When looking for a wealth advisory company, it helps to know which ones are bad. You can avoid making a big mistake this way. Miller-Miller Group Morgan Stanley is a company you should stay away from.
In this study, you’ll find out about the problems this company is trying to hide:
A Quick Look at the Miller-Miller Group and Morgan Stanley
The Miller-Miller Group Morgan Stanley is a company that helps people with their money. It is based in Coral Gables, Florida. Their office is at 220 Alhambra Cir 10th Floor, Coral Gables, FL 33134, US, and their phone number is 305-507-7791.
Nadine G. Miller is in charge of running this company. Jessica Osteen, Eduardo Ortea, and Bradly Diaz are also well-known people who work at this company.
This company says it will help its clients use their money to do the things that are most important to them. They say that they can use their knowledge and resources to come up with custom wealth management plans.
Some of the services this company offers are retirement planning, wealth management, life insurance, professional portfolio management, estate planning strategies, life insurance, loan products, fixed income, long-term care insurance, and wealth management.
This company says a lot of big things about how much it cares about its clients, but its reports show something completely different. For example, this company’s terms and conditions let them use your money to make money for themselves. In the next part of this study, we’ll talk more about this:
Shady Information On Miller-Miller Group Morgan Stanley
Nadine Miller’s Past in Court Cases
When looking into a new wealth advisory company, it’s best to look at the profiles of its investment advisors on FINRA BrokerCheck. It would tell you about their work experience, their state licensing, the tests they have passed, and any legal problems they have had in the past.
The Managing Director of this company, Nadine Miller, has three legal conflicts listed on her FINRA BrokerCheck profile. The first time she went to court was in 2002 with a customer.
In this case, the client said that his accounts had several stocks that were bought without his permission. Even though the client didn’t say how much damage there was, he did say when it happened: between 2000 and 2002.
Later, the client took back the report but didn’t say why.
In 2008, Nadine got into a second fight. Here, the client said that from 1998 to 2008, Nadine Miller made bad purchases. They asked for $12,282 in damages, but later, for unknown reasons, they dropped the claim.
There isn’t any more knowledge about these wars, which makes it seem very strange.
In 2020, Nadine had her third fight. Here, the client said that investing in closed-end funds from August 2014 to May 2018 was not a good idea.
The claim was turned down by her company, but they haven’t said why. In all three of her disclosures, there is little to no information available, and her company didn’t do anything.
Keep in mind that these kinds of disputes rarely end up in the investor’s favor. That’s because companies like Miller-Miller Group and Morgan Stanley make you sign a waiver that gives them almost complete protection from these kinds of problems. Nancy Daoud Ameriprise is another expert who used this method to avoid being held accountable.
Broker-Dealer Conflict
Even though the terms and conditions of the Miller-Miller Group Morgan Stanley have a lot of sneaky clauses, the fact that they are also listed as broker-dealers is the worst. Financial advisors who are also brokers have a bad reputation for putting their client’s needs last so they can get fees from selling certain investments.
There can be a lot of problems when you are a broker-dealer. Some of these are getting a share of the money made by mutual funds, getting both transaction-based commissions and asset-based fees on the same investment, and giving preference to mutual funds with which they are associated.
The people in charge of regulating these financial experts are always trying to keep them in check, but they can’t watch every advisor. Advisors who are dual-registered charge more to their retail RIA clients than to their brokerage customers.
Buying and selling securities
Another huge red flag about the Miller-Miller Group Morgan Stanley is that its advisors trade the securities they suggest to their clients.
This lets them use the money from their clients to make money for themselves. They mostly work with wealthy people and families, and trading in suggested securities lets them use their money in an unethical way.
For instance, they might do “front-running,” which is when a financial advisor trades a property and then suggests it to her clients. They might sell an investment short and tell their clients to do the same to make money quickly.
Conclusion
There are a lot of red flags with the Miller-Miller Group Morgan Stanley. It trades the investments it tells its clients to buy, and its leaders have been in a lot of fights in the past.
All of this points to the fact that it would be best for you and your money to stay away from this company. Find a different Florida company that helps people with their money.
The Miller-Miller Group Morgan Stanley has a lot of rules that make it hard to trust them. In their reports, they have a lot of conflicts of interest that were easy to avoid. Because of these things, the best thing to do in Florida would be to find a different wealth adviser.
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