Why is it okay for a client to direct brokerage to a charity or something? Aren't the two conditions of brokerage that it is property of the client that MUST be used for "research." If the latter doesn't apply, are there any limitations on what a client can do with their brokerage?
Also, this may be a retarded question, but I thought the whole point of soft dollars was that you couldn't really cash it out and give it to someone but it was more like credits to be used at that broker's firm...
Input appreciated. Thanks dudes. |