DID MICHAEL ALAN SNYDER CAUSE YOU INVESTMENT LOSSES?
About Michael Snyder of Creative Planning?
Michael Snyder (CRD #5841076) , located in Oak Brook, Illinois, has over a decade of experience in the financial services industry, previously serving at TD Ameritrade before joining Creative Planning, LLC as an Investment Advisor Representative. His professional focus includes comprehensive financial planning and options management.
Investment Losses? Let’s talk.or, give us a ring at (800) 732-2889.
Michael Snyder Customer Complaints and Reviews
Michael Snyder has one disclosure involving a customer dispute related to the management of options accounts.
- Date: Complaint filed on October 20, 2022
- Allegations: The customer alleged breach of agreement, fiduciary duty, negligence, and violations of the Pennsylvania Unfair Trade Practices and Consumer Protection Law concerning discretionary handling of options accounts between August 2017 and September 2022.
- Damages: Claimed damages exceeded $1,000,000, including treble damages, interest, and legal fees.
- Outcome: The case was resolved in favor of Creative Planning, LLC, with no financial liability attributed to Mr. Snyder or the firm.
Allegations Against Michael Snyder
The customer dispute involving Michael Snyder centered on claims of improper management of options accounts and fiduciary breaches. The claims, which spanned a five-year period, included alleged negligence and violations of consumer protection laws.
Key Points of Resolution:
The dispute was filed as an arbitration case with the American Arbitration Association.
A final decision was rendered in favor of Creative Planning, absolving Mr. Snyder and the firm of any financial responsibility.
This case underscores the complexity of options trading and the importance of clear agreements between advisors and clients.
Michael Snyder Employment History
Firms Worked For:
- TD Ameritrade (2010–2015)
- Creative Planning, LLC (2015–Present)
Exams Passed:
- General Industry/Product Exams: Series 7 and Securities Industry Essentials (SIE)
- Multi-State Securities Law Exam: Series 66
- Designations: None reported.
Employment History Highlights:
- Current role at Creative Planning as an Investment Advisor Representative.
- Formerly served as a Client Service Specialist at TD Ameritrade.
- Registrations: Currently registered as an investment advisor but not as a broker.
Investment Advisors Owe Clients The Highest Level Of Care
Investment advisors are bound by fiduciary duties, requiring them to prioritize their clients’ financial interests above their own. This includes providing transparent information about fees, risks, and potential conflicts of interest, as well as recommending suitable investments based on the client’s financial goals and risk tolerance. Fiduciary obligations also involve a duty of care, ensuring that advisors act prudently and diligently in their recommendations and management of client accounts. These principles are essential for building trust and maintaining regulatory compliance in the financial advisory field.
Option Trading Can Be Extremely Risky
Options trading involves substantial risk, often requiring specialized knowledge and financial capacity to manage potential losses. High-risk strategies, such as uncovered (naked) call writing, expose investors to unlimited losses if market prices rise significantly.
Example of a High-Risk Strategy:
- A naked call strategy entails selling call options without holding the underlying security. If the security’s price surges, the seller must purchase shares at the elevated market price, resulting in unlimited loss potential. Advisors must ensure that clients fully understand these risks and align trading strategies with their financial goals and risk tolerance.
Michael Snyder Red Flags & Your Rights As An Investor
Of course, Michael Snyder did not admit to any of the allegations. But regardless of whether an arbitration award was entered, a settlement occurred, or the customer complaint is still pending, the allegations made by customers are red flags which should put all current and former customers of Creative Planning on alert to review carefully the activity and performance of their accounts and question whether Michael Snyder has engaged in any stockbroker misconduct that may have caused them investment losses. The large number of customer complaints at Creative Planning also raises questions about the brokerage firm’s supervisory practices. If these red flags raise questions, call us and we will inform you of your rights as an investor.
Did You Lose Money Because of Broker Misconduct?
If you have lost money due to negligence or fraud by a stockbroker or advisor, the easiest way to know if you have a case is to call our office at 800-732-2889. Our investment fraud attorneys will evaluate your claim for free and let you know if we can help you recover your losses.
Need Legal Help? Let’s talk.or, give us a ring at 561-338-0037.
File A Claim To Recover Your Investment Losses At Creative Planning Due To Michael Snyder
If you have questions about about Creative Planning and/or Michael Snyder and the management or performance of your accounts, please contact Attorney Pearce for a free initial consultation via email or Toll Free at 1-800-732-2889.
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