A recent Wall Street Journal article reported that more than 1,600 advisors who declared personal bankruptcy or faced criminal charges had failed to notify FINRA and the firms for which they worked. And, the article noted, those advisors had more client complaints and regulatory actions on their records than their solvent colleagues who had never been charged with a crime.
As someone who has followed the wealth management industry for many years (back to the days when it was called retail brokerage), it comes as no surprise that those whom the public trusts to manage its money are often terrible at managing their own.
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