The U.S. Financial Industry Regulatory Authority, the brokerage industry's self-regulator, has said it is vital for clients to know details of a broker's compensation to assess whether he or she has a conflict of interest in selling certain products or services.

"Clients still don't know exactly how they are being charged unless they are ultra-high-net-worth," said Nalika Nanayakkara, a principal in E&Y's financial services practice, referring to worth clients who generally have at least $10 million at a firm. "Those clients can demand breakdowns and get what they want."

Finra has been trying to pass a rule requiring brokers to disclose signing bonuses they receive when they switch firms but has met resistance from the industry.

To be sure, each firm determines payout and titles a little differently. All the large brokerage firms have five recognition titles except for Morgan Stanley, which has six.

All the big firms permit brokers to keep titles they've earned forever, unless they have run afoul of regulatory or other behavioral guidelines. So the title might not be a sign of how much a broker is making now, but how much he or she made in years gone by.

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