If you are in search of a proficient wealth management firm, you may encounter the MCMP Retirement Planning Group. The company has been observed implementing unethical practices to extract monetary resources from its clientele.
Before entrusting them with your portfolio and retirement, it would be advisable to familiarize yourself with any unethical practices they may employ. It will assist you in making an informed decision regarding their reliability.
MCMP Retirement Planning Group
The MCMP Retirement Planning Group is a professional financial advisory firm located in Chicago, Illinois. The address of the establishment is 227 W Monroe St Suite 3400, Chicago, IL 60606, US. For inquiries, the contact number is 312-648-3600.
Michael Cohen is the current managing director of this organization. Some other notable individuals in this organization include Benjamin L Keith, Martin K Pawelec, Alphonse L Gray, and Christopher L Menconi.
The MCMP Retirement Planning group purports to assist individuals in streamlining their financial affairs and achieving retirement security. The company asserts that it provides clients with impartial financial guidance that is both timely and insightful.
Additionally, the company asserts that it provides personalized management of retirement portfolios and a competitive fee structure.
The company provides a range of services to its clients, which include the following:
- Strategies for estate planning
- Retirement planning
- Developing a strategy for financing education expenses
- Rollovers of 401(k) accounts
- Stock plan services
- Portfolio management with a professional approach
- Long-term care insurance
- Trust accounts
These accounts are typically managed by a trustee who is responsible for ensuring that the assets are used by the terms of the trust agreement. Trust accounts are commonly used for estate planning, charitable giving, and to provide for the needs of minors or individuals with special needs. It is important to work with a qualified attorney or financial advisor when establishing a trust account to ensure that it is structured in a way that meets your specific needs and goals.
Additionally.
Although the assertions made by this company may appear appealing, they are largely inaccurate. The reason for this is due to the presence of numerous conflicts of interest in the firm’s terms and conditions, which provide incentives for them to disregard their clients’ needs. The subsequent segment of this evaluation will provide further insight into these concerning provisions.
Indicators of concern within the MCMP Retirement Planning Group.
The Extensive Catalogue of Client Disputes Involving Michael Cohen
It is advisable to conduct a thorough review of the professional background of a financial advisor before engaging in their services. One may access their FINRA BrokerCheck profile to accomplish this task. At that location, you can acquire information regarding their state licenses, the examinations they have completed, and notably, any legal disputes they may have encountered.
Michael Cohen, Managing Director of the MCMP Retirement Planning Group, has been involved in three client disputes to date.
The initial dispute arose in the year 2003. The client has made allegations of misrepresentation and mismanagement of their account from August 1995 to November 2002. The damages were not specified.
The claim made by Michael was denied by his firm, but no specific grounds were provided for the denial.
The second dispute he was involved in took place in 2004. The client has made an allegation that Michael acquired high-risk stocks at inflated prices and subsequently sold them at significant losses. Additionally, the client has made allegations of inadequate account management and negligence from 1999 through 2002.
The requested amount for damages is $274,556.88.
The company refuted the allegation. Currently, there is a lack of available information regarding the ease with which they were able to reject such a notable claim.
The third dispute involving Michael took place in the year 2004. The claimant has alleged misrepresentation, negligence, failure to supervise, unsuitability, and breach of contract dating back to December 2002. The plaintiff sought compensation for $137,000 but ultimately reached a settlement agreement for $8,954.
As observed in the previous two disclosures, Michael has omitted significant details about this dispute. However, encountering numerous disputes related to misrepresentation and negligence is indicative of unfavorable circumstances. The statement implies that there may be doubts about the reliability of Michael and his company, the MCMP Retirement Planning Group.
Generating commissions through investment products
The MCMP Retirement Planning Group generates significant commission revenue by endorsing affiliated and proprietary investment products. It can be challenging to rely on the guidance of an advisor who receives commissions from specific investments.
This is because they may have a financial motivation to prioritize certain investment products over others, irrespective of their appropriateness for their clients.
Ideally, one would expect their financial advisor to recommend investments based solely on their suitability for their financial requirements. However, the act of earning commissions may introduce bias in this particular process. This may incentivize the advisor to disregard your investment objectives in favor of promoting certain securities for their financial gain.
Furthermore, various securities provide distinct commission rates. Therefore, the advisor may suggest an inappropriate investment option solely based on the fact that it generates higher commissions compared to other options.
This can pose a significant risk for investors who are seeking to strategize for their retirement.
Cookie-cutter advice
One significant concern found in the disclosures of the MCMP Retirement Planning Group is their practice of side-by-side management. This implies that they manage substantial financial resources alongside minor retail accounts concurrently.
Financial advisory firms that engage in side-by-side management tend to prioritize the allocation of resources toward their larger clients, often resulting in limited or no resources being allocated to their smaller clients.
To address this matter, companies such as the MCMP Retirement Planning Group provide standardized guidance to their smaller clientele. It is unsatisfactory to receive non-specific investment advice while incurring substantial fees.
Conclusion
The MCMP Retirement Planning Group’s leadership history and provisions have raised concerns, making it challenging to establish trust in the organization.
Although there are numerous retirement planning experts in Chicago, it appears that the MCMP Group is not a dependable option. It is advisable to seek the services of a different firm that is not plagued by such severe issues.
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