In my role as a financial analyst and author, I frequently come across instances where financial advisors do not meet their fiduciary responsibilities. It’s concerning when advisors are subjected to lawsuits or grievances, which tarnishes their moral reputation. In this discussion, I aim to highlight a troubling issue regarding financial advisor Peter Shen of Independent Financial Group.
Who is Peter Shen?
I, Emily Carter, am closely scrutinizing the career of Peter Shen (CRD# 5769894), operating out of Orange, California. Shen, a broker registered with NI Advisors and formerly connected with Independent Financial Group, has an employment record accessible on BrokerCheck, which is a resource you can utilize for detailed information on advisors, including their certifications and any past misconduct.
Investor Grievances and Legal Actions Involving Peter Shen
In the role of a financial advisor, Peter Shen has unfortunately been the subject of investor complaints. Notably, there’s an accusation where the investor’s claimed damages exceed $1 million. Moreover, a complaint dated August 2nd, 2021, where the investor experienced losses said to be around $950,000, alleges that the Real Estate Investment Trusts (REITs) Peter Shen sold were inappropriately matched to the client’s needs while he represented Independent Financial Group and LPL Financial. This particular case was resolved with the investor being awarded a settlement of $625,000.
Warren Buffet once said, “It takes 20 years to build a reputation and five minutes to ruin it.” This adage reminds us, as investors, to vigilantly track our financial advisor’s performance and integrity. And according to a disturbing financial fact, more than one in five financial advisors who’ve faced disciplinary actions continue to repeat offenses, which highlights the gravity of doing proper research on advisors’ pasts.
Next Steps if You Doubt Your Financial Advisor’s Actions
If you’re sensing red flags with your financial advisor or suspect that you might be facing investment fraud, it’s crucial not to hesitate in asking for expert assistance. A law firm like Haselkorn & Thibaut, found at InvestmentFraudLawyers.com, holds a commendable track record of defending investors across the United States, boasting a 98% success rate.
I urge you, supported by over five decades of collective experience and with offices in a number of states, to reach out to their skilled investment fraud attorneys for guidance. You can take a proactive step by contacting them at 1-800-856-3352 for a no-charge consultation or shoot them an email at [email protected]. Remember, if they don’t recover your lost assets, you won’t owe them any fee, reassuring you that your interests align with theirs.
In conclusion, as an expert steeped in the financial arena, I cannot stress enough the importance of due diligence and active oversight of your investments, especially when concerning advisors like Peter Shen who have faced multiple allegations. Always cross-reference your financial advisor’s credentials with their FINRA CRD number, which provides a dependable overview of their professional history. Ensuring you have a trustworthy advisor by your side is fundamental to the security of your financial future.
