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“We closely guard our reputations so if there’s something where we have complaints against us that are unwarranted or unfounded we want to protect our reputation,” said Ed Gjertsen. Gjertsen of the Financial Planning Association said just because an adviser went through arbitration doesn’t mean they’re a bad broker. If someone is concerned about their financial professional, they should ask about their record. “I think what the study showed us is that there’s probably a lot more due diligence that the average investor has to do. Whether it’s engaging with an advisor and asking them the
direct question of saying ‘Hey have you ever been involved in arbitration?’” said Gjertsen. Investor and investigator Petraglia said he thinks his financial shake up should be a financial wake up to everyone. “If you picked a bad broker, you could lose the entire investment,” said Petraglia. A court must also approve a broker’s expungement request before it becomes final. FINRA is reviewing its rules and may consider future changes as well. Several U.S. Senators have also taken a closer look at the system. One wrote a letter to the SEC demanding big changes.
February 2014 CBS4 News Magazine Coral Gables [ 17 ]