Finding an advisor who is both knowledgeable and trustworthy is one of the most challenging things you can do. This is due to the fact that you would entrust your financial advisor with the future of not just your company but also your family, your team, and yourself.
It would be helpful if you picked out the less desirable options from the pool and eliminated them from consideration. Chris Leeper, who works for Raymond James, is an example of the kind of counsel you should steer clear of.
One of his customers accused him of misrepresentation, violation of contract, and unsuitability, and the dispute was worth more than half a million dollars. In addition to this, the terms and conditions of his company contain a number of elements that are troublesome. The following analysis will provide additional insight into these matters.
Who is Chris Leeper, Raymond James?
This is Chris Leeper. Jacksonville, Florida is the location of Raymond James, which is a financial advisory firm. His office may be reached at the following address: 9822 Tapestry Park Circle, Jacksonville, Florida 32246, United States. His phone number is 904-642-3257.
Chris Leeper is the head of the wealth management firm Meinrod & Leeper of Raymond James. His company asserts that it provides clients with attentive guidance and objective advice so that those individuals can accomplish their monetary objectives.
In addition to this, they assert that they can develop individualized financial plans for each customer. They provide a range of services at this location, some examples of which are longevity planning, financial planning, corporate and executive services, portfolio management, estate and trust management, investment strategies, corporate retirement plans, small company planning, and risk management.
Adam Meinrod and Chris Leeper are the two individuals serving in this capacity at this company. The employee’s Steven Bushman, Kristin Allen, and Sean Suarez are three more noteworthy persons who work for this company.
Despite the fact that this company makes a lot of appealing claims regarding the competence it possesses, it appears that one should not put their faith in them. This review will continue on to the next part, which will provide additional insight into their problematic disclosures.
Hidden Issues in Chris Leeper Raymond James’ Disclosures:
History of Unsuitability and Misrepresentation
When searching for a new wealth advisor, it is in your best interest to look at their listing in FINRA’s BrokerCheck database. You can learn about an advisor’s certificates, professional experience, state licenses, and most crucially, the legal problems they have had with authorities and clients by consulting the FINRA BrokerCheck database, which is a massive repository of information.
The FINRA BrokerCheck profile of Chris Leeper Raymond James reveals two legal disputes.
His first dispute occurred in 2001. Here, the client alleged that Chris made unsuitable investments but his firm denied the claim without specifying any reasons why.
Furthermore, there is no information available on the damages requested.
This is Chris Leeper. 2010 was the year that Raymond James was involved in his second lawsuit. In this case, the client between 2005 and 2010 argued that the advisor was unsuitable, failed to preserve their assets, made false representations, and breached their fiduciary duties.
They asked for $570,000 in damages but ultimately settled the matter for $47,500.
Chris refuted every accusation of wrongdoing and asserted that Raymond James settled the case in order to avoid incurring the expenditures of a legal defense.
The majority of untrustworthy financial advisors try to avoid taking responsibility, just like Chris has. It is not a little affair to be sued for unsuitability and misrepresentation to the tune of more than half a million dollars. This demonstrates that Chris Leeper Raymond James has a pattern of disregarding the best interests of his clients.
Putting Clients at Excessive Risk
The terms and conditions of Chris Leeper’s company state that they will only recommend investments that have fees that are contingent on how well they perform. If financial advisor bases their fees on performance, the only way they will profit is if they outperform a given benchmark.
They are given a reason to adopt high-risk techniques as a result of this incentive. These tactics almost never result in good returns for the investors that use them, and they are especially risky when markets are turbulent.
Strategies with a high degree of risk could result in large losses for you. However, if your financial advisor recommends high-risk investments to you and those investments result in a portion of your invested capital being lost, you cannot hold him liable for the loss.
On the other hand, if these tactics produce any good returns at all, your financial advisor will be able to charge you substantial fees for using them.
Large investment portfolios that are focused on achieving sustainable growth over the long term are not a good fit for this fee structure.
Performing Side-by-Side Management
One of the worst practices in the wealth management industry is side-by-side management. Here, an advisory firm handles large portfolios and small accounts at the same time.
Companies that practice side-by-side management have a propensity to devote the majority of their resources to their more significant clients, leaving very little or even nothing for their clients who are of a medium or smaller size. They typically provide advice that is very broad and formulaic in order to better serve their more limited clientele.
These types of companies conduct a superficial analysis of the more limited portfolios and then provide suggestions that are generic in nature. Even if these recommendations were to yield “some” returns, those returns would not come close to matching the returns they could earn elsewhere.
However, companies that practice side-by-side management are unable to give each investor the individualized attention they require since it is impossible for them to do so.
It is in your best interest as an investor with a portfolio that is moderate in size or smaller to steer clear of working with a financial advisor that engages in side-by-side management. The unfortunate truth is that Chris Leeper Raymond James is one of them.
Whether you are looking for corporate retirement planning services or longevity planning, Chris Leeper Raymond James is not the advisor you should go with.
He has a history of giving unsuitable recommendations to his clients. Also, his firm follows an extremely notorious fee structure and mistreats its smaller clients.
You should look for a different wealth advisor in Florida.