Tagged with "Financial Advisors"

Unregistered Advisors Perpetrate Scheme While Concealing Disciplinary Histories

Posted on April 22nd, 2022 at 1:48 PM
Unregistered Advisors Perpetrate Scheme While Concealing Disciplinary Histories

The Securities and Exchange Commission (SEC) has filed suit against two unregistered advisors for hiding their disciplinary records from investors while engaging in a scheme that generated at least $9 million.

 
 

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Annuity Companies Hasten to Protect Their Bottom Line in the Wake of Market Conditions

Posted on April 22nd, 2020 at 4:42 PM
Annuity Companies Hasten to Protect Their Bottom Line in the Wake of Market Conditions

In the wake of the volatility in the market and other effects of the global pandemic, annuity suppliers are struggling to update their annuities – meaning make them more favorable because annuity purchasers received too good a deal the first time around. The market volatility and low treasury rate necessitate annuity repricing. In the current environment, changes are happening so fast that many insurance carriers have had to suspend the sale of annuities in order to give them enough time to make changes to the annuity policies.

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Business Losses Due to COVID-19 Pandemic

Posted on April 14th, 2020 at 4:43 PM
Business Losses Due to COVID-19 Pandemic

Most businesses have bought a suite of policies to cover their business operations.  Business interruption insurance coverage is part of that suite of policies.

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Morgan Stanley Vows to Remediate Client Losses Due to System Outage

Posted on April 7th, 2020 at 2:33 PM
Morgan Stanley Vows to Remediate Client Losses Due to System Outage

As detailed in an earlier post in the Eccleston Law Blog, Morgan Stanley Wealth Management experienced a system outage on March 25.  According to Morgan Stanley, the outage, which lasted roughly 4 and a half hours, was caused by a bug in third-party software.  During the outage, Morgan Stanley brokers were able to place trades via a back-up system.  However, the back-up system was slower than the normal system.

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FINRA Suspends Broker for 2 years for Cheating on Exams

Posted on March 25th, 2020 at 4:30 PM
FINRA Suspends Broker for 2 years for Cheating on Exams

FINRA Suspends Broker for 2 years for Cheating on Exams

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Smart Steps Advisors Need To Take To Steer Clear Of Legal Trouble

Posted on March 2nd, 2020 at 1:27 PM
Smart Steps Advisors Need To Take To Steer Clear Of Legal Trouble
If you're lucky, you'll go your entire career without facing litigation. But even the most diligent advisors can get ensnared in legal trouble.

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Regional Wealth Management Brands are on Fire—and Why You Should Exercise Extreme Caution

Posted on July 15th, 2019 at 3:46 PM
Regional Wealth Management Brands are on Fire—and Why You Should Exercise Extreme Caution

Over the past 18 months, regional firms like Ameriprise, Raymond James, and Stifel have been accumulating assets at levels unseen before.

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Two Former USAA Advisors Granted $1.8 Million for Unfair Termination

Posted on July 11th, 2019 at 4:26 PM
Two Former USAA Advisors Granted $1.8 Million for Unfair Termination

Two former USAA financial advisors, Christoper Johnson and Lee Anne Przybyla, were awarded $1.8 million by a Finra on the grounds of wrongful termination. In May 2017, the two advisors were terminated from USAA in San Antonio, Texas. Besides wrongful termination, the advisors alleged defamation, breach of contract, and negligent supervision. According to Finra, each advisor received $350,000 for punitive damages while Johnson and Przybyla were awarded an additional $500,000 and $350,000 in compensatory damages, respectively.

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Traditional Brokers’ Compensation Models May Be Threatened As Wirehouses Hire Salaried Workers

Posted on June 5th, 2019 at 4:57 PM
Traditional Brokers’ Compensation Models May Be Threatened As Wirehouses Hire Salaried Workers

According to an InvestmentNews article, Bank of America’s recent decision to transfer 300 Merrill Edge advisors into its Merrill Lynch Wealth Management branch offices may be a turning point in the evolution of compensation for financial advisors at major brokerage firms.

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FINRA Issues Regulatory Notice Which Provides Guidance on Customer Communications Related to Departing Registered Representatives- Part 2

Posted on April 15th, 2019 at 4:09 PM
FINRA Issues Regulatory Notice Which Provides Guidance on Customer Communications Related to Departing Registered Representatives- Part 2

On April 5, 2019, FINRA issued Regulatory Notice 19-10 to provide guidance to departing registered representatives on customer communications. This is the second in a series to address the key points in FINRA Regulatory Notice 19-10.

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TESTIMONIALS

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We just wanted to say thanks for your work in helping us get back some of the money we lost. We are not by any means rich, but we have saved some money and we have done so through a tight-fisted approach to most everything we do. So losing a significant chunk of money hurt…especially at a time when everyone else was growing their accounts. We really appreciate the work you did.

Allan and Adele

LATEST NEWS AND ARTICLES

August 11, 2022
FINRA Suspends Former Schwab Advisor for Failing to Disclose Felony Charges

The Financial Industry Regulatory Authority (FINRA) has suspended a former Charles Schwab advisor who allegedly failed to disclose multiple felony charges.

August 10, 2022
UBS Wealth Group’s Legal Costs Skyrocket in Q2

UBS Wealth’s litigation expenses have substantially spiked in the second quarter as the firm has faced a host of investor complaints and regulatory probes into UBS’ volatile Yield Enhancement Strategy (YES).

August 9, 2022
UBS Wealth Relying on Lending as Client Assets Dip

UBS Wealth Management is relying on loan growth and increasing interest rates amidst a quarter that the company has categorized as “one of the most challenging periods for investors in the last 10 years”, according to UBS CEO Ralph Hamers.