The Independence Wealth Management Group might be one of the Independence wealth advisory companies you find in the national capital if you’re looking for them. It is part of Morgan Stanley and takes money from its clients in several shady ways.
Before you give them your money or savings, you should know what these shady methods are. So, when you meet them, you’ll be better ready. You can learn more about this in the review below:
Independence Wealth Management Group Morgan Stanley
The Independence Wealth Management Group is a company in Washington, DC that helps people with their money. Their office is at 1775 I St NW Suite 200, Washington, DC, 20006, and their phone number is 202-861-5113.
The company says that its sophisticated discretionary strategies, thorough risk analysis, and personalized financial planning can help its clients find customized ways to put their money. This company gives a wide range of services, such as asset management, sustainable investing, lending products, alternative investments, and planning for financial independence.
Skip Moosher is the CEO of this company, and J Timothy Thompson is the senior vice president. Charles Boylan, Courtney McIntosh, Mackenzie Mendoza, and Quanta Sterling are also well-known people who work at this company.
The Independence Wealth Management Group says that it can help its clients with their families, their investments, their retirement plans, their charitable giving, their business plans, and many other parts of their finances.
Even though the company brags a lot about how much it cares about its clients, most of these claims are lies. Because this company’s reports tell a different story.
The chief director of this company, Skip Moosher, also doesn’t go by his real name. His real name is Erwin J. Mosher, but he hasn’t used it in a while. This may be because he got into a legal fight with one of his customers. I also told them what was going on in the fight.
IWM’s terms and conditions say that this company gets more money when it ignores what its clients want. Their disclosures have a lot of conflicts of interest, which I will talk about in the next part of this study.
Things the Independence Wealth Management Group tries to hide from you
Dispute With Clients
Before putting your financial future and security in the hands of a financial adviser, you should look into their past. One of the best ways to do this is to look at their biography on FINRA BrokerCheck. There, you can learn about the advisor’s work history, past jobs, exams they’ve passed, state licenses they have, and any legal problems they’ve had.
Skip Moosher has had one legal disagreement, which is shown on his FINRA BrokerCheck profile. It took place in 2008. In this case, the client was unhappy with how a unique alternative investment product was doing. It went down a lot when the markets were unstable. So, the client said that he had been misled.
Moosher’s company, on the other hand, completely refuted the claim without giving any reason.
Remember that it is very hard for accusations of misrepresentation to go in the client’s favor. That’s because, at the start of your business relationship with the expert, you have to sign a lot of waivers. This lets them run their business with as little responsibility as possible.
Also, this is a pretty normal thing for predatory advisors to do. They do this to avoid getting in trouble over big disputes and to stop present investors from filing new disputes.
Performance Based Charges
The fact that the Independence Wealth Management Group Morgan Stanley charges fees based on how well it does is one of the biggest red flags in its reports. When your planner charges you based on how well they do, they only get paid if they do better than an index.
On paper, it looks like a pretty good way to set up fees. Though, it’s bad for investors.
This is because a performance-based fee system makes the advisor more likely to use high-risk strategies, even if they aren’t right for the investor. In the short run, these strategies help the advisor do better than the index. So, during this time, he can charge you more and more.
But high-risk tactics don’t work well for long-term growth because they fail a lot. So, most of the time, these methods don’t pay off well or even lose money.
When the plan works, the advisor can charge you a lot of money for it, but if you lose money because of it, they won’t pay for it. So, it puts the owner in a bad spot that you should do everything you can to avoid.
Selling Investment
As a part of Morgan Stanley, the Independence Wealth Management Group can make money by selling its goods through commissions. Cross-selling of mutual funds is one example of a conflict of interest that can happen when you sell your goods.
Also, it limits the firm’s ability to suggest a wide range of securities. The company wouldn’t suggest investments that don’t bring in fees.
In the same way, they wouldn’t suggest stocks that give them smaller commissions than others, even if they were good for your portfolio. For these reasons, it can be very risky for investors to sell their goods.
When they get paid fees from certain investments, your advisor has a financial reason to ignore your needs. Because of this, you might get ideas from them that aren’t very good.
Aside from selling its goods, this company can also get a cut in the sales of related products.
Conclusion
This company has a lot of red flags, like giving unfair advice and putting clients in too much danger. It would be best to stay away from them and find a company that cares about its customers.
The Morgan Stanley Independence Wealth Management Group is bad for your money. Because of lawsuits with his clients, the group’s boss had to change his name. Also, the company uses more than one way to trick people. Because of these things, it would be best to stay away from them.
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