You might hear of Scott Hardie Merrill Lynch if you conduct a search for a new financial advisor in New Orleans, Louisiana. This city is located in the state of Louisiana. He is a dubious financial counselor who prioritizes his own interests above those of everyone else.
His company takes advantage of its customers by engaging in a variety of unethical business practices. You are going to learn about these strategies and the different legal battles that Scott has had to fight as a result of using them in this study. You’ll be able to create a judgment about him that’s based on accurate information if you do it this way:
Who exactly is this Scott Hardie, representing Merrill Lynch?
Scott Hardie Financial advice can be obtained at Merrill Lynch, which can be found at 601 Poydras St., 25th Floor, Suite 2500, New Orleans, Louisiana 70130, United States. His phone number is 504-586-7792 if you need to reach him.
His company asserts that it places a priority on understanding what is most important to its clients. They claim that they will assist their clients in developing and putting into action individualized wealth management methods so that their clients can achieve their monetary objectives.
Maria B. Johnson is the Senior Financial Advisor at the company, while Scott serves as the Managing Director of the company.
He provides a wide variety of services to his customers, including the following:
- A savings account for medical expenses
- Exchange funds
- lending based on securities as collateral
- services relating to wills, trusts, and estate planning
- Planning for the next generation
- Management of consolidated stock concentration
- Lending that is structured
- Donor-advised funds
- Investments in non-traditional markets
- Accounts for investment advisory services
- And a great many others as well.
The company asserts that it places the requirements and preferences of its customers ahead of all other considerations. On the other hand, the fact that the company has predatory provisions reveals entirely another scenario. The terms and conditions of Scott’s company state that they are an awful company to work with as a service provider. They grant themselves permission to take advantage of their customers’ money and have the incentive to offer advice that is not appropriate.
Because of this, the following part of this critique is of the utmost significance to you:
Why It Is Best That You Do Not Scott Hardie, of Merrill Lynch?
History of making recommendations that aren’t appropriate.
When seeking for a new wealth advisor, you should check his FINRA BrokerCheck listing before hiring him. It is a massive database in which you can discover a great deal of important information regarding the consultant. This contains information about the advisers’ experience, credentials, state licenses, and any issues with clients that may have occurred in the past.
On the other hand, Scott’s company refuted this assertion as well. The fact that they have not provided an explanation for rejecting the claim raises some serious red flags.
Take note of the fact that it is extremely frequent for arguments of this nature to be resolved in favor of the advisor. This is due to the fact that dodgy advisors require their clients to sign a variety of disclaimers that exonerate them from any accountability.
Scott Hardie A number of dubious financial advisors, including Merrill Lynch, employ this strategy in order to sidestep responsibility. The Hansberger Group at Morgan Stanley is yet another advising business that has been utilizing this strategy recently.
Commissions Obtained from the Sale of Securities
The firm run by Scott Hardie makes commissions from the sale of investment products that are both proprietary and linked with other companies. The commissions offered by some of these goods are significantly more than those offered by others.
Because of this, the financial advisor has an incentive to favor a select few investments, regardless of how well those investments fit the client’s needs. As a result, the pool of possible recommendations is narrowed down to an extremely limited few.
In addition, the adviser has no motivation to recommend any assets to the client if those investments do not pay compensation to the advisor. Because of this, you can miss out on many opportunities to invest in things that are suited. In addition, a significant number of customers aren’t even aware of the number of high-quality investment chances that they have passed up as a result of this.
There is a risk of bias being introduced into the suggestions made by the advisor when commissions are earned. As a result, you can’t put your faith in his recommendations.
Using the money from customers for one’s own financial gain.
The fact that Scott Hardie Merrill Lynch trades suggested securities is a significant problem in the provisions of the firm. This indicates that he is able to trade the investments he advises his clients to make.
Trading advised investments gives the financial advisor the ability to take advantage of his customers’ portfolios, which is especially problematic when the advisor deals with high-net-worth individuals and organizations. Because of this, the financial advisor has a greater degree of leeway to influence the performance of particular securities.
Front-running” is a common practice among many brokers who trade suggested assets, for instance. In this scenario, the financial advisor engages in the trading of a certain investment and then advises his clients to do the same.
They could engage in short selling of a certain stock and then advise their customers to do the same. Although the investor would not see any benefits from this, the financial advisor stands to gain enormous profits from its implementation.
Trading in assets that have been suggested creates far too many conflicts of interest. Therefore, you should make every effort to steer clear of it.
Conclusion
Scott Hardie, It’s safe to say that Merrill Lynch is New Orleans’s most unreliable financial counselor. He allows his company to take advantage of its customers’ money and he lures investors into horrible contracts by doing so.
It would be in your best interest to look for a different financial advisor who actually puts your health and happiness ahead of your own profits rather than merely making empty promises in this regard. You don’t have to continue working with this wealth advisor because New Orleans is home to a large number of them and you can shop around.
