Beware of Glenn Pahnke: Unreliable scams at RBC Wealth Management

If you choose wisely, working with the correct financial counselor might expedite the process by which you achieve your monetary objectives. But if you choose the incorrect partner, it might spell doom for your business. In the case of Glenn Pahnke RBC, he may give the impression that he is the best candidate while in fact, he is not.

It is your responsibility as an investor to be aware of any shortcomings that your financial advisor may have. Therefore, before you think about working with Glenn Pahnke, an advisor linked with RBC Capital Markets, you should understand the problems that are presented in his disclosures below in this review.

About Glenn Pahnke RBC

RBC Capital Markets is one of the companies that Glenn Pahnke, a financial advisor, works for. The office of Glenn Pahnke can be found at 6710 N Scottsdale Rd Suite 150, Scottsdale, Arizona 85253, United States, and is open Monday through Friday from 9 am to 5 pm.

The Glenn Pahnke Clinic’s phone number is 480-609-4901, and you may reach them there.

RBC Wealth Management is a company with its headquarters in Scottsdale, and he serves as the managing director of the company. Glenn has been in business for the past three decades and asserts that he is able to assist his customers in accomplishing their purposes in life.

However, there are a great many topics that he chooses not to bring attention to. Some of them are as follows:

Issues with Glenn Pahnke RBC You Should Know

History of Disputes with Clients

The history of disagreements that this financial advisor has been involved in is the primary and most significant issue. You can check FINRA Brokercheck to see whether a potential financial advisor has had any complaints filed against him by previous customers.

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In the instance of Glenn, his profile indicates that there have been three disagreements.

The first one has the date 11-26-2008 written on it. In this case, the customer asserted that they were misinformed about the availability of the variable annuity and that they were unaware that the value of their investment could fall.

The sum of the settlement was $140,103.78 dollars. In response to this, Glenn stated that he had provided the client with written disclosures and that everything had been well explained to them. It is important to be aware that placing the responsibility for everything on the clients is a typical strategy used by financial advisors. It would appear that Glenn has done the same thing.


Glenn Pahnke is a broker-dealer. This indicates that he is eligible to receive commissions from the sale of specific financial products. In most cases, it is best to collaborate with a financial counselor who can provide you with objective guidance regarding the best way to invest your money.

However, the likelihood of receiving useful guidance drops significantly when you collaborate with a broker-dealer. This is due to the fact that the advisor stands to benefit financially from ignoring how well your finances are managed. Instead of recommending investments that would help you get larger returns, they would recommend investments that would offer them higher commissions.

The fact that you would achieve mediocre outcomes and lose out on many opportunities for advancement as a consequence of this is a significant obstacle.

12b-1 Fees

Glenn Pahnke is a broker-dealer. This suggests that he is qualified to get commissions on the selling of certain types of financial goods. It is recommended that you work together with a financial advisor who is able to give you objective information regarding the most effective approach to invest your money in the majority of circumstances.

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When working with a broker-dealer, on the other hand, your chances of obtaining direction that is actually helpful are greatly reduced. This is because the advisor stands to gain financially if they ignore how effectively your finances are managed and instead focus on how well they have managed themselves. They would recommend investments that would earn them more commissions rather than those that would help them achieve larger returns. This is because they would rather make money off of you than from you.

A substantial barrier is presented by the fact that you would only obtain average results as a consequence of this, which would result in your missing out on many prospects for progress.

Insurance Broker

The fact that this counselor is also an insurance broker is even another issue with him. This indicates that he is in the business of selling insurance products and earning commissions from those sales.

Be cautious about getting insurance recommended by such advisors. In such cases, the advisor would recommend you unnecessary insurance products which will rack up your costs and diminish returns. 

Gullible investors think their advisor is looking out for their security while the advisor is only increasing his commissions. 

This is a common issue and it can hamper your financial returns in the long run.

Proprietary Products

Glenn is affiliated with RBC Capital Markets, a prominent financial advisory firm with various proprietary investments and products. He earns commissions from the sale of these investments and these commissions are probably a lot higher than other investments. 

Selling proprietary investments can lead to several conflicts of interest.

The biggest issue, however, is misrepresentation and unsuitable advice. Proprietary products limit the range of products an advisor can suggest to his clients. 

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It also incentivizes the advisor to recommend unsuitable investments because they offer high commissions. Take, for example, UBS’s YES Strategy lawsuits. UBS has been paying hundreds of thousands of dollars to its investors because its investors recommended the product without checking its suitability. 

Glenn Pahnke RBC review

Performance-based Fee

Glenn Pahnke’s products all have prices that are determined based on how well they function. If your financial advisor charges you this fee, the money they take in is contingent on whether or not they outperform a particular index or benchmark.

At first glance, it appears to be a pricing structure that has a lot of potential. However, it has a lot of problems. Because of all of these problems, the performance-based fee structure is often considered to be unacceptable in the financial industry.

Because it encourages high-risk techniques, professionals avoid charging this fee whenever possible.

If your financial advisor “only” gets paid if they achieve a certain benchmark, then they have an incentive to take unnecessary risks with your money. In some instances, the risk that is being taken is not necessary.

Additionally, not all investors are good candidates for high-risk investment techniques. The performance-based fee structure, on the other hand, makes it absolutely necessary for the adviser to adhere to such techniques.

These techniques are especially risky in unstable and uncertain markets (like the one we are currently experiencing which is caused by a pandemic). In addition, if you adopt this fee structure, you cannot hold your advisor liable for any losses that you sustain; you will be exempt from this responsibility.

It is strongly advised by knowledgeable people to steer clear of performance-based fees.

Side-by-side Management

The fact that this advisor engages in side-by-side management is still another issue with him. This indicates that he manages both huge hedge funds as well as retail accounts that are on the smaller side.

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Side-by-side management companies typically devote most of their time and resources to the clients who have the greatest need for them. Because of this, small retail customers don’t get nearly as much time and attention as they should from their financial advisors.

It is possible that working with Glenn Pahnke will not be financially beneficial for you if you are not among the really well-off people.

Buying and Selling Suggested Securities

Last but not least, Glenn engages in actual trading of the stocks he advises his customers to purchase. Although it could appear to be “eating your own cooking,” doing so really results in a significant number of problems and disagreements.

When an advisor trades recommended assets, it’s possible for him to wind up artificially inflating the profits he earns with his client’s money. They might engage in a practice known as “front-running,” in which an advisor trades a particular security and then promotes it to his clients in order to generate better returns for himself.

Should You Trust Glenn Pahnke RBC?

Glenn Pahnke is an exceedingly difficult person to trust due to the fact that his disclosures contain a large number of conflicts of interest and that he has a history of client disputes.

Although he may assert that the objectives of his customers are his top priority, his disclosures give the impression that the only thing he is concerned about is padding his own wallet. Therefore, you should give it some serious consideration before giving him your company.

You can also read : Beware of Schultz Group: Unreliable services and potential scams at UBS Financial Services Inc.

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