A dying breed. These are wannabe broker-dealers who don’t have enough capital to build the required trading infrastructure.
Leo DiCrappio fancied himself a big-time investment banker and general Wolf of Wall Street. Unfortunately, his High School diploma and familiarity with investment-related Twitter accounts did not generate enough money for him to open a broker-dealer. Or to take the exams required for licensing by federal regulatory agencies, such as FINRA.
Undaunted, Leo began to market his securities trading savvy to friends and family who gave him their money, which he then used to trade in accounts he had opened at large brokerage firms like Charles Schwab and Goldman Sachs.
In this middleman capacity, Leo operated as a broker-reseller, legitimizing the business cards he had printed so he could show off to the girls in his neighborhood in New Jersey.
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Finance: What is a Full-Service Broker?3 Views
Finance a la shmoop what is a full-service broker? full-service
"everything" close relative of the bulge bracket remember those guys want
to trade stocks here at this full service brokerage well you got it [Clipboard appears with checklist]
how about trading some bonds yep need investment advice hoo you bet we got rap
accounts here too does it have to be good advice well it's different gonna
retire well they'll suggest Goodyear or fire stone or Michelin if they're you
know socialist and European gonna quit working and play golf all day well then [Man playing golf]
a full service broker has advice for that as well want tax planning yep
referrals to other professionals like estate planning lawyers and that kind of
stuff got a kid heading to college in a decade all right well it's time to talk
529 savings plan got a grandparent dying soon whoo time to talk IRA distributions
and charity need Warriors tickets yeah what well they're full service they just
build they'll charge you for it but they're full full something [State Warriors basketball team playing a game]
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