Joseph J. Grano Jr. is among the most vocal defenders of the industry. "The major firms have never been cleaner," he says. "The majority of brokers make the right decisions for the right reasons." But that isn't stopping the former Green Beret from promoting improvements. As recent chairman of the National Association of Securities Dealers, he pushed for continuing education for brokers. He has backed PaineWebber's state-of-the-art broker terminals, a big step in getting more information to clients. He also favors more disclosure to customers of brokerage firms' compensation policies. These steps would benefit an industry whose image, he acknowledges, "has never been worse."

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