You might come across Nazie Saffari-Moini Merrill Lynch when researching financial advisory services in the Beverly Hills area. She is a financial adviser who uses sneaky language to get her clients locked into bad deals.
You should investigate the advisor’s ethical practices before hiring them as your financial planner. This way, you know for sure that your advisor has your best interests at heart.
You can’t put any faith in the advisor, though, when it comes to Nazie Saffari-Moini. Her openness demonstrates that her company gains more when they disregard your needs. In this review, we’ll take a closer look at their methods and explain why you should be suspicious of them.
Merrill Lynch’s Nazie Saffari-Moini: Who Is She?
Nazie Saffari-Moini Merrill Lynch is a Beverly Hills-based wealth management advisor. Her office is located at 9560 Wilshire Blvd, 3rd Floor, Beverly Hills, CA 90212, and her phone number is (310).
A few of the things Nazie Saffari says she can help with are:
- Expertise in Estate and Trust Administration
- Insurance for chronic caregiving
- Swap Money
- Financial aid for houses
- Contribution accounts
- Cash advances
- Loans with a Structured Insurance Policy
- Many others as well.
Nazie Saffari is a financial advisor who specializes in working with affluent individuals and families. She argues that her emphasis on communication has helped her to better meet the needs of her customers. Her words, however, seem to indicate otherwise.
Multiple shady clauses in her disclaimers give her an incentive to disregard her clients’ needs. This will be elaborated upon in the subsequent review section.
Nazie Saffari-Moini Merrill Lynch’s Controversial Terms and Pending Lawsuits
Client Legal Dispute Costing Over $100,000
Saffari, NazieMoini has been involved in one customer lawsuit, according to her FINRA BrokerCheck report. Dated May 2, 2012, it details a customer’s claim of fraud involving a preferred securities transaction from Lehman Brothers in February 2008.
They claimed losses of $100,000.00, but the company called that number into question. It should be noted that the Nazie Saffari-Moini business has not provided any explanations for their denial of this claim.
Signing these disclaimers allows most financial advisors to get away with making improper advice and misrepresenting themselves. It’s clear that the Nazie Saffari Moini company tried to get out of paying the damages by resorting to this strategy.
Advisors’ clients rarely file lawsuits seeking more than $100,000 in damages. Clearly, Nazie Saffari-Moini does not prioritize her client’s needs over those of her own firm, as seen by this conflict.
Her disclosures further demonstrate that she has not improved in any way since this dispute through the following clauses.
Dealer-Broker Tensions
Nazie’s dual role as counselor and broker-dealer is the first and most obvious red flag raised by her disclaimers. Unnecessary insurance, biased recommendations, and other compensation-related conflicts of interest may result.
Broker-dealer financial advisors are found to provide subpar service and fall short of the fiduciary standard, according to the available literature.
These advisors are paid by specific corporations to advocate for their investment services. In order to recommend the advertised investment, they may completely disregard your specific financial situation and objectives. Only confide in a broker-dealer advisor if you have faith in their ability to put your needs ahead of their own.
Nazie’s $100k dispute with her customer is evidence that she can easily put her personal needs ahead of yours.
Implementing a Superfluous Charge
Investment products with 12b-1 fees are available from Nazie Saffari-Moini Merrill Lynch. This is a promotional charge that will be used to line Nazie’s pockets. The 12b-1 charge has a terrible reputation in the financial sector since it significantly boosts investment costs without providing any tangible benefits.
Investments that impose the 12b-1 fee do not outperform those that do not, according to an SEC analysis.
The fact that you have to pay more while receiving no advantages is a major problem. The additional fee also reduces the return on investment (ROI) of such assets compared to those that do not charge this fee.
Advisors might add on additional, undisclosed costs in addition to the 12b-1 fee. The fact that it is a percentage fee is another disadvantage. Your portfolio’s value will determine the fee structure.
Those with sizable investment holdings will be hit especially hard by this disadvantage. The cost of the 12b-1 charge adds up quickly and becomes increasingly onerous over time. In light of this cost, you should avoid investments that include it.
Disposal of Own Stock and Related Investments
Nazie is a division of Merrill Lynch that provides access to a wide variety of investing options. She can make more money for her efforts with these things than with any others.
Therefore, she is limited in the investments she can suggest to those that are both proprietary and affiliated. However, not all of these products will provide her with the same level of commitment.
It’s tough to put your faith in the advice of an advisor who may have commissions in mind rather than your needs when that happens.
One of the most common sources of conflict of interest among financial advisors is the commissions they stand to gain from recommending their firm’s proprietary investment products.
Advisors who put their own money into their clients’ accounts are widespread. Examples include the infamous Schultz Group UBS.
Conclusion
Nazie Saffari-Moini is an unreliable advisor after going through the $100,000+ disagreement and the suspicious features found in her terms and conditions. There are too many warning signs about her.
You need to find a new advisor that puts her client’s needs above her own. In the long term, it can do you a lot of harm to work with someone as self-centered and immoral as this counsel.
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