If you want to find a wealth management company in Tampa, you may have heard of Graystone Consulting Tampa. It is known as one of the best companies in the area.
But it looks like the people in charge of this company are now using its name for the wrong things. This company has a lot of shady rules that put its clients in bad situations.
There are a lot of conflicts of interest in their disclosures, which we’ll go over quickly in the next section. With this knowledge, you can figure out if you can trust this company or not:
What Graystone Consulting Tampa Is About?
Graystone Consulting Tampa is a company in Tampa, Florida that helps people with their money. Their office is at 100 N Tampa St Ste 3000, Tampa, FL 33602, and their phone number is 813-227-2061.
The company says that it is made up of 13 specialists who work together to help you get the returns you want. They say they can help you meet your ethical duties and reach your long-term and short-term goals with advice that is made just for you.
Graystone Consulting Tampa provides its clients with many services, such as:
- Consulting for a defined contribution plan
- Management of private wealth
- Consulting for institutional investors
- Consulting for a defined benefit plan
- Custom options for outsourcing investments
The firm works with a wide range of clients, such as unions, healthcare businesses, groups, family offices, foundations, government and public entities, and endowments.
Scott Owens, Adam H. Palmer, and David A. Wheeler are the three people in charge of this company. Cameron O’Neil, Adam J. Hall, Andy McIlvaine, and Timothy Haugaard are also well-known people who work at this company.
Graystone Consulting has a great reputation in the business world. Graystone Consulting Tampa, on the other hand, is not as reputable as it says it is. The company takes money from owners in many sneaky ways.
Why Graystone Consulting is not to be trusted
History of Breach of Fiduciary Duty in Tampa
When you want to learn more about a financial advisor, the first thing you should do is look at their FINRA BrokerCheck page. There, you can find out about the advisor’s work background, state licenses, past jobs, and any problems they’ve had with the law or clients.
Adam Palmer, who runs this company, got into a legal fight with one of his customers. It took place in 2009. In this case, the client’s lawyer said in 2008 that there had been a breach of fiduciary responsibility.
They asked for $22,500 in compensation. But the company said that it wasn’t true without saying why.
A client rarely wins in a case like this. That’s because managers like Adam Palmer make their clients sign multiple waivers that release them from any responsibility. So, they don’t have to worry about what will happen if they don’t care about what their clients want.
Graystone Consulting Tampa isn’t the only consulting company to use this way to avoid taking responsibility. The Independence Wealth Management Group is another example of this kind of shady company.
Avoid these companies.
Getting paid a commission
Some of the investment goods that Graystone Consulting Tampa’s advisors sell earn them commissions. This is a big red flag because it shows that their suggestions are biased.
These experts can make more money if they ignore your needs and goals. When your advisor gets paid a commission from certain investments, he might not recommend others, even if they are better for your account.
In the same way, the advisors at this company might promote some investments more than others because they pay higher commissions than others. One of the main reasons why financial advisors give bad advice to their clients is so they can earn fees.
Most of the time, advisors would suggest an investment that wasn’t as good as you wanted and wouldn’t give you the results you wanted because it gave them a fee. It limits how many investments a financial manager can suggest, which is another bad thing about working with Graystone Consulting Tampa.
Fees Based on Performance
This company also charges fees based on how well its investments do. When your advisor charges you fees based on how well they do, they only get paid if they do better than a certain standard.
This makes the advisor more likely to use high-risk strategies, which can quickly beat an average. But these methods are very risky and don’t work well for almost any kind of portfolio.
Most of the time, high-risk methods don’t work and give the investor low or even negative returns. Such strategies are especially bad for portfolios that want to grow and be safe over the long run.
In the banking industry, charging fees based on how well something does is seen as a bad thing. If the advisors at Graystone Consulting Tampa tell you to use this fee arrangement, you should be very careful.
Conclusion
Graystone Consulting Tampa makes a lot of big claims about what it can do and how good it is at it. But it has a lot of problems that can cause you to get less than-ideal results or even lose money.
Because of these things, you should avoid this company and look for a different wealth advisor. There are a lot of choices on the market, which is good.
Graystone Consulting Tampa is a bad wealth management company that tries to trick investors by making them sign bad contracts. Because of their terms and conditions, their clients always get bad returns and results.
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