Not long after, two executives and I were advising other firms on how to be better Broker-Dealers. Four months almost to the day, on what would have been my usual quarterly visit Merrill Lynch headquarters in New York City. The Twin Towers were attacked https://www.911memorial.org/ Not long after, my old firm MERRILL LYNCH collapsed under their subprime and credit default swap mistakes, bringing down the financial markets and the rest of the country’s economy. https://smainstitute.com/wp-admin/post.php?post=860&action=edit

By then I had my fill of traveling around the country making myopic security industry owners richer and began doing my behavioral research exclusively—not to mention indulging in an old bad habit of Day Trading.  Soon, as a give back, so to speak, I began advising the Governor and State Treasurer, pro bono, on how to best navigate through the Great Recession that we were in the middle of, by keeping businesses open and attracting new enterprises to Arizona. As it turned out I discovered that “we the people” were merely slaves to a self-serving system.

My years on “The Street” taught me to easily understand tone of the tape and how to dull beta to enhance alpha. Working with empty suits who had escaped to government because they would have failed in the private sector, quickly resulted in my frustration. http://kevinpalmerscottsdale.com/wp-admin/post.php?post=1067&action=edit. Changing course, I began using my research to write, albeit seditiously at times, about how to resist falling prey to corrupt political machinery that shackles common mankind for its own benefit. My third book will be out late 2023.

Kevin J. Palmer -writer, rebel, producer, poet

www.thequietrich.com   www.smainstitute.com     www.kevinpalmerscottsdale.com  strategicmanagementadvisors.com http://KevinJPalmer.com http://KevinjPalmerAuthor.com    http://KevinPalmerArizona.com http://reawakeninganamericandream.com  https://www.smainstitute.com/journalism.html http://palmerholdinggroup.com  Wealth Expert Kevin Palmer http://KevinJPalmer.com  Kevin Palmer Arizona http://KevinjPalmerAuthor.com  writer rebel producer poet http://KevinPalmerArizona.com

-Palmer Private Equity, is rooted in Kevin’s Behavioral Economic Research that once set standards for Wall Street brokerage firms. It is now run by Kevin & Gretchen both formally trained at NYSE traded corporations. It’s Philanthropic entity invests for the public good in the families nonprofit “Peace through Prosperity” projects to challenge Injustices through Self-empowerment.
-Kevin, also a Financial Freedom Fighter, illustrates as a Writer-Rebel-Producer-Poet, how emotional intelligence leads to decision processes that enable economic dignity & improves quality of life.

COO / Co-Principle

Palmer Private Equity

Dates EmployedOct 2017 – Present

Employment Duration3 yrs 4 mos

LocationScottsdale AZ.

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Part 1 of a 3-part series –Encore Performance from 2003

On September 21^st 2003 I attended a cocktail party at the United States Merchant Marine Academy at Kings Point. It was the day before graduation ceremonies and I had an opportunity to speak with the Key note speaker for the event.   His name was Andrew Card, Chief of staff to President George W Bush. Mr. Card as you may remember was the man who first informed the President that the world trade center was hit on September 11 2001.

It was unnerving to hear Mr. Card’s story from the shore of this lush green campus that looked out over the distant New York City skyline, now minus the twin towers.   Mr. Carr recalled that day of September 11^th 2001, as very typical day at the White House, in a typical Presidential year, in what now, by comparison, had been a very typical Presidential decade.   Mr. Card’s first agenda item for the day was a public relation stop at a grammar school where the President was to read to children, discussed politics, and provide a Presidential photo opportunity for the press. It was about mid way through that very average event that Mr. Card Chief of staff to the President of the United States, had to utter the words, “Mr. President, the country is under attack”. Mr. Card said, ‘that they were the most painful and unforgettable words of his life.  “I knew” he continued ‘that from that, point on the country and the world would no longer be the same again’.

Listing to his story I painfully recalled my own emotions on the morning of September 11, 2001 and how I remembered being at ground zero only six months earlier, where I was listening to an executive from one of the countries largest Wall Street firms saying, ‘Gentlemen, our business as we knew it, is no longer the same”.  I recalled how similar those words were to Mr. Card’s because I knew then that a paradigm shift in our industry had begun to unfold.  Because the sentiment in the board room that day was extraordinarily different then at any time that I could remember in my tenure. It had been only three months earlier that Amazon stock closed the day at 15.19 per share down more the $86 from its 52-week high of 102 becoming just another victim of the dot com bubble. But it wasn’t just the dot com melt down alone or the resulting financial blood bath that ensued, that was the reason for shivers to run down the spine of those high-powered executives during that meeting.   It was because they knew that things were about to change on Wall Street and never to be the same again.

The advice, counsel, and research, that had been the muscle of these great firms were now clearly under scrutiny, and eventually as we were to find out, would turn into full blown congressional investigations.  The exclusive ability of these old Wall Street giants to execute immediate real-time traders had become widely available to a broad segment of the population for a fraction of the cost, the cutting edge financial planning, asset allocation and tracking technologies were no longer limited to them solely, and the price of creating and advocating their most lucrative proprietary products was becoming a prohibitive expense that would eventually be more then financial, and in fact help undermined the very integrity and fabric of their practice.

And it was especially because of people like you and firms like this one that were capitalizing on these weaknesses and creating the potential for an ultimate sea change in the industry that would shake the foundations of these Wall Street giants.

On September 11 2001 the final shoe had finally fallen and it was painfully clear the twenty first century was beginning to live up to its unprecedented futuristic reputation that big Wall Street wire houses had feared.

Two major economic and geopolitical events juxtaposed amid the backdrop of unprecedented sociological and financial change world wide. Capital markets had evolved and so were the way in which we were addressing them.

 Stock market bubbles have come and gone, investors and firms have been through tough economic times before, like in 1974 when the Dow was down 27.57%, or in 1931 when it was down 52.67%, and six years latter being down 32.82%, that’s what makes markets.   But this time after an unprecedented period of blind optimism the beginning of bear market in 2000 looked a little different, because of the occurrence of a sequence of seemingly isolated events that, to the astute observer signaled, that a subtle but deliberate change was in motion, which would result in a paradigm shift for the financial services industry that was tantamount to the changes of the industrial revolution 120 years earlier.

Part 2 in this 3 part series next week.

The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us.  Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts.  All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source. This posting and the information on our website is for general information purposes only.  This content should be not considered legal advice, and any responses, comments, e-mails, other communications do not form any attorney client relationship.

As Frank Burns said, “If I made any mistakes in this article, they are God’s will or someone else’s fault.”

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Fired UBS Broker Celebrates Expungement of Termination Notice

A former UBS broker who said he was having trouble attracting customers to his independent advisory business because his discharge was posted on BrokerCheck won expungement of the regulatory notice this week.

A three-person Finra arbitration panel in Washington ruled that the broker, Brandon Mink, had proven that the reasons for discharge that UBS included in its Form U5 notice were potentially defamatory.

“Mink’s undisputed testimony shows the deleterious effect that Claimant UBS Financial Services, Inc.’s release of the reasons for his termination already has had on his reputation, his ability to find work, and on his financial situation,” the three arbitrators wrote in an unusual explanatory statement. “[U]ndisputed evidence shows that Respondent Mink has not harmed any investors and any investor concerns were minimal.”

Tuesday’s decision follows a settlement that the 47-year-old broker reached in February with UBS over its claim that he owed it $810,845 on seven promissory notes. Mink, who joined UBS from Smith Barney in 2008, had counterclaimed for at least $6 million, including $5 million for personal damages that he said UBS and its advisors were causing to his new business.

Now an independent broker in Vienna, Va., affiliated with Spire Securities, Mink would not discuss terms of the settlement, other than to call it “very appropriate.” A UBS spokesman did not respond to a request for comment.

But Mink, who said he had been producing more than $2.5 million in annual revenue at UBS when he was fired in October 2016, said removal of the “weaponized” U5 from public scrutiny should help him win customers who were routinely steered to the BrokerCheck site by competitors.

“I can now go back to work and grow my business,” he said.

He estimated that his success in attracting new business was halved from a 30-40% close ratio at UBS because competitors were highlighting to prospects the publicly available discharge notice. UBS, he added, retained about 40% of his customers’ assets, in contrast to the more than 100% of assets that former Smith Barney customers transferred to him within six months of his arrival at the Swiss bank’s U.S. broker-dealer in May 2008.

According to the summary of UBS’ dismissal notice on Mink’s BrokerCheck report, the bank dismissed him for violating firm policies on email communications and on reporting of customer complaints. He offered a detailed counter to the charges, asserting, among other things, that his use of a personal email account involved information he sent himself from a work account about a UBS-approved charity.

He and his lawyer, Michelle Atlas, of AdvisorLaw, said a confidentiality clause in the settlement prevented them from theorizing as to why UBS would have wanted to fire a $2 million-plus producer.

In a 2018 Bloomberg article about alleged U5 “smears” on departing brokers, Mink said that the termination ended discussions he was having with a rival firm offering a large signing bonus. UBS may have gotten wind of his plans, a source said, which also would have involved his inheriting a large book at the firm from a retiring broker.

This week’s expungement was not Mink’s first arbitration victory. In January, arbitrators authorized removal of a seven-year-old customer complaint, the only other mark on his publicly available Central Registration Depository record. UBS had denied the customer complaint.

“If you put a value on your reputation,” Mink said of his expungement battles, “it’s well worth the time, patience and money to gain redemption, at a minimum, and truth and fairness at a higher level.”

The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us.  Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts.  All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source. This posting and the information on our website is for general information purposes only.  This content should be not considered legal advice, and any responses, comments, e-mails, other communications do not form any attorney client relationship.

As Frank Burns said, “If I made any mistakes in this article, they are God’s will or someone else’s fault.”

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How to enjoy divine abundance in

your life!

The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us.  Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts.  All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source. This posting and the information on our website is for general information purposes only.  This content should be not considered legal advice, and any responses, comments, e-mails, other communications do not form any attorney client relationship.

As Frank Burns said, “If I made any mistakes in this article, they are God’s will or someone else’s fault.”

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Using cognition and personality to make financial decisions

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The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us.  Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts.  All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source. This posting and the information on our website is for general information purposes only.  This content should be not considered legal advice, and any responses, comments, e-mails, other communications do not form any attorney client relationship.

As Frank Burns said, “If I made any mistakes in this article, they are God’s will or someone else’s fault.”

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Malfeasance in office, or official misconduct, is the commission of an unlawful act, done in an official capacity, which affects the performance of official duties. Malfeasance in office is often grounds for a for cause removal of an elected official by statute or recall election.

Fighting for your financial freedom is well worth the battle! Be a financial freedom fighter and seek economic justice now. Reawaken your American Dream. It too China 2000 years to build the great wall –and it didn’t work. It too China 2000 years to build the great wall –and it didn’t work.

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Here is Part 3 of Her Story

“It is well known that private equity firms are interested in this industry. Given the success and momentum of our company, it is not surprising that this would lead to speculation and rumors. We continue to be focused on serving our advisors and their clients, and building on the great momentum we have experienced,” the letter said.

Picking up pieces

Whether Moore’s track record at the firm figured into his departure is unknown. The consensus among industry observers suggests he’s done a credible job. But now Cetera is saddled with the task of finding someone else of equal or greater stature to step in and pick up the pieces.

For the moment, a rusty Schwab chief is taking the reins.

Effective March 31, Ben Brigeman steps into Moore’s big shoes, even though he hasn’t held an executive position since 2012 when he left Schwab as its retail chief. See: Ben Brigeman is exiting Schwab and his position atop its retail business — perhaps portending bigger changes

Brigeman is currently chairman of the board at Cetera and has held board positions at several other firms.

“RJ has been the leader needed at Cetera during the company’s restructuring and remarkable turnaround, and we are grateful that he will be able to continue to be part of the organization in an advisory capacity,” Brigeman says.

For the record, Moore says in a statement the move was dictated by his doctor.  “This led to one of the most difficult decisions of my professional career, and one that has engendered many mixed emotions,” he said.

Cetera has retained search firm Heidrick & Struggles to begin a search for a new CEO.

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February 20, 2019 — 12:24 PM MST by Brooke Southall

Brooke’s Note: There is something mercenary about the way that the former insurance broker-dealers get bought, sold, spruced up and staffed. The (formerly ING) Cetera and (formerly AIG) Advisor Group entities are equal parts grand rafts of human financial advisory potential and leftover insurance broker culture that meant not only selling but favoring the brand on their business cards. As such they are catnip for private equity firms who surmise that even marginal improvements can yield enormous gains in value. But when they install mercenary CEOs, they not only expect results, they expect results yesterday. Against that backdrop, Robert Moore is out at Cetera. The official reason and the industry-buzz reason for his planned exit next month differ in their specifics.

Just like that, CEO Robert Moore’s abrupt departure from Cetera–for a suddenly disclosed, unexplained health reason–has cast a dark cloud over the independent broker-dealer’s ambitious expansion plans, which he was hired to lead in 2016.

Moore, 63, was touted as a white knight who would lead the star-crossed broker-dealer to new glory after Cetera’s parent company,  RCS Capital, emerged from bankruptcy in 2016. It was acquired two years later by venture capital firm Genstar Capital for a whopping $1.7 billion.

Dan Arnold aced out Robert Moore for the CEO’s job at LPL, which set in motion Moore’s hiring by Cetera.

But in a sharp turn of events, the company made the surprise announcement Tuesday (Feb. 19) with a short news release.

It failed to provide any details about Moore’s health crisis, or why the decision to step down came, seemingly, out of the blue. Some reports said he is not suffering from a terminal illness.

Moore had this to say in a statement: “Recently I have been dealing with a health issue that has continued to require treatment and, on advice of my physician, now warrants that I cut back on my current commitments which is essential to my overall recovery.”

At the moment, Moore’s unspecified health problems and that backstory leading to his departure remain a mystery. But at least one inside source has told RIABiz there is far more to the story.

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