Impact of the Allegations Against Brian McKeon
As an investor, understanding the gravity and implication of allegations against your financial advisor is paramount. In this case, being attuned to such details safeguards your investment portfolio and fortifies your financial future.
Brian McKeon, a seasoned broker registered with Wells Fargo Clearing Services, is the subject of a recent investor dispute. Following his BrokerCheck record, the distressed investor asserts that McKeon failed to adhere to explicit directions to invest in a money market fund. McKeon also faces accusations connected to how he managed discretionary accounts.
From rigid instructions to complicated strategies, what we trust to our financial advisors is significant. In the immortalised words of Warren Buffet, “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.” Therefore, McKeon’s failure to follow the client’s instructions is not just a breach of this trust but a roadblock in the investor’s financial journey.
A key fact to be aware of is that unsuitable investment advice accounts for 23% of complaints filed with FINRA. This allegation alone might indicate irresponsible, if not improper, approach to handling a client’s portfolio, prompting the yield of lesser returns and erosion of the intended gains. The client also indicates loss of interest, bearing of unnecessary costs, and the forced reversal of a position.
Herein, it’s important to understand that picking the best investments calls for caution, precision, and adept analytical skills. When these standards are compromised, the investor might contend with financial distress.
Digging into Brian McKeon’s Background
McKeon’s professional history is interwoven with both experience and impressive credentials. Since he embarked on his career journey as a broker, he successfully navigated the demanding financial landscape, passing five extensive professional examinations. These include the Uniform Investment Adviser Law Examination (Series 65) and the Securities Industry Essentials Examination among others.
He has also legally dispensed his advisory services in more than 27 states and Puerto Rico, and he holds investment advising credentials in New York, Pennsylvania, and Texas. His learned expertise furnished him the opportunity to work with notable firms, including UBS Financial Services, Morgan Stanley, and Wachovia Securities.
Yet, it is these very credentials that renders the allegations more disconcerting to the existing and prospective clients. His impressive career journey raises expectations of a high standard of service that aligns with the rules of ethical investment and absolute client satisfaction.
FINRA Rule Explained
The Financial Industry Regulatory Authority (FINRA) is a non-profit organization intended to protect investors by maintaining fair practices in the financial industry. FINRA Rule 2010 establishes codes of conduct for brokers, setting a high bar for commercial honor and just, equitable principles of trade. Any violations, such as failure to follow specific investment instructions, may staunchly contravene this rule.
In simpler terms, if McKeon’s allegations hold, this could mean an infringement of Rule 2010, placing his professional reputation and the well-being of his clients in peril.
Consequences and Takeaway
While the allegations against McKeon are severe, the firm’s denial of the dispute signifies an ongoing quest for justice. Despite this, investors maintain the right to seek arbitration through FINRA to possibly recover their losses.
The sobering tale of Brian McKeon serves as a reminder that not all that glitters is gold. When selecting a financial advisor, due diligence is key. Investors must do much more than glance at certificates on a wall. They should dig deep, researching any potential disputes or complaints tied to the financial professional.
In closing, whether it’s a seasoned professional or a financial novice, your advisor should proudly exemplify impeccable ethical standards and unwavering reliability, ensuring not a shred of doubt interrupts your journey towards financial prosperity.