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

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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