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Deferred Sales Charges
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This elderly client was conservatively and safely invested. And then the investment advisor switched her investments into mutual funds into back-end load – or Deferred Sales Charge (DSC) – funds at the age of 91.
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High Risk Borrowing
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A globe-trotting couple took a high-risk route to pay for their travels, and ended up paying a high price when the leveraging strategy went into the ditch.
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Investor Responsibility
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While investment advisors have significant responsibilities in a relationship with a client, clients have responsibilities as well – including when signing investment account-opening documents and agreeing on risk tolerances
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Know Your Clients!
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Know Your Client – or KYC – isn’t just a piece of paper. Advisors must learn, accurately record and update the essential elements of a client’s financial and personal situation to make suitable recommendations.
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Leveraged Investing
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With retirement on the horizon and modest earnings, this couple found themselves with more than $235,000 in margin debt and invested in an aggressive portfolio. Did they know what they were getting into?
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Ratifying Trades
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Even if founded on an error, an investor’s explicit acceptance of a transaction is significant. It’s not fair to wait to see how it plays out before complaining.
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Risk Disclosure and Mitigation
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Advisors must fully advise their clients of the risk involved in investments; clients have a responsibility to take steps to minimize their losses if they’re aware of problems.
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Risk Disclosure and Mitigation
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An 89-year-old widow was subsidizing her retirement income from her life savings by making monthly withdrawals. To make the savings last as long as possible her daughter, on her behalf, met with an advisor to develop a strategy.
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