New Orleans is home to The Kuchta Curole Riess Group, a financial advisory firm. Several claims are made about their level of knowledge and service to customers. However, the vast majority of them are wildly exaggerated.
This corporation employs a wide variety of illegal means to deceive naive customers. These issues, and many more, are discussed in greater detail below:
Information Regarding Kuchta Curole Riess
Among the several departments at UBS Financial Services Inc. is the Kuchta Curole Riess Group. You may reach them at 504-584-5659 or visit them at 1100 Poydras St Ste 900, New Orleans, LA 70163 in the United States.
The company asserts it can help clients face the challenges of the modern financial market by providing sound financial guidance. They present themselves as knowledgeable and seasoned experts.
The Kuchta Curole Riess Group says it provides clients with high-quality, individualized tactics. They aim to become their customers’ go-to for all financial guidance needs. The company is headed by Jacque Kuchta.
The Kuchta Curole Riess Group also features renowned employees like Scott Curole and Christopher Riess. Scott Curole holds the CFP, CRPC, and CDFA credentials, while Jacque holds the CEPA credential.
The company’s offerings include retirement planning, financial aid for college, and preparing for multiple generations.
Although this company’s embellished claims may be tempting at first glance, they are not founded on reality. Investors are being duped by the Kuchta Curole Riess Group, which makes exaggerated claims about how invested it is in its clients’ success. Their conditions are riddled with multiple conflicts of interest.
In the following section of our analysis, we’ll take a closer look at these problematic clauses.
Warning Signs in The Kuchta Curole Riess Group
Leadership that can’t be trusted
It’s important to research a potential wealth advisor’s credentials before hiring them. You may then decide if it is worthwhile to invest in them. The simplest way to do this is to look up the broker’s record on FINRA’s BrokerCheck database.
You may find out there about the broker’s credentials, such as state licenses, certifications, and any customer or governmental problems they may have had.
There is only one major client dispute listed on Jacque Kuchta’s FINRA BrokerCheck report. In 2002, this happened. In this case, the customer claimed that Jacque engaged in an illegal exchange. However, they failed to detail the extent of the losses.
Jacque’s company flatly rejected the claim. This dispute’s details have been kept secret, which raises serious red flags. Keep in mind that the customer rarely wins in these types of situations.
That’s because dishonest advisors like Jacque Kuchta require their consumers to sign a bunch of releases before working with them. These releases absolve them of any legal responsibility. That’s why Jacque got away with making an illegal deal on his customer’s account.
The Kuchta Curole Riess Group isn’t the only advice firm taking advantage of its clients in this way, though. A well-known example of such a terrible advice business is The Silich Group at Morgan Stanley. By taking this course of action, they saved themselves almost $100,000 in damages.
Payments Based on Outcomes
The Kuchta Curole Riess Group can charge clients based on the results they achieve. The investor is put in a vulnerable position, making this a very controversial practice in the financial sector.
This fee structure rewards the adviser when their performance is superior to that of a benchmark index. Therefore, they are financially motivated to use high-risk techniques despite the investor’s risk aversion.
According to studies, advisors that use a performance-based fee structure increase their exposure to risk and produce subpar results for their clients. Larger portfolios are especially vulnerable to the negative effects of high-risk strategies. They pose a threat to growth-oriented portfolios as well.
Poor or even negative returns are common for such approaches. As a result, you should generally stay away from them.
However, when the advisor gets paid depending on how well they do, they will prioritize using the most high-risk methods possible.
Dispensing Advice That Is Too General
The Kuchta Curole Riess Group also has the serious problem of practicing parallel management. That implies they handle both very large money and individual retail accounts.
Management by committee has been shown to lower standards of service for all customers of a business. This causes inconsistencies in service.
This is because the firm’s time and energy are primarily focused on serving its biggest clients. However, the smaller customers receive little to nothing. In these situations, the company provides standard recommendations and counsel to its smaller clients.
In addition, the company may say they provide customized suggestions when they do not. This is not just dishonest, but also misleading.
Conclusion
If you’re an investor, you should never work with the Kuchta Curole Riess Group at UBS Financial Services. The terms and conditions are horrible. Furthermore, the company’s leadership can’t be trusted.
Therefore, you should go elsewhere for wealth management services and stay far away from that particular organization.
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