and Exchange Commission Chairman Arthur Levitt Jr. to change the way securities brokers are compensated: * Eliminate higher commissions for in-house "proprietary" products. These include a brokerage firm's own family of mutual funds. At some firms, brokers get bigger commissions for selling shares in these funds, even though the funds' performance may be lackluster.
BUSINESS
August 9, 1994 | From Times Staff and Wire Reports
Stockbrokers Took Home Record Paychecks Last Year: Record market activity and higher stock prices raised brokers' commissions, the Securities Industry Assn. said. Retail brokers earned a record $128,553 on average, up 10.3% from the previous high of $116,510 in 1992. Institutional brokers earned a record $304,716 on average, 12.2% more than the previous high of $271,495 in 1992, the trade group said.
BUSINESS
June 16, 1994 | From Reuters
Want a super-paying job? Become a hedge fund or commodity fund manager. They're the people who shuffle around billions of investment dollars and get fat paychecks. One fund manager, George Soros, took home at least $1.1 billion last year, says Financial World magazine, a business publication.
BUSINESS
July 4, 1999 | TOM PETRUNO
It's a great life, being a stock broker today at a major full-service firm. At least, that's what the numbers would suggest. The average broker earned $158,201 in 1997, the latest figure available. You can bet that sum went up last year. Average earnings, however, can be skewed by a few very highly compensated individuals.
BUSINESS
April 11, 1995 | SCOT J. PALTROW and JUBE SHIVER Jr., TIMES STAFF WRITERS
A committee of financial luminaries said in a report issued Monday that the way most stockbrokers are paid puts them in conflict with their customers' best interests. But they called the system "too deeply rooted" to do away with soon. Instead, the five-member committee on compensation practices, appointed by Securities and Exchange Commission Chairman Arthur Levitt Jr., proposed less radical steps aimed at taking away brokers' financial incentives for exposing customers to unnecessary risks.
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