Lisa Detanna is a vlogger and author who may be familiar to you. She works with Raymond James & Associates, Inc. as a financial advisor.
Lisa Detanna appears to be a perfectly normal financial counselor, but her sleazy advertising and exploitative terms & conditions are what get her clients. Here I detail how this financial advisor exploits her clients through deceit and lack of integrity.
I’m confused; who exactly is Lisa Detanna?
Lisa Detanna manages both Raymond James affiliates, Global Wealth Solutions Group and DH Consulting, as senior vice president and director of investments, respectively.
She is an AIF, WMS, and MBA graduate. Lisa and Gary Handler are the co-heads of the Global Wealth Solutions Group. She provides retirement planning, financial planning, and investment advisory services, among many others, to her clientele.
Her company has locations in both Los Angeles and Beverly Hills. You may find her at 9595 Wilshire Blvd., Suite 801, Beverly Hills, CA 90212-2508, to be exact. And if you’re in Los Angeles, you may find us at 444 South Flower Street, Suite 3870, Los Angeles, California 90071-2933.
Lisa’s business serves both private customers and large corporations. She has put forth much effort into branding herself as a pioneer in her field. In her video blog series Lisa’s Lessons, Lisa explains several aspects of personal finance.
She also invests heavily in paid public relations articles.
Why does she have to waste so much cash on advertising? Because she has so much dirt to conceal from potential customers.
For instance, Lisa has been embroiled in a multi-million dollar fraud case with one of her clients. And the terms and conditions of her company are extremely greedy and not at all customer-friendly.
Issues Lisa Detanna Dissembles Before Potential Investors and Clients
Case Valued at Over $1,300,000; Allegations Include Fraud and a Breach of Trust
Lisa Detanna’s professional background is the biggest warning flag. A dispute with a date of 5/29/2009 appears on her FINRA BrokerCheck profile.
There is a short list of things a financial advisor can do to risk a multi-million dollar lawsuit. Lisa’s apparent lack of client-first prioritization is on display in this disagreement. Serious blunders include betraying trust, lying, exaggerating, or breaking a commitment in writing.
Her present terms and conditions are equally as greedy as her conflict implies, therefore it’s evident she hasn’t improved in any way:
Gaining Money Through Commissions
In Lisa Detanna’s financial disclosures, the fact that she is paid through commissions stood out to me as a major red flag. There may be substantial bias in the advice given by a financial advisor if he or she is selling goods that generate a commission.
You should ask yourself, “Does my advisor value my financial future or her wallet?” before following her advice.
Commission-based income also creates several potential conflicts of interest, which can result in inappropriate recommendations and misrepresentation. You should always double-check the advice of such a consultant.
12b-1 Conflicting Fees
A 12b-1 fee is applied to many of the assets suggested by Global Wealth Solutions Group. This is a marketing charge that adds no value whatsoever.
Since the investment functions similarly to other investments, the 12b-1 fee does nothing but increase the cost and decrease the return. The SEC had looked into the performance of mutual funds with and without a 12b-1 fee.
The results of their analysis showed no significant difference between the two investment types, leading them to the conclusion that the 12b-1 fee investments are inferior.
Working with Lisa Detanna and her company will result in you spending more money for fewer benefits. Financial advisors who are greedy and who charge 12b-1 fees are frequent. The Schultz Group UBS employs this strategy as well.
Disposal of Related Securities
Lisa Detanna’s company and its affiliated companies underwrite a wide variety of securities. Lisa stands to make a lot of money off of selling these assets due to the larger fees she receives compared to other investments.
Advisors who promote connected securities are hard to put your faith in because they may put their interests ahead of yours. In addition, an advisor’s options for recommending investments to their clients are limited when they must sell linked products.
As a result, customers receive inadequate guidance marketed as the “best investment plan possible.”
Often, a financial advisor will overlook a perfectly suitable investment because it doesn’t generate enough revenue for them. Any financial advisor peddling linked securities should be approached with extreme caution. Lisa is, alas, one of them.
Stay far away from Global Wealth Solutions Group and Lisa Detanna
From what we’ve seen, it’s clear that Lisa Detanna and Global Wealth Solutions Group aren’t looking out for their client’s best interests.
Their disclosures are problematic in multiple ways, putting you in danger. On top of that, Lisa is in the middle of a multi-million dollar lawsuit against her client for fraud and violation of fiduciary duty.
For these reasons, you should probably stay away from Lisa Detanna and her business.
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