'Soft Dollars' and Other Brokerage Arrangements

Lins, Gerald T.
February 1998
Journal of Financial Planning;Feb1998, Vol. 11 Issue 1, p89
Academic Journal
This article presents information on soft dollars and other brokerage arrangements. Over the past year or so, the issue of "soft dollars" has been the subject of increased media and regulatory attention. The term is not specifically defined in any rule or statute, and at times has been used expansively to describe a variety of brokerage trading practices. Generally speaking, however, a soft dollar arrangement involves an agreement or understanding where a discretionary money manager receives research or execution services from a broker/dealer--in addition to transaction execution--in exchange for the brokerage commissions from transactions for discretionary clients' accounts. Most commonly, soft dollars arrangements take either of two forms: "classic" soft dollar arrangements or directed brokerage arrangements.


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