The search for a trustworthy wealth manager in Chicago might be frustrating, but there is one person you absolutely should not work with: David Wilkinson from Morgan Stanley.
Why should you stay away from him? Because his company engages in a wide variety of unethical practices designed to trick clients into signing disadvantageous contracts. His terms and conditions contain several questionable clauses. You should read these clauses carefully before agreeing to anything with David.
The following analysis will elaborate on those clauses.
The Mystery of David Wilkinson Bank of Morgan Stanley
David Wilkinson, David The Chicago office of financial services firm Morgan Stanley is located there. You can reach him at 312-453-9120 or visit his office at 233 S Wacker Dr. Ste 9200, Chicago, IL 60606.
David says he can use his expertise in the financial services sector to assist his clients in meeting the problems of wealth management. Through his company, he provides a wide range of services to his clientele, such as business consulting, investment management, cash management and lending, asset transfer, lifestyle advisory, charitable giving, and financial literacy training.
Frank Mahoney, Taylor Coughlin, and Erin Doody are the other members of his squad.
David Wilkinson’s company promises customized financial solutions that take into account your unique situation and aspirations.
While this may all sound fascinating, the David Wilkinson Morgan Stanley filings reveal a completely different scenario. His firm has various financial incentives to disregard your needs, as detailed in their disclosures of potential conflicts of interest. For instance, they benefit financially by increasing your exposure to danger.
Keep reading for more information about why it’s best to steer clear of working with this financial advisory firm.
Warning Signs in David Wilkinson’s Confessions Bank of Morgan Stanley
Confronted Legal Disputes Worth Over $1 Million
You should research a financial advisor on FINRA’s BrokerCheck before engaging in their services. It’s a large repository of information regarding the advisor’s background, work history, licensing, and disciplinary actions taken by customers and authorities.
David Wilkinson Morgan Stanley has one complaint on their FINRA BrokerCheck record. In 2009, this happened. In this case, the client claimed that David moved the proposed redemption date from October 31 to December 31 without asking or receiving permission to do so.
They sought damages of $1,207,247.
David’s company, however, refuted the claim without providing any explanation. Remember that it is unusual for an investor to win such a fight. This is because advisors like David require their consumers to sign a plethora of disclaimers that absolve them of responsibility.
You should proceed with considerable caution when considering using such advisors. Merrill Lynch advisor Brian Hetherington is another user of this strategy to evade blame.
Creating an Unacceptable Danger for Customers
David Wilkinson and his company are paid based on results. The advisor is incentivized to put his clients at increased danger, making this a very controversial practice in the banking business.
If a financial advisor is paid based on how well their clients’ portfolios do relative to an index, then they are only profitable. It looks fine on paper, at least. However, in practice, it’s a disaster for most investors. Why?
Simply said, if you want to “outperform” an index or other benchmark, you need to adopt a riskier approach.
Therefore, advisors begin employing high-risk tactics that are inappropriate for the vast majority of investment portfolios. But long-term growth portfolios or those with a limited risk tolerance should stay well away from them.
Similarly, high-risk techniques pose a greater threat in bear markets. They rarely yield positive returns for the investor and can wipe out large sums of money in uncertain markets.
And if you lose money because your advisor suggested hazardous techniques, you have little recourse.
Adding on Unexpected Costs
David Wilkinson also warns that his company may tack on “hidden fees,” which should raise red flags. They achieve this by charging an extremely well-known fee known as the 12b-1 fee.
It’s a form of percentage-based fee that dishonest advisors employ to jack up their clients’ investment fees. Many advisors make careful to include this fee in their clients’ total costs because it goes directly into the advisor’s pocket.
The 12b-1 fee not only allows a broker to levy secret costs, but it also rises as the trading period progresses. Because of this, it is not a good option for those seeking a long-term financial strategy. It raises the investment’s price without boosting its worth.
The returns on investments that include a 12b-1 fee are identical to those on assets that do not include this cost. Therefore, you incur greater costs without gaining any advantages.
D. Wilkinson, David Although Morgan Stanley presents itself as a competent financial advisor, you should not put your trust in him. It appears he makes use of his industry knowledge to trick investors into signing unfavorable contracts.
Stay away from David and his company unless you want to pay more money for less service and take needlessly high risks.
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