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Client verbally alleged financial advisor failed to update the allocation of his account, resulting in losses. (8/29/2018)
Settlement Amount
$17,097.15
Broker Comment
Due to an administrative oversight, advisory assets were not repositioned when the client's investment objective was updated. Once the financial advisor discovered the misalignment he brought it to management's attention and it was immediately corrected. Market conditions at the time of the misalignment (Fall 2018) resulted in a loss to the customer which was rectified via trade corrections. The financial advisor did not contribute to the settlement.
Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.
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Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.