Wealth advisor Daniel Finley Merrill Lynch is dishonest and employs questionable practices to enrich himself at the expense of his clients. Read this review before you let his advertising sway you away from the truth.
In this section, we’ll discuss the problems that were glossed over in his disclosures.
Who is Merrill Lynch, Daniel Finley?
Fort Wayne, Indiana-based financial advisor Daniel Finley Merrill Lynch. You can reach him at 260-427-6523 or visit him at 9921 Dupont Cir Dr. W, Fort Wayne, IN 46825, USA.
Daniel asserts that he will collaborate with his clients to find unique ways to finance their endeavors. He claims to assist his clients in developing individualized strategies for wealth management that are adaptable to their specific needs.
Jane Ellen Carter and Tyler Haire round out his squad. Daniel boasts quite a bit about his abilities and services. According to him, success is all about turning plans into action.
The company he runs offers an extensive variety of products and services, such as:
- Professions in Estate & Trust Planning
- Insurance for the disabled
- Home mortgages
- Strategy for the Future
- Swap Money
- Spending on schools
- Inventory control with a focus
- Cash advances
- Donation accounts
- borrowing money based on the value of securities
- Funds Supplied by Donors
- Financing structures
- Also many others.
Daniel Finley was at first Merrill Lynch comes across as an approachable financial advisor who genuinely wants their clients to succeed. However, you would be incorrect if you assumed that. That’s because his company can take advantage of its customers thanks to several exploitative clauses. You’ll find out more about these clauses in the upcoming review section. You’ll also realize why it’s best not to collaborate with Daniel.
Why You Shouldn’t Put Your Trust in Daniel Finley Securities firm Merrill Lynch?
Client Legal Trouble
You should look up a financial advisor on FINRA’s BrokerCheck before signing on with them. Here you can research a potential advisor’s work history, current and previous employers, licenses, tests passed, and disciplinary actions taken.
On 6-6-2018, one of his customers started a legal case against him. The suspected illegal activity occurred between October 2017 and May 2018. The company turned down the client’s demand for $6,600 in damages.
The client, it was alleged, had permitted the transactions in question.
Unauthorized trading disputes are still a major warning sign. Advisors often undertake illegal trades because they believe they are immune from repercussions. This disagreement demonstrates Daniel Finley’s pattern of exploiting his customers.
Advising On Private Investments
According to his disclaimers, Daniel Finley receives compensation for advising investments that are not publicly traded. An advisor who makes a living off of commissions from the investments they propose may be biased against your best interests.
Your financial advisor’s suggestions for investments should be grounded in a thorough analysis of your existing holdings and long-term objectives. However, if the advisor doesn’t make any money off of recommending the appropriate assets, they won’t offer them to you.
Instead, the advisor would steer you toward inappropriate assets that pay them big fees.
That’s why it’s tough to put your faith in a financial advisor who benefits financially from recommending specific investments through commissions. Another problem with these advisors is that they typically only suggest a small handful of investments. This is because commission-free investments are less likely to be recommended by such advisors.
Furthermore, their earnings vary depending on the type of commission they receive. Because of these two factors, such advisors typically only suggest a small handful of investments to their clients. Investors are the only ones who lose out on these high commissions.
Adding on Unexpected Costs
The fact that Daniel Finley Merrill Lynch suggests assets with 12b-1 fees is another major red flag. Companies pay him this commission for promoting their investments.
The 12b-1 charge has a terrible reputation in the financial sector since it is meaningless. It would just drive up the price of the investments. However, advisors favor certain investments above others since the commissions go directly into their pockets.
The SEC analyzed in depth the difference in performance between 12b-1 fee investments and non-fee investments. It found no difference in profitability between the two strategies. Instead, it found that 12b-1 fee investments have a lower return on investment (ROI) than those that do not.
As a result, the return on investment (ROI) is lower yet the costs are higher. This is a percentage fee, therefore it will vary depending on the total value of your investments. Large portfolio holders suffer the most from the 12b-1 fee as a result.
Conclusion
After reviewing his disclosures, it should be clear that you should not put your trust in Daniel Finley Merrill Lynch. He is a bad financial counselor who corners his clients by signing unpleasant contracts.
If you care about your money and your business expanding, you should probably go elsewhere for advice.
You must also read- https://www.repdigger.com/kaspitrade-a-shady-broker-in-trading-industry/
