SmartAssets Securities and investment advisory services offered through qualified registered representatives of MML Investors Services, LLC. AZ, 85255 480-538-2912. One way to tell if a financial advisor firm is a good company is to see if it has conflicts of interest and/or any disciplinary actions against it (scroll up to see whether this firm does). The content in this profile was updated by SmartAsset on 4/16/2023. General Information . Questions? And the decisions they make have huge consequences, not just for the bottom line, but for communities, cities, even entire countries. Click on the + to learn more about each item. All investing involves risk, including loss of principal. The best way to know if a financial advisor is a fiduciary all of the time is to ask: Are you a fiduciary in all of your dealings with me? Also be sure to review the conflicts of interest and disciplinary actions sections above to see what, if any, conflicts of interest and/or disciplinary actions this firm might have. Popular Searches MML Investors Services LLC SIC Code 62,621 NAICS Code 52,523 Show More This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. As a financial advisory firm, MML Investors Services can provide a variety of financial planning services for Americans. MML Investors Services is an independent broker-dealer offering investment and wealth management solutions to help you achieve your financial goals. We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors. We also can bring claims for former customers of MetLife Securities and MSI Financial Services. To file a complaint or dispute with this firm, please fill out the SEC Investor Complaint Form. The company provides services to retail investors, high net worth investors, banking institutions, pension plans, charitable organizations, insurance companies, corporations and other. This includes former broker Keith Gill (also known as Roaring Kitty) who promoted GameStop shares. This relationship may introduce bias where a firm or related person recommends certain securities with which they are affiliated, rather than others that may have higher returns. If you're interested in working with an advisor closer to you, we can help you find one. MML Investors Services manages $58.8 billion and provides investment advisory services for 326,290 clients (1:47 advisor/client ratio). ", "My experience with Ryan Cook has been very positive. It is the merger of two broker-dealers: MML Investors Services, LLC and MSI Financial Services. When operating in this dual capacity, advisors may be incentivized to implement plans as an attorney that could drive higher revenue for themselves as investment advisors. The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest. Firm or an advisory affiliate was previously found to have made false statements or omissions by the SEC or CFTC. I have worked with Robert Pearce on dozens of matters and have always been impressed by his creativity, energy and professionalism. Our searchable database of U.S.-based financial advisors includes more than 17,000 firms across the country. 1851. we've been helping people secure their financial future and protect the ones they love. Does your firm perform side-by-side management? You should not wait until its too late to file a claim. with the advisor or firm mentioned in this profile. Give us a call at800-732-2889. review the ongoing performance of any Adviser, participate in the management of any users account by compensation-related conflicts of interest, Types of Financial Advisors and How to Choose, What's a Fiduciary (and Why It Matters So Much). I loved learning legal jargon from you. The Portfolio Snapshot lets you see how you are doing, and provides visibility into your top holdings and asset allocation. Mml Investors Services, LLC does not act as a registered broker-dealer, meaning the firm cannot buy and sell securities for its own accounts as well as its clients' and instead must go through a broker-dealer firm to do so. Based on the regulatory claims and arbitration cases against its registered representatives, it is clear that MML Investors Services has a record of failing to supervise. Only after we started working with Bob, we realized how powerful and wonderful it is to have a top legal expert by your side. The recommendations, in question, were related to 529 tax-advantaged education savings plans. Allegations: Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to maintain electronic brokerage records, pivotal to its brokerage businesses, in non-erasable and non-rewritable format known as the write once, read many (WORM) format, that is intended to prevent the alteration or destruction of broker-dealer records stored electronically., Sanction Details: The firm was censured, fined $750,000, jointly and severally, and required submit to FINRA a written plan of how it will undertake to conduct a comprehensive review of the adequacy of the relevant policies and procedures (written and otherwise), including a description of remedial measures leading to full compliance., Allegations: Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it disadvantaged certain retirement plan and charitable organization customers that were eligible to purchase class A shares in certain mutual funds without a front-end sales charge (eligible customers). Does your fim accept soft-dollar benefits? Brokerage firms have a duty to properly supervise their financial advisors. How do these benefits affect the firms selection of a broker-dealer partner? MML INVESTORS SERVICES, LLC CRD# 10409 SEC# 8-27250 Main Office Location 1295 STATE STREET SPRINGFIELD, MA 01111-0001 Regulated by FINRA Boston Office Mailing Address They are not employees of the broker-dealer and therefore not controlled in the same manner as full-service brokerage firm representatives. You'll typically pay a lower rate the more assets you have under management. in the aforementioned profile. What does this mean? These systems are designed to oversee the recommendations of registered representatives. The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest. Securities are tradable financial investments such as equities, bonds and options.Mml Investors Services, LLC manages some of the firm's accounts in a discretionary manner. Headquarters. 6th. He was direct and asked all the questions that were relevant and provided me with very thoughtful feedback and some useful contacts. Contact. At the Law Offices of Robert Wayne Pearce, we have investigated MML Investors, 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. ", "Good intelligent attorneys who never miss a beat. Make sure you know who you're dealing with when investing, and contact FINRA with any concerns. Finding a qualified financial advisor doesnt have to be hard. The supervisors at the OSJs are not employees of the franchisor and often run their own brokerage, insurance and other businesses. What does this mean? In the past ten years, firm or an advisory affiliate has been convicted of or pled guilty or nolo contendere ("no contest") in a domestic, foreign, or military court to a felony. For more information read the investor alert on imposters. In connection with its recommendations, MML Investors did not consider on a consistent basis, that an equal investment in Class A shares would generally have been more advantageous for certain clients. We have launched many investigations of current and former MML Investors Services advisors: If you have lost money investing with any of these MML Investors Services advisors or others within this brokerage firm, its important that you reach out to an investment loss attorney quickly because the statutes of limitations can bar your claims. The average advisor at Mml Investors Services, LLC administers about 66 client accounts, making it about average in terms of personalization.Mml Investors Services, LLC's headquarters is located at 1295 State Street, Springfield, Massachusetts 01111-0001. The firm works with individuals and high-net-worth individuals, endowments and foundations, trusts, estates, Fidelity Charitable donor-advised accounts and business entities and/or qualified plans. The Law Offices of Robert Wayne Pearce, P.A., offers free consultations. SAN DIEGO, July 06, 2023 (GLOBE NEWSWIRE) -- LPL Financial Holdings Inc. ( Nasdaq: LPLA) (the "Company"), the parent corporation of LPL Financial LLC, announced today it will report second . Phone (513) 332-9980. View our Customer Relationship Summary and visit our disclosure center for details about the services we provide. Advisors who earn commissions may be incentivized to MassMutual FINANCIAL GROUP~' MML Investors Services, Inc. 1295 State Street Springfield, MA 01111-0001 Toll Free (800) 542-6767 Fax (877) 665-4749 June 10, 2008 BY EMAIL TO: pubcom(&,Fmra.org Securities, investment advisory and financial planning services offered through qualified registered representatives of MML Investors Services, LLC., Member SIPC. Contact me online or call anytime at 844-689-5754. Neither the SEC nor FINRA tracks portfolio performance metrics for the financial planning industry. The firm invests in mutual funds, exchange-traded funds (ETFs), variable annuity sub-accounts, individual equities, individual fixed income securities and managed accounts. As a result, FINRA concluded MML Investors violated NASD Conduct Rule 3010, FINRA Rule 3110, and FINRA Rule 2010, censured the broker-dealer and ordered a remediation and compensation to Eligible Customers who were qualified, but did not receive mutual fund sales charge waivers. If an investor qualifies for a class A sales charge waiver and purchases class A shares, the investor will not pay a front-end sales load. Click here to find your advisor matches today. $950B. Thank you, Bob! What does this mean? As a result, FINRA censured and fined MML Investors $750,000. Both firms are accused of not disclosing these arrangements, which were conflicts of interest. As a result of the MML Investors supervisory failures, certain financial advisors at one branch office located in Utah recommended unapproved promissory notes to investors to investors who sustained losses of up to $760,000 when the issuers of these promissory notes discontinued interest payments. Manage Your Brokerage Account with Wealthscape Investor View and transact in your brokerage account from anywhere - either online or with the mobile app. *SEC data last verified June 01, 2023. MML Investors Services | Securities Fraud Attorneys. This fee may be Independent broker-dealers are notorious for their lax supervisory practices and procedures. Offices operating under an alternative marketing name may offer products, services or guidance outside of their relationship with MassMutual, MML Investors Services, or their affiliated companies. During one of FINRAs investigations, it discovered that MML Investors registered representatives had made thousands of unsuitable recommendations of Class B shares of mutual funds and that the firm had no supervisory procedures in place to make sure that clients received the opportunity to purchase Class A shares of mutual funds at net asset value and avoid sales charges. advisors nearby, we ask you a series of questions about your retirement plans, life status, investment goals This is the practice of attempting to make short-term profits on investments by buying low and selling high. and level of services needed. MML Investors is responsible like any employer for its financial advisors acts and omissions. 2023 Reink Media Group LLC. All rights reserved. What does this mean and why is it important? A regulatory agency has previously denied, suspended, or revoked the firms or an advisory affiliates registration or license or otherwise restricted their activities. Phone . SmartAsset does not review the ongoing performance of any Adviser, participate in the management of any users account by an Adviser or provide advice regarding specific investments. Bob Pearce is the real-life Marvel Hero who fights for small investors against brokerage institutions who manage investors hard-earned money carelessly, and even worse, conduct fraud outright. A domestic or foreign court has previously found firm or an advisory affiliate was involved in a violation of investment-related statutes or regulations. However, as a fiduciary, the advisor must act in your best interest at all times. Securities and Exchange Commission (SEC) Defense, CFTC Defense Lawyers We Handle Investigations & Enforcement Proceedings, Florida-OFR Investigations & Enforcement Proceedings, NFA Investigations & Enforcement Proceedings, Mismanagement of Trusts & Investment Accounts, North American Securities Administrators Association (NASAA), Daniel Lauletta of MML Investors Services, LLC, Christopher Fallon of MML Investors Services, LLC, Preston Bellaire of MML Investors Services, Robert Friedmar of MML Investors Services, David Harris formerly with MML Investors Services, James Brocke of MML Investors Services, LLC, Jason Champion of MML Investors Services, LLC, Daniel Cunningham of MML Investors Services, Alan Bednarchik Of MML Investors Services, LLC, Alan Silverman of MML Investors Services, LLC, Andrew Schwartz of Hightower Securities, LLC, Elaine Roumillat of MML Investors Services, William Schulte Formerly With MML Investors Services, Carlos Temperan of MML Investors Services, William Wyrozub of MML Investors Services, Dmitriy Yankelevich of MML Investors Services, Adam Belardino of MML Investors Services, LLC, Bradley Everett Formerly With MML Investors Services, Craig Farr Formerly With MML Investors Services, Kevin Dicke Formerly With MML Investors Services, Adam Laakko Formerly With MML Investors Services, Rona Rosenberg formerly with MML Investors Services, Teresa Partain formerly with MML Investors Services, Jeffrey Chipper of MML Investors Services, Barbara Koppelkiernan of MML Investors Services, Michael Burgess of MML Investors Services, Michael Hanrahan of MML Investors Services, Tadas Petkevicius of MML Investors Services, Justin Phillips Formerly With MML Investors Services, Kevin Stokesbary of MML Investors Services, Elizabeth Sloan of MML Investors Services, Thomas Wieczerak of MML Investors Services, Wilberto Blasquez of MML Investors Services, Jeffrey Burgess of MML Investors Services, Joshua Von Steinfeld of MML Investors Services, Charlie Williams of MML Investors Services, LLC, Alisha Bush of MML Investors Services, LLC, Andrew Kirwin of MML Investors Services, LLC, Charles Dowds of MML Investors Services, LLC, Alberto Boulton of Merrill Lynch Pierce Fenner & Smith Incorporated, Amanda Berry formerly with MML Investors Services, LLC, Christopher Pitera Of MML Investors Service, Christopher Robinette of MML Investors Services, LLC, Claudio Gambin of MML Investors Services, LLC, Cliff Duester of MML Investors Services LLC, Dustin Tuthill formerly with MML Investors Services, LLC, Floyd Powell formerly with MML Investors Services, LLC, Forrest Jones formerly with Merrill Lynch, Pierce, Fenner & Smith Incorporated, George Lambrix, Jr. of MML Investors Services, LLC, Helen Smith of MML Investors Services, LLC, Hugo Hietapelto of MML Investors Services, LLC, Jerry Wade of MML Investors Services, LLC, John Murphy of MML Investors Services, LLC, Jongsik Kim of MML Investors Services, LLC, Joshua Plank of MML Investors Services, LLC, Kenneth Conway of MML Investors Services, LLC, Mark Pearcy of MML Investors Services, LLC, Matthew Bailey of MML Investors Services, LLC, Michael Nigro of MML Investors Services, LLC, Michael Koziol of MML Investors Services, LLC, Patrick Pilla of MML Investors Services, LLC, Peter Cassell of MML Investors Services, LLC, Robert Dunbar formerly with MML Investors Services LLC. To learn more about different types of pricing models, see our article on how much a financial advisor costs. How many times did it occur? In consideration, the department of business regulation agreed not to pursue any further action against MML Investors Services, LLC.. Firm can legally elect to accept commissions for their investment advisory services. In the prior fiscal year, the firm provided financial planning services to 16000 of its accounts. Today there are over 1500 MML Investors branch offices with over 8500 registered representatives in every state. MML Investors is a repeat offender: there are over 9 FINRA reported disciplinary proceedings citing the firm with one form of supervisory lapses or another. * A few of the notable FINRA Sanctions for its Supervisory Failures are below: A recent FINRA investigation revealed that MML Investors failed to prevent certain registered and associated persons who had been terminated from the Firm from continuing to access customer records and information, including nonpublic personal information, in violation of the SECs Regulation S-P: Privacy of Consumer Financial Information and Safeguarding Personal Information (Regulation S-P) and FINRA Rule 2010. Answer your questions in a way you understand. MML Investors Services Review Written by investor.com May 25, 2023 MML Investors Services, registered in 1993, serves 50 state (s) with a licensed staff of 6,978 advisors. 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. MML Investors account minimum varies based on account type. Many customers make the mistake of contacting MML Investors without representation with an attorney about their complaints and have their complaints denied. Accordingly, MML Investors will undertake a remediation plan that includes more than 5,200 transactions involving at least 447 client households for which it was censured and fined $473,000 and ordered to compensate investors in connection with the 5,200 transactions. who has at least $750,000 under management. Yes or If you want your profile removed temporarily or permanently, please contact [email protected]. SmartAsset Advisors, LLC ("SmartAsset"), a wholly owned subsidiary of Financial Insight Technology, is registered with the U.S. Securities and Exchange Commission as an investment adviser. The headquarters of MML Investors Services is 1295 State Street Springfield, MA 01111-0001. Fees for financial advice largely are based on which services the firm provides the client. Fee-only advisors do not earn Questions to ask Methodology We analyzed data on average expenditures for seniors, cost of living and investment returns to determine how many years of retirement a $1 million nest egg would cover in cities across America. Mml Investors Services, LLC does participate in a wrap fee program, in which the firm offers a bundle of services for a comprehensive fee. Also, scroll over any city to learn about the cost of living in retirement for that location. If you worked with MML Investors Services, seek legal advice today. Specifically, FINRA found MML Investors effected transactions where it made recommendations to clients to purchase Class B shares through its registered representatives. For further detail, see our articles on different types of advisors and financial advisor services. Then, we divided $1 million by the sum of each of those annual numbers to determine how long $1 million would cover retirement expenses in each of the cities in our study. MML Investors Services, LLC (CRD#: 10409) is a securities brokerage that is headquartered in Springfield, Massachusetts. This is not an offer to buy or sell any security or interest. firms or advisors. MML Investors Services also paid over $2.1M in disgorgement and penalties to the US Securities and Exchange Commission (SEC). Mml Investors Services, LLC is registered in the following states: Mml Investors Services, LLC has 1155 other branches across the U.S. When acting as brokers, there is no fiduciary duty. Get electronic storage of statements, trade confirmations, prospectuses, shareholder reports, tax forms and other correspondence. In contrast, a purchase of class B or C shares of the same fund will be subject to higher ongoing fees, as well as potential application of a contingent deferred sales charge., Sanction Details: The firm was censured, required to pay estimated total of $1,864,167.77, plus interest, in restitution to eligible customers and required to provide remediation to eligible customers who qualified for, but did not receive., Allegations: MML Investors Services, LLC failed to reasonably supervise an agent of the firm., Sanction Details: MML Investors Services paid a $100,000.00 administrative assessment and $25,000.00 in investigative and legal costs., Allegations: The firm failed to reasonably supervise its registered representatives in connection with their unapproved sale of certain private securities. From our first meeting, I felt "heard" and that my situation and story were respected. MML Investors has been in business since 1981. Firm performs side-by-side management with accounts that have differing fee structures. Typically, they will not exceed $25,000, and there is a minimum $500 fee. DFG Advisors is not a subsidiary or affiliate of MML Investors Services, LLC. Any such offices are not subsidiaries or affiliates of MassMutual or its affiliated companies. What does this mean? Though not as complex as investing, budgeting can greatly transform your financial situation. This page contains links to SmartAssets financial advisor matching tool, which may or may not match you with the firm mentioned in this review or its financial professionals. In the past ten years, a regulatory agency other than the SEC or CFTC has previously entered an order against this firm or an advisory affiliate in connection with an investment-related activity. Firm or an advisory affiliate has previously had their authorization to act as an attorney, accountant, or federal contractor revoked or suspended. 1295 State Street, Springfield, MA(413) 737-8400 Website. When firms are dual-registered as broker-dealers, they may be subject to compensation-related conflicts of interest, including revenue sharing from mutual funds and the sale of proprietary investment products. As a result, we do not support personal reviews on the site. In total, MML Investors Services manages $58.8 billion in assets. ", "Good positive experience. FINRA investigated and discovered that MML Investors violated NASD Rules 3010(a) and 2110 by failing to reasonably supervise its registered representatives in connection with their unapproved sale of certain private securities. The firm also failed to establish and maintain a supervisory system and establish, maintain and enforce written supervisory procedures that were reasonably designed to achieve compliance with the reporting requirements Rules 3010 and 2110 and FINRA Rule 2010 for which FINRA censured and fined the firm $300,000. Find one of the 1% of firms that offer this fee type, Find one of the 26% of firms that offer this fee type, Find one of the 0% of firms that offer this fee type. These Eligible Customers were instead sold Class A shares with a front-end sales charge or Class B or C shares with back-end sales charges and higher ongoing fees and expenses. Through every step of the litigation he explained what to expect to happen. MML Investors offers its clients an extensive range of services, including: MML Investors explains on its firm brochure that it utilizes third-party investment advisors and money managers to perform investment research and provide asset allocation recommendations. "I spoke to Mr Sonn on a complex legal matter. . What conflicts arise from this relationship? As a Certified B Corporation, our focus is simple: people before profits. What does this mean? The business owners that power this multibillion dollar industry are changing, and a new era of the business of sports is underway. Read through our introductory course to financial advisors. *by appointment only. We have recovered many millions of dollars on our clients behalf. If youve lost money caused by MML Investors and/or its employees misconduct then the answer is, YES, you can sue MML Investors but the odds are you signed away your right to sue in court and agreed to resolve your dispute in a FINRA arbitration proceeding. The investor.com website utilizes verified data from reputable sources, which includes the Securities and Exchange Commission (SEC); however, it can vary from time to time. MML Investors Services currently serves clients in the following states: AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, PA, PR, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY. Profile content is produced by SmartAsset independently of any business relationships that might exist between SmartAsset and the named As a result, unlike hedge funds, there is no historical performance for any financial advisory firm. Mml Investors Services, LLC is affiliated with one or more other companies in the financial services industry, including with a broker-dealer or securities dealer, banking or thrift institution, trust company, insurance company or agency, pension consultant, real estate broker or dealer and commodity pool advisor. platform based on information gathered from users through our online questionnaire. Firm or an affiliate actively engages in business as a law firm or lawyer. 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 Massachusetts Mutual Life Insurance Company acquired MetLife Premier Client Group in 2016. In addition, it has an independent duty to supervise its stockbrokers and investment advisors. Questions to ask NE For instance, research has shown that mutual funds that use incentive fees take on more risk than funds that do not, and tend to double down and increase their risk following a poor performance. Give us a call at800-732-2889. Questions to ask Sixteen of these disclosures are related to regulatory events involving this firm. On the contrary, a fee-only firm eliminates all third-party income, instead focusing entirely on client-paid fees. His demeanor was professional and pleasant and I would not hesitate to use him in future matters.