Greg Fullmer, a Los Angeles-based financial advisor who works for Morgan Stanley has been involved in several lawsuits. Worse yet, his most recent statements show no signs of improvement.
He says his firm caters to individuals, families, and organizations with extremely high levels of wealth. However, he appears to trap them in unfavorable agreements that put them in harm’s way and put them at unnecessary risk.
You have the right to know the pros and cons of working with a financial advisor as an investor. Greg is trying to hide deficiencies in his service from you and other potential clients, but this review will shed light on them.
Morgan Stanley’s Greg Fullmer…who is he?
Los Angeles-based financial advisor Greg Fullmer Morgan Stanley. His office can be reached at 213-486-8900 or 444 Flower St #34 Los Angeles California 90071.
Greg is in charge of the business operations of his company, which provides private wealth management to philanthropies and wealthy families. His company provides a wide range of wealth management options for its clients, including pre-liquidity planning, investment management, risk management, philanthropy management, and hedging methods.
At first glance, Greg and his company could be any specialized service provider. However, it is very difficult to trust Greg Full Morgan Stanley because of the very suspicious and shady provisions in his terms and conditions.
What’s more, he doesn’t go by Greg in real life. This individual’s full name is Larry Greg Fullmer. Larry Fullmer, who had a history of court difficulties, is now known as Greg Fullmer.
Below, I discuss the lawsuits I have seen him involved in on behalf of his clients:
Warning Signs in Greg Fullmer’s Disclosures
Violated Trust, Ill-Advised Advice, and Other Disputes
Greg Fullmer has had two lawsuits listed on his FINRA BrokerCheck report. Information about financial advisors, including their background, credentials, and any customer disputes that may have arisen, can be found in FINRA’s BrokerCheck database.
Greg’s first documented disagreement occurred on September 11, 2002. In this case, the claimant asserted that the defendant did not adhere to asset allocation criteria or engage in excessive trading between May 1998 and May 2002.
The company they sued for damages from turned down their request for $506,250.00.
Greg had his second disagreement in 2010. The customer claimed the advisor owed them a violation of fiduciary duty, made false statements, and recommended an inappropriate hedge fund. They claimed $1,000,000 in damages but only ended up paying $451,550.00 in the end.
Greg’s reaction indicated that the blame lay with his former place of employment, UBS.
Nonetheless, you can learn about Greg Fullmer Morgan Stanley’s expertise. Remember that claims against fiduciaries are unusual. It says a lot about his professionalism and goals that he has two lawsuits posted on his profile.
Charging Performance-based Fees
Greg’s use of performance-based fees is another major red flag. If your financial advisor is paid based on performance, he will only get paid if he achieves better results than a predetermined index or benchmark.
This fee structure appears reasonable and appealing at first glance. However, in reality, this is a catastrophe. Financial advisors often use high-risk tactics to outperform the market, even if they know it could be bad for their client’s wealth in the long run.
Financial professionals generally frown upon the 12b-1 charge for these reasons. One of how advisors take money from their clients is through the use of hidden fees like this one.
The SEC commissioned a study to determine if this marketing cost reduces investment returns. Investments that impose this fee produced the same rate of return as those that did not.
Because of this questionable cost, you should avoid working with financial advisory firms. Unfortunately, Greg Fullmer and his company are included in this group.
Commission-based income generation
Greg’s heavy reliance on commissions as a source of income is a major red signal for his services. He and his company earn fees from clients whose investments are recommended by the companies.
Your advisor’s recommendations may be skewed if he or she receives compensation from one of these firms. They may put their own financial needs ahead of yours to make a buck.
Fullmer, Greg Any sane investor would know better than to consider investing through Morgan Stanley. His litigation record and recent revelations raise concerns that he is not acting in his client’s best interests.
Instead of working with Greg, you should choose a different financial advisor who is more invested in his clients’ well-being. You can find better options on the market rather than sticking with the bad one.
Most investors shouldn’t put their money into high-risk investments. If you care about your family’s future prosperity and safety, you should avoid them at all costs. Research shows that advisors who take on more risk to earn performance-based fees ultimately generate subpar results for their clients.
And if you lose money through these methods, there’s nothing you can do about it. When you become a client of Greg Fullmer Morgan Stanely, you sign an agreement waiving any legal recourse you may have against him.
12b-1 Conflicting Fees
The 12b-1 fee is added to the firm’s performance-based fees. There is no further return on investment from this marketing expense. Instead, it will drive up the total cost of the project and decrease your return on the capital spent.
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