It might be difficult to locate a financial advisor that is a good fit for your needs and objectives. However, you can be confident in your decisions if you are aware of the dishonest consultants operating in the sector. Mark Leighton Morgan Stanley is an example of a financial advisor who takes advantage of his clients by means that are not ethical.
His terms and conditions belie all of the assurances he provides regarding his trustworthiness and competence. The following analysis will elucidate these facets of his approach and answer your questions:
Who is Mark Leighton Morgan Stanley?
Portland, Maine is home to Mark Leighton, a financial counselor. His business address and phone number are as follows: 100 Middle St, 3rd Fl, Portland, ME 04101, US.
Mark Leighton says he can help his clients with wealth planning so they can leave a lasting legacy. He states that he is dedicated to providing plans that are customized for each client.
Mark tailors his financial plans to each client by learning about their specific situation, long-term objectives, and risk tolerance, as stated in his profile on Morgan Stanley’s website. Mark also states that he takes the time to learn about his client’s short- and long-term objectives.
His list of available services includes:
- Rollovers from 401(k) plan for charitable giving
- Financial planning
- Financial services
- The 529 College Savings Program
- Professions Relating to Trust
- Planning for Retirement with Annuities
- Strategies for Estate Administration
Reading these assurances, one would conclude that Mark Leighton Morgan Stanley is a trustworthy counselor. However, each of these assertions is false.
In actuality, Mark Leighton uses the tiny print of agreements to trap investors in terms that work against them. The following analysis can assist you in locating these clauses.
Mark Leighton’s Horrific History and Dismal Offerings M. S. Morgan & Co.
Client Funds Mishandling Dispute
You should look up a financial advisor on FINRA’s BrokerCheck before signing up with him. Their credentials, work history, and any complaints lodged by previous customers are all available there.
Knowing this can help you decide whether or not to work with a given advisor.
Mark Leighton Morgan Stanley has one customer complaint on their FINRA BrokerCheck report. This happened back in 2001. Here, the customer claimed that Mark lost their money because he failed to take into account their level of expertise or the importance of maintaining a diversified portfolio.
They sought compensation of $13,000.
The company, though, refuted the allegations. The disclosure fails to provide details about the company’s denial of the claim and its subsequent actions.
Most advisors win when their clients file complaints because they have them sign releases absolving them of responsibility. Unethical advisors frequently resort to this tactic to dodge responsibility. Another dishonest financial adviser is Timothy Finucan of Edward Jones.
The Broker-Dealer War
First and foremost, the fact that Mark Leighton Morgan Stanley is dually registered as a broker and an advisor should raise red flags.
Advisors who hold dual registrations are widely derided in the financial services sector. This is due to the fact that dual-registered advisor’s customers are put in a more precarious position.
Some examples of this practice are preferential treatment for connected funds and charging asset-based and transaction-based fees on the same securities.
When it comes to the same failing mutual funds offered to brokerage clients, dual-registered brokers choose the institutional share classes. Compared to brokerage clients, retail RIA customers are charged greater fees.
According to the available evidence, such advisors fail to meet the “fiduciary standard.”
Exposing Customers to Unacceptable Danger
Leighton, Mark Morgan Stanley’s fees are tied to how well the company does. An advisor who charges performance-based fees receives compensation if and only if his client’s portfolio outperforms a benchmark.
Although it may sound appealing, charging fees based on results is fraught with risk. The advisor is incentivized to play it safe with their client’s money.
High-risk bets typically pay off more quickly. This allows the advisor to charge more. However, such methods rarely prove effective.
Most of the time, these methods lose money for the investor. The result is poor results for you and high fees for your advisor. You also have no legal recourse against the advisor in the event that the technique backfires and you sustain a severe financial loss.
High-risk strategies pose an especially serious threat to large portfolios and long-term growth portfolios. Even worse, they pose a greater threat during market declines.
Do not work with any advisor that bases their payment on how well they perform.
Conclusion
Mark Leighton Morgan Stanley is not a good fit for most investors after reviewing his work history. He has his team work for commissions based on how well they do, regardless of their client’s comfort level with risk.
The wealth advisor is trying to con investors by making false and misleading statements about his services. Therefore, you should stay far away from him.
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