Read this review if you’re thinking about working with the Continuum Group Morgan Stanley. It will tell you about the problems that Scott Siegel tries to keep his current and potential clients from knowing about.
You see, there are a lot of bad rules in this company’s terms and conditions. The following points will help you learn more about them so you can make a good choice.
Concerning the Continuum Group Morgan Stanley
Continuum Group Morgan Stanley is a company in New York that helps people with their money. Their office is at 522 Fifth Avenue, 15th Floor, New York, NY 10036, and you can reach them at 212-296-6211.
The company works with executives and wealthy families and says it can help them come up with clear goals and plans. Some of the services you can get here are planning for retirement, wealth transfer, portfolio management, strategies for estate and tax planning, cash management, strategies for wealth planning, and loan solutions.
They say they can make answers that fit their clients’ complicated financial needs. But what this company says about itself suggests otherwise.
Scott Siegel is in charge of the Continuum Group at Morgan Stanley. Steven Rosbash, Jaynie Siegel, and Joseph Carmody are also well-known people who work at this company.
The business tells its clients about all of its good points, but it doesn’t tell them about the parts that could be a problem. In the next part of this review, we’ll talk about the same thing:
Why you shouldn’t do business with the Continuum Group Morgan Stanley’s Past Is Uncertain
You should look at an advisor’s FINRA BrokerCheck page before you start working with them. There, you can find out about the legal problems they’ve had with customers and the government. From that database, I found out that the managing head of this company isn’t as trustworthy as he says he is.
According to the FINRA BrokerCheck profile of Scott Siegel, he had a major legal dispute with one of his clients in 1995.
In the disagreement, the client said that the bonds they bought from the broker were not right for them and asked for $15,542.50 in damages.
They paid $7,500 to end the case. In answer to this disagreement, Scott said that no wrongdoing had been found.
Getting sued because you gave bad advice is never a good thing. It shows that Scott Siegel has often recommended trades that don’t help his clients reach their goals.
Getting paid commissions for selling investments
The fact that this company makes a lot of money from commissions is a big red flag. When financial experts get paid a commission for selling certain investments, it can cause a number of problems.
It makes the advisor’s suggestions more likely to be biased because they have a reason to ignore your needs. Many times, advisors tell their clients to put their money in bad investments because they pay higher fees.
One of the main reasons why financial advisors give bad advice to their clients is so they can earn fees. Because of this, you should be wary of advisors who make money by selling investment goods on commission.
It also limits how many investments a financial expert can suggest to his clients. They don’t have any reason to suggest businesses that don’t pay them commissions or that pay them low commissions.
So, you might miss out on a lot of good investments because your guide wouldn’t make much money from them.
If you work with the Continuum Group Morgan Stanley, you should look at your investments and see which ones give them fees.
Trading Recommended Securities
Another huge red flag in the Continuum Group Morgan Stanley is that it can trade the investments it recommends to its clients. If it was a simple firm that caters primarily to retail clients, this provision would’ve worked. However, that’s not the case here.
The Continuum Group works with leaders and families with a lot of money. So, they have access to large investments that they can use to make money for themselves.
When your financial advisor trades the stocks he advises you to buy, he uses your money to change the returns on those investments. For example, they may short-sell an investment and tell their clients to sell the stock to increase their earnings.
It’s very wrong, but it happens a lot. Because of this, you shouldn’t work with advisors who trade the stocks they suggest.
One of these companies is, sadly, the Continuum Group.
Conclusion
There are a lot of red flags in the Continuum Group Morgan Stanley that make it seem like you can’t trust this company at all. The firm’s reports talk about a lot of different things.
Also, they try hard to get investors to forget about these problems with their marketing and glitz.
If you care about your future and financial protection, you should look for a different service provider in New York. There are many things to choose from.
