I read the story “Finra charges B-D chief with using investor funds for home remodeling” (Investment News.com, May 14).
Repeating specious allegations in the press isn't evidence of wrongdoing.
I have worked with Kimberly Springsteen-Abbott, the owner, chief executive and head of compliance for Commonwealth Capital Securities Corp., for more than 15 years and have always been treated to the highest professional and ethical standards. She truly is the class act in the direct-participation-program industry.
This is a cautionary tale about spiteful employees.
And adding insult to injury, the Financial Industry Regulatory Authority Inc. is throwing spaghetti against the wall. And even though nothing will stick, it will leave a stain.
Will the enforcement pendulum swing back in time to allow Regulation D and DPP to survive?
This recent Finra action sends a chilling message to program sponsors that any allegation is worth the regulator's time, regardless of merit.
FA Risk Management Inc.
Franklin video helped with client advice
I sent contributing editor Mary Beth Franklin's recent video “Survivor benefits survival guide” via e-mail to my client, a retired teacher.
The client has been divorced for more than 10 years, and her ex-husband died.
I told her not to claim her own benefit at 66 but to claim survivor benefits for now, let her own benefit grow until 70 and then switch.
The client was very reluctant at first, but thanks to the video, she is getting a higher benefit for now and will receive an even higher benefit at 70.
It is very rewarding to help clients.
I almost didn't gain her as a client five years ago, as she had been burned by other financial advisers and thought we were all the same.
Now she thinks very highly of me and referred her adult children to me. The adult children got a small inheritance from their dad and put it with me in the form of Roth individual retirement accounts.
Knowing how to maximize Social Security benefits can be a great way to get and keep clients happy.
Educator's Financial Services