Brokerage Firm Review: United Planners’ Financial Services of America A Limited Partner

United Planners’ Financial Services of America A Limited Partner (“United Planners”) (CRD# 20804) has many different complaints filed by FINRA (Financial Industry Regulatory Authority), state regulatory organizations, and investors such as yourself. At the Law Offices of Robert Wayne Pearce, we have investigated United Planners, its regulatory and customer complaints, and have also represented investors with claims of fraud, negligence, and breach of fiduciary duty against this organization and its financial advisors.

If you believe you have a claim against United Planners, you should strongly consider hiring an investment loss lawyer. You should not wait until it’s too late to file a claim. The Law Offices of Robert Wayne Pearce, P.A., offers free consultations. Give us a call at 800-732-2889. Let’s discuss your case and see what we can do to help you get the compensation you need and deserve.

Can I Sue United Planners’ Financial Services of America A Limited Partner?

If you’ve lost money caused by United Planners and/or its employees’ misconduct then the answer is, YES,  you can sue United Planners but the odds are you signed away your right to sue in court and agreed to resolve your dispute in a FINRA arbitration proceeding.  Attorney Robert Wayne Pearce has over 40 years of personal experience in FINRA arbitration proceedings and knows very well how you can not only sue United Planners in FINRA arbitration proceedings, but WIN that arbitration. The easiest way to know if you have a viable case against United Planners is to call Attorney Pearce at our office at 800-732-2889.

Investment Losses? We Can Help

Discuss your legal options with an attorney at The Law Offices of Robert Wayne Pearce, P.A.

Get A Free Consultation

or, give us a ring at (800) 732-2889.

What is United Planners’ Financial Services of America A Limited Partner?

United Planners (CRD# 20804) has been registered with the SEC and FINRA since 1987.  The company is controlled by United Planners Group and headquartered in Scottsdale, Arizona with small branch offices located throughout the United States.  Its independent broker-dealer Business Model has grown through acquisition and organic development of primarily one and two person registered representative offices supervised remotely. Today there are over 160 United Planners branch offices with over 450 registered representatives in every state.  It is now one of the 50 largest independent broker-dealer and investment advisory firms in the United States.

United Planners’ Financial Services of America A Limited Partner Has Many Different Regulatory Problems 

United Planners’ rapid growth has not been without consequences. There have been approximately 9 Federal, state and self-regulatory body disclosure events; that is, final and formal proceedings initiated by a regulatory authority (e.g., a state or federal securities agency like the U.S. Securities and Exchange Commission (SEC) or self-regulatory body like the Financial Industry Regulatory Authority (FINRA) and the North American Securities Administrators Association (NASAA) ) for a violation(s) of investment-related rules or regulations. In addition, there have been hundreds of customer complaints filed against United Planners for misconduct by its securities sales and investment advisory representatives that are not reported by the firm on its Central Depository Record. 

We have reported and written about these regulatory problems and customer complaints over many years. United Planners is a repeat offender: there are at least 4 FINRA reported disciplinary proceedings citing the firm with one form of supervisory lapses or another in the last decade.

A BRIEF OVERVIEW OF SOME OF THE REGULATORY PROBLEMS UNITED PLANNERS’ FINANCIAL SERVICES OF AMERICA A LIMITED PARTNER HAS FACED OVER THE YEARS*

United Planners has been repeatedly censured, warned, and fined over one half million dollars for its own misconduct and failure to supervise its army of financial advisors.* A couple of the notable FINRA Sanctions for its Supervisory Failures are below:

FINRA Sanctions United Planners For Supervisory Lapses

FINRA conducted an investigation and discovered that United Planners failed to establish an adequate supervisory system to supervise the use of consolidated reports prepared by its representatives in violation of NASD Rule 3010 and FINRA Rules 3110 and 2010. As a result of its deficient supervision, United Planners sent consolidated reports containing inaccuracies to customers in violation of FINRA Rules 2210 and 2010 for which it was censured and fined $225,000. 

Click to read more.

FINRA Sanctions United Planners For Variable Annuity Sales Abuses

This matter concerns inadequate supervision of variable annuities sales by 131 “field OSJ supervisors.”. The field OSJ supervisors each reported to the “Home Office OSJ Supervisor,” [redacted] who worked at the United Planners headquarters office.  FINRA found that United Planners failed to establish and maintain an adequate supervisory system and written supervisory procedures (“WSPs”) for reviewing the sales of variable annuities by these field OSJ supervisors.  Further, it found that United Planners permitted supervisors to approve their own variable annuity transactions with customers by allowing them to submit the transactional documentation to the insurance carriers without obtaining the prior approval of the United Planners’ principal. United Planner’s supervisory review of these variable annuity transactions was also inadequate in terms of suitability and timeliness of the review.  Moreover, FINRA found that United Planners’ supervisory system failed to provide the broker-dealers designated principal with adequate systems and customer information to conduct an appropriate review of the variable annuity transactions. These reviews were conducted after the transactions had been completed, and the broker-dealer and field OSJ supervisor had already received commissions.

Accordingly, FINRA found that United Planners violated FINRA Rules 2330 and 2110 for which it was censured and fined $200,000. 

Click to read more.

Why Does United Planners’ Financial Services of America A Limited Partner Have So Many Regulatory Problems And Customer Complaints?

Independent broker-dealers are notorious for their lax supervisory practices and procedures. The business model of these franchise type operations is to open many offices nationwide for steady growth of fixed monthly revenues without the costs attendant to a full-service branch office with on-site manager, compliance officer and operation personnel. The registered representatives of these independent broker-dealers generally operate as separately incorporated businesses. They are not employees of the broker-dealer and therefore not controlled in the same manner as full-service brokerage firm representatives. The registered representatives control their structure and costs to maximize profits and often leave the protection of investors’ rights and interests as their lowest priority.

The typical supervisory organization of independent broker-dealer operations is to have other independent contractors operate Offices of Supervisory Jurisdiction (OSJs) to monitor the registered representatives from geographically remote offices and then report to the main franchisor’s compliance office at national headquarters. The supervisors at the OSJs are not employees of the franchisor and often run their own brokerage, insurance and other businesses. They are not devoted full-time supervisors of the smaller branch offices. Consequently, OSJ managers cannot and do not supervise the day-to-day operations of the registered representatives of these Independent broker-dealers. 

Generally, there is no immediate review of new accounts opened, securities transactions, business records, cash or securities receipts and deliveries, correspondence and business activities unrelated to the securities brokerage operation at these independent brokerage firms. The lax supervision leaves investors who have transferred their accounts to the smaller independent broker-dealer vulnerable to sales of securities that have not been reviewed or authorized by anyone other than the sales representative earning a commission. There may be no one onsite to detect forgeries of clients’ signatures on documents, the placement of inaccurate information about a client’s investment objectives and financial condition to document the suitability of a particular investment recommendation. Oftentimes there is no daily review of sales literature and client correspondence to protect against misrepresentations and misleading statements being made to investors. In fact, it is not unusual for there to be only one compliance audit visit per year at many of these offices.

These Independent brokerage business operations are worrisome to the North American Securities Administrators Association (NASAA), which has documented more instances of sales abuse and consequently investor losses at these firms than the traditional brokerage firms with branch offices with on-site managers and compliance personnel.

Did United Planners’ Financial Services of America A Limited Partner Advisor Misconduct Cause You Investment Losses?

When financial advisor misconduct has caused you to lose substantial value to your investment accounts, you have the right to seek reimbursement from the responsible parties. United Planners is responsible like any employer for its financial advisors acts and omissions. In addition, it has an independent duty to supervise its stockbrokers and investment advisors. These cases can be extremely complex, and so having the support of a reputable attorney who is experienced in recovering investment losses for investors is key to your success. Many customers make the mistake of contacting United Planners without representation with an attorney about their complaints and have their complaints denied.

Related Read: Can You Sue Your Brokerage Firm?

Investment Losses? We Can Help

Discuss your legal options with an attorney at The Law Offices of Robert Wayne Pearce, P.A.

Get A Free Consultation

or, give us a ring at (800) 732-2889.

Consult With An Attorney Who Recovers Investment Losses Caused By United Planners’ Financial Services of America A Limited Partner Today!

The securities attorneys at The Law Offices of Robert Wayne Pearce, P.A., have helped countless investors over the last 40 years recover the losses from their investment accounts that were caused by broker negligence or misconduct. The firm has extensive experience with United Planners cases, and Attorney Pearce is committed to seeing that those responsible for the losses you have suffered are held fully accountable.

Give us a call at 800-732-2889. Let’s discuss your case and see what we can do to help you get the compensation you need and deserve.

Robert Wayne Pearce

Robert Wayne Pearce of The Law Offices of Robert Wayne Pearce, P.A. has been a trial attorney for more than 40 years and has helped recover over $170 million dollars for his clients. During that time, he developed a well-respected and highly accomplished legal career representing investors and brokers in disputes with one another and the government and industry regulators. To speak with Attorney Pearce, call (800) 732-2889 or Contact Us online for a FREE INITIAL CONSULTATION with Attorney Pearce about your case.

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