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The Financial Industry Regulatory Authority (FINRA) has suspended broker Joseph Desapio for 15 months due to violations of Regulation Best Interest (Reg BI). Desapio’s misconduct involved recommending unsuitable trades in four accounts held by three customers, one of whom was over 70 years old. This case underscores the critical role of compliance with Reg BI […]
Registered representatives in the securities industry play a crucial role in guiding clients through complex financial landscapes, helping them make informed decisions about their investments. Despite their best efforts, these professionals can sometimes face frivolous claims from clients. Such claims, even when baseless, can tarnish a registered representative’s record on BrokerCheck, potentially impacting their career […]
In the ever-evolving landscape of financial planning, premium financing has emerged as a strategy that some high-net-worth individuals and businesses use to pay for substantial life insurance policies without liquidating their assets. While this approach can appear attractive, it carries significant risks and potential pitfalls that investors should carefully consider. The allure of retaining cash […]
Errors and Omissions (E&O) insurance is a critical component of risk management for financial advisors. This specialized form of liability insurance protects advisors from claims of negligence, mistakes, or omissions in the professional services they provide. Here, we discuss various aspects of E&O insurance that financial advisors should consider to ensure comprehensive coverage. The Importance […]
In recent years, Wells Fargo Advisors has faced significant scrutiny and legal action for its role in a widespread fraudulent scheme to open unauthorized customer accounts. This scandal not only impacted countless customers but also led to the unfair termination of numerous financial advisors and bankers. At Bakhtiari & Harrison, we are dedicated to defending […]