regulation is always directed at brokers. you probably mean dispute resolution goes against small investor, and even so, this is incorrect. there are bad brokers, but just as often there are also bad clients. clients too often try to rip off firms simply because they have losses. i was describing typical hires over the past 10 years or so. if a broker lasts long enough in the business to be called a senior broker, then he's done a good job, with or without a degree. and don't try and play around with statistics by picking one person out of the crowd. what do you expect out of a broker anyways? to always be making money? as a client, if you don't like the way things are going, why do you blame the broker? it's your money. i would think there is not a lot of relationship between performance and who's making the recommendations. i can believe there are just as many bad portfolios at e-trade as there are at merrill lynch. good markets make people gullible, regardless of who is involved in the account management.