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Article: Public gores Wall Street; Ratings of brokers, analysts plunge; planners, lawyers win more clients.(Brief Article)
- Article from:
- Crain's New York Business
- Article date:
- May 6, 2002
- Author:
CopyrightCOPYRIGHT 2002 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Gary Schatsky is living proof of just how bad things have gotten for Wall Street.
Despite the bear market in stocks in the last four months, the independent financial planner has signed on 20 new clients, many of whom were fleeing from the biggest brokerage houses in the land.
``All independents are experiencing a tremendous pickup,'' says Mr. Schatsky, who is a former chairman of the National Association of Personal Financial Advisors. ``Clients feel disenfranchised from the brokerage firms, in part because they are not getting objective advice.''
The decade-long bull market spawned a widespread trust in the stock market and Wall Street. Now, ...