FINRA Issues Warnings Regarding Financial Advisors Working Out of Branch Banks

Stockbroker Law - Friday, February 11, 2011
FINRA Issues Warnings Regarding Financial Advisors Working Out of Branch Banks

The Financial Industry Regulatory Authority (FINRA) has issued a number of notices and opinions designed to protect small investors from confusion when dealing with stockbrokers and financial advisors working out of retail bank branches.

In the past decade, many hometown branch banks have expanded their sales operations to include the sales of investments such as variable annuities and other investment products, which can sustain losses in the financial markets and which also carry excessive commissions. 

 

Many bank customers are oftentimes lulled into a false sense of security when dealing with a bank broker, being used to purchasing safe investments such as CDs and money market accounts. 

 

A number of banks have recently taken to the practice of aggressively pitching risky variable annuities and investment products to banking customers when their Certificates of Deposit come due – a questionable practice, at best.  If you feel that you have been taken advantage of by a financial advisor working out of your local bank, we offer a free initial consultation to assess your claim.

 

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