When looking for a wealth advisory business, it is helpful to have prior knowledge of the firms that should be avoided. With this method, you can save yourself from making a significant error. The Miller Miller Group Morgan Stanley is a company that you should steer clear of at all costs.
You are going to find out about the problems that this company has been trying to conceal from you in the following analysis.
The Miller Miller Group Morgan Stanley: A Brief Introduction
Wealth management services are provided by The Miller Miller Group Morgan Stanley, which has its headquarters in Coral Gables, Florida. The telephone number to reach them is 305-507-7791, and their office can be found at 220 Alhambra Cir 10th Floor, Coral Gables, Florida 33134, United States.
Nadine G. Miller is currently serving in the role of Managing Director at this company. Jessica Osteen, who holds the position of First Vice President at this company, Eduardo Ortea, and Bradly Diaz are among the notable employees here.
This company promises that it will assist its customers in making the most of their riches so that they may focus on the things that are most important to them. They assert that they can adopt individualized wealth management methods by drawing on their prior expertise and available resources.
This company offers a variety of services, some of which include retirement planning, wealth management, life insurance, professional portfolio management, estate planning techniques, life insurance, financing products, fixed income, long-term care insurance, and wealth management. If you choose to work with them, you will have access to these and other services.
Despite the fact that this company makes a lot of grand statements about how much it cares about its customers, the disclosures it provides convey an entirely different tale. For instance, the terms and conditions of this company let them utilize your money to generate profits for themselves rather than for themselves alone. More about this can be found in the following part of this review.
Legal Conflicts and Shady Disclosures of the Miller Miller Group Morgan Stanley
Nadine Miller’s History of Legal Disputes
When researching a new financial advisory firm, it is in your best interest to seek up the FINRA BrokerCheck profiles of the investment advisors working for that firm. You would gain knowledge about their professional experience, their state licenses, the tests they have passed, and the legal issues they have had in the past as a result of doing this.
The FINRA BrokerCheck profile of Nadine Miller, the Managing Director of this firm, shows three legal disputes. Her first legal dispute was with a customer and it occurred in 2002.
Here, the client alleged that his accounts had multiple securities that were purchased without any consultation with him. Although the client didn’t specify the damages, he did highlight the time frame: 2000-2002.
Later, the client withdrew the complaint for unspecified reasons.
In the year 2020, Nadine was involved in her third conflict. In this case, the customer complained about the advisor’s recommendation to invest in closed-end funds between August 2014 and May 2018.
The claim was rejected by her company, but the reasons were not provided. There is very little to no information available in any of her three disclosures, and her company did not take any action in response to any of them.
Bear in mind that it is quite unusual for these kinds of confrontations to resolve in the favor of the investor. This is due to the fact that companies such as Miller Miller Group and Morgan Stanley want you to sign a release before they would do business with you. This waiver provides the company with near immunity from such problems. Nancy Daoud Ameriprise is yet another financial advisor who evaded responsibility by utilizing this strategy.
Broker-Dealer Conflict
The fact that Miller Miller Group Morgan Stanley is dual-registered as a broker-dealer is the most problematic aspect of their terms and conditions, despite the fact that the terms and conditions contain a number of other elements that are predatory.
It is common knowledge that financial advisors who are also registered as brokers are renowned for putting their own interests ahead of that of their clients in order to maximize the commissions they receive from the sale of particular products.
Being a broker-dealer can put you in a position where you have multiple competing interests. Among these are the following: earning transaction-based commissions in addition to asset-based fees on the same investment; giving preference to affiliated mutual funds; and revenue sharing from connected mutual funds
While regulatory authorities are always trying to keep such financial advisors in check, they can’t possibly observe every advisor. Dual-registered advisors charge their retail RIA clients higher fees than their brokerage clients.
Trading Recommended Securities
Another extremely concerning aspect of the Miller Miller Group Morgan Stanley is the fact that its advisors engage in trading the same securities they advise their clients to purchase.
Because of this, they are able to use the money from their customers to generate profits for themselves. Trading recommended securities enables them to use their clients’ money in unethical ways, which is the primary demographic that they serve (high-net-worth individuals and families).
For instance, they may engage in the practice known as “front-running,” in which a financial advisor trades an investment and then later recommends it to her clients. They might earn a quick buck by short-selling an investment and advising their clients to do the same thing in order to make money quickly.
Verdict
The Miller Miller Group Morgan Stanley has a plethora of red flags. It trades the investments it recommends to its clients and its leadership is tainted with a long history of disputes.
All of this suggests that it would be best for you and your financial security to avoid dealing with this firm. Find a different wealth advisory firm in Florida.
