"In addition to ensuring an optimal settlement structure, we will also evaluate how the settlement meshes with Medicaid benefits for which the client may be eligible, and help determine the advisability of utilizing a Special Needs Trust. Finally, we can put together a financial plan that utilizes appropriate investment options for the assets not covered by the structured settlement. The plan may encompass variable annuities, mutual funds, and individual securities"
The above statement appears in a solicitation on the website of a Florida based insurance agent engaging in structured settlements and settlement planning. Seems harmless enough, but what’s wrong with it?
It is clear that the broker in question is soliciting services comprising investment advice that is not incidental. Despite the solicitation of investment brokerage or financial advisory services, there is no identification of a broker dealer or registered investment adviser on the website. I was unable to find the firm through an SEC Investment Adviser Registration Depository under the name of the firm whose website the above solicitation appeared on. Because a broker dealer is also not listed I was also not able to determine which if any broker dealer this individual is affiliated with. I know what I’m doing. I wonder how a consumer is supposed to find out?
Identification requirements are there to protect consumers. Failure to comply with regulations made lead to fines, loss of your license, or worse.
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