Before you start giving Alan Whitman Morgan Stanley your business, you should find out what other clients have said about this expert. You should also be aware of the different shady parts of his admissions.
You could use this knowledge to decide if he’s really worth your money or not.
Who is Alan Whitman? Morgan Stanley?
Alan Whitman Morgan Stanley is a financial manager with offices in Pasadena, California. His office is at 55 S. Lake Ave., Ste. 700, Pasadena, CA 91101, and the number to call there is 626-405-9313.
Alan and his company say that they give their clients financial clarity and peace of mind, but their reports show that this is not the case.
There are many things in their reports that make it seem like this advisor doesn’t care about what’s best for his clients. The firm makes more money if they don’t care about your financial needs, which is possibly why Alan has had so many fights with his clients.
Here are all of Alan Whitman’s disagreements and shady provisions:
Alan Whitman talks about Morgan Stanley tries to hide the many disagreements it has with clients from investors.
Alan Whitman has worked for 5 different companies and had 3 disagreements with his clients over the course of his career. The first disagreement happened in 2005 when the client said that her fee-based maintained account had been charged too many fees, but she didn’t say what they were.
Alan’s second fight with a client also happened in 2005. Just like in the last case, the client claimed that his fee-based controlled account had charged him too many fees, but he didn’t say what those fees were. He also asked for more than $5,000 in damages. Here, Morgan Stanely used the same reason they used before to say that there was no disagreement.
Broker-Dealer
Alan Whitman’s reports show that he is a broker-dealer, which is one of the most important facts. Studies show that broker-dealer financial managers don’t meet the fiduciary standard.
The quality of the service a counselor gives goes down when they are also broker-dealers.
Alan makes most of his money as a broker-dealer from fees. So, it leads to a lot of different kinds of conflicts of interest, like when they sell their own investments or share the money they make from mutual funds.
I’ve told you how making money through fees can hurt your financial future.
Investing with 12b-1 Fees
Alan Whitman Morgan Stanley has stocks that come with 12b-1 fees, which are marketing costs that only make the product more expensive.
The 12b-1 fee is well-known in the finance world because it makes your investment much more expensive without giving you anything extra in return. SEC did a very detailed study to compare the results of investments with and without 12b-1 fees.
They found that the results from the two were the same. In fact, investments that charge this fee had lower yields because they were more expensive.
Because of this, you should stay away from financial gurus who charge this fee.
Putting clients in too much danger
Alan and his company charge fees based on how well they do. They only get paid if they do better than a certain standard. Performance-based fees look good on paper, but they encourage the advisor to use high-risk tactics.
If you want to make sure you have money for the long run, you should avoid high-risk strategies. Also, high-risk strategies can quickly wipe out large amounts of your invested cash.
Being a “salesman” instead of a “guide”
Alan Whitman and his company have a lot of problems, and one of the most important ones is that he “sells” Morgan Stanley goods. When a financial advisor sells his or her own goods, there are often conflicts of interest because the advisor has a reason to ignore your financial needs.
Advisory firms make a lot of money from commissions on their own and related goods. It’s hard to trust your financial advisor’s advice when they sell these kinds of investments. Before you believe this kind of advisor, you need to answer this question: “Would they put your financial needs ahead of their own?”
Most likely, they will choose the second one. Because of this, you should be wary of financial advisors who “sell” stocks instead of recommending them.
If you are a client of Alan Whitman Morgan Stanley, you should look at your stocks and see which ones give him the most money. Most of the time, the counselor tells their client to invest in things that aren’t great. So, stay away from such advisers. Alan is not the only Morgan Stanley planner whose plans for his clients are so greedy. Lyon Polk is also known for having rules that are so bad.
Do you believe Alan Whitman? Morgan Stanley?
Alan Whitman has fought with many of his clients. Also, his company has a lot of rules and regulations that make things very hard for its clients. They do almost everything that is bad for your financial security, like charge you too much or put you in danger for no reason.
You should stay away from this financial advisor and look for someone else, ideally someone with better policies.
