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Securities offered through First Allied Securities, Inc., A Registered Broker Dealer, Member FINRA/SIPC. An Advanced Equities Company.

• Warehousing
  The interim period from the time a loan closes to its subsequent marketing to capital market investors.
  
  
• Warrants
  Securities entitling the holder to buy a proportionate amount of stock at some specified future date at a specified price, usually one higher than the current market.
  
  
• Watch list
  A list of securities selected for special attention by a brokerage, exchange, or regulatory organization. Firms on the watch list are often takeover targets, companies planning to issue new shares, or stocks that show unusual activity.
  
  
• When issued
  A transaction conditional on a security that has been authorized, but not yet issued.
  
  
• Whole life insurance
  A contract with both insurance and investment components. It pays off a stated amount upon the insured's death; and it accumulates a cash value that the policyholder can redeem or borrow against.
  
  
• Will
  A legal document that specifies how a person wishes his or her property to be distributed after death.
  
  
• Wire house
  A firm operating a private wire to its own branch offices or to other firms, clearing agents houses, or brokerage houses.
  
  
• Working capital
  The difference in current assets and current liabilities.
  
  
• Write-down
  Decreasing the book value of an asset if its book value is overstated compared to current market values.