If you are in need of a fiduciary in Webster City, there is no shortage of options available to you, and if you do a search for one, you might come across the name Timothy Finucan Edward Jones. He is a dishonest financial advisor who engages in unethical business practices by luring investors into unfavorable contracts through the use of deceptive clauses.
You are required to review these potentially problematic elements before signing anything with this individual. The subsequent analysis will provide you with an in-depth summary of these clauses’ content. You would be better equipped to make an informed choice about this advisor if you had this information:
Who exactly is Timothy Finucan Edward Jones?
Webster City, Iowa is the location of the office of Timothy Finucan Edward Jones, a financial advisor. His telephone number is 515-832-4155, and his address is located at 508 2nd St, Webster City, Iowa 50595, United States. Timothy asserts that before providing recommendations, he invests his time in fully comprehending the objectives of his clients.
He asserts that he is able to assist his clients in determining the financial strategy that is best suited to meet their needs. In addition to this, Timothy Finucan Edward Jones asserts that he employs a time-consuming strategy when developing individualized portfolios for his customers.
Members of his staff such as Alicia Crothamel, Eileen Doolittle, Carrie Olson, and Gayle Odland are well-known in their fields.
Timothy has a long list of accomplishments and honors to his name. For instance, he has been acknowledged in Barron’s Top 1200 list on multiple occasions and has maintained a position as one of Edward Jones’ top 400 financial advisors for a considerable amount of time.
You shouldn’t, however, let such praises distract you from the fundamental issues that are evident in the disclosures that he has provided for you in the fine print.
A significant number of advisers use their successes and plaudits to divert the attention of their clients while they smuggle troublesome stipulations into their contracts. The same may be said for Timothy. He puts his clients in a position where they are vulnerable to many conflicts of interest. Because of this, it is essential to gain an understanding of these concerns before placing your financial faith in him. The discussion that is going to follow in this evaluation will be of use to you in this regard.
Why You Should Avoid Timothy Finucan Edward Jones:
Multiple Legal Disputes with Clients
Before you begin working with any financial advisor, you should check their FINRA BrokerCheck profile. It would help you find out about the advisor’s state licenses, how much experience they have, and the disputes they have faced so far.
She desired to sell the bonds in order to compensate herself for any losses that may have been incurred as a result of these acquisitions. The plaintiff filed a claim for damages in the amount of $5,000, however, the matter was resolved for $8,445.39.
In his response to the argument, Timothy emphasized the fact that he had accepted transactions from the trustee’s son under the mistaken impression that the son was named as a co-trustee. He reimbursed the customer for the full sum of the initial purchase.
The year 2012 saw Timothy get into his second argument. The client in this case claimed that once Tim inherited a stock portfolio, he immediately liquidated three stock positions by transferring them to a managed account program and selling them off.
The consumer got the impression that the transactions took place without her permission. She indicated that the equity sales resulted in capital gains tax and a loss of dividends from the stock. This conclusion was based on the cost basis as of the date of death.
Instead of recommending investments, selling them to customers.
When you deal with a financial advisor, one of the things you want them to do is make recommendations for investments depending on how well those investments fit in with your criteria and goals. On the other hand, you cannot anticipate the same behavior from Timothy Finucan Edward Jones.
This is due to the fact that he receives commissions from the sale of specific investments. Commissions are Timothy’s primary source of income from the sale of proprietary and linked securities. There is a significant difference in the commission rates offered by each of these goods.
Therefore, his team advocates for certain assets while ignoring others, regardless of how well they would perform.
Because of this, you stand to lose out on a significant number of good returns for the simple reason that the appropriate investments do not create a sufficient amount of commissions for Timothy’s company. The recommendations made by a financial advisor who earns commissions from investment products are tainted with prejudice.
Giving Generalized Recommendations
Timothy’s firm handles various clients. Some have large funds while others have smaller retail accounts. In other words, Timothy Finucan Edward Jones performs side-by-side management.
This is a highly notorious practice because most advisors who perform side-by-side management tend to give generalized recommendations to their smaller clients. They do so while hiding the generalized recommendations under the guise of personalization.
It’s unethical and a highly terrible practice. Yet, Timothy doesn’t hesitate to do so.
Verdict
After reviewing the problematic provisions present in Timothy Finuncan Edward Jones’ disclosures, it’s evident that you can’t trust him.
He is a terrible wealth advisor who takes advantage of gullible investors. It would be best to work with someone else.
