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Investor Protection

Broker Tried Juggling 4 Jobs at One Time

May 5, 2020

[Photo:  Juggling / r3bsolutions]


by Howard Haykin



Ever get the feeling your broker isn’t giving you or your brokerage account the kind of attention you deserve? Are they not around when you call, or do they seem pre-occupied with other matters? Perhaps your frustrations are 'spot on' because they're really just a 'part-time' broker. 



Take, for example, a broker who worked for Thrivent Investment Management in its Scottsdale, AZ, branch office. She was actively engaged in 3 outside business activities when she joined Thrivent in January 2016. To matters worse, she never told the firm or otherwise sought its approval for any of these activities – until more than a year later. And all along she was receiving compensation for each activity, which included, the following:


  • As principal and owner of a company, she provided bookkeeping and accounting services to small businesses and individuals.


  • As office manager for a veterinary practice and animal hospital, she provided bookkeeping, accounting, real estate management and/or personal management services to the hospital, its owner and related entities.


  • As a director and treasurer for the veterinary practice, she provided executive services.


  • As trustee for the estate of the animal hospital's owner, she facilitated completion of estate documents, including a will and trust document.



CUSTOMER TAKE-AWAYS.    If you feel ignored or are not getting adequate service, speak up. First to the broker, and then to firm management. If that doesn't help, move your account to a brokerage firm that respects your business – however large or small. And, if you incurred portfolio losses due to the poor servicing of your account - or you're simply upset with the entire matter - file a complaint with FINRA, the securities regulator. 



[For further details, click on … FINRA Case #2018059598101.]