According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Jenna Kang (Kang), previously associated with Axa Advisors, LLC, has at least 9 disclosable events. These events include 8 customer complaints, one regulatory event, alleging that Kang recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on October 08, 2020.
Without admitting or denying the findings, Kang consented to the sanction and to the entry of findings that she refused to produce the information and documents requested by FINRA in connection with its investigation into whether Kang had signed customer signatures on her member firm’s documents.
FINRA BrokerCheck shows a settled customer complaint on June 23, 2020.
Client alleges that the signature on an account application submitted on their behalf does not belong to them.
FINRA BrokerCheck shows a settled customer complaint on June 09, 2020.
The client requested that an unauthorized account be closed after learning that their former RR submitted an account application without the client’s authorization.
FINRA BrokerCheck shows a settled customer complaint on June 01, 2020.
Client alleges that a retirement account application submitted on their behalf contains a signature that does not belong to them.
FINRA BrokerCheck shows a settled customer complaint on May 27, 2020.
Client alleges that the signature on a retirement account application does not belong to them.
FINRA BrokerCheck shows a settled customer complaint on May 21, 2020.
Client alleges RR opened a retirement account on the client’s behalf without full disclosure.
FINRA BrokerCheck shows a settled customer complaint on May 21, 2020.
Client alleges RR opened a retirement account on the client’s behalf without full disclosure
FINRA BrokerCheck shows a settled customer complaint on May 20, 2020.
Client alleges that they do not recognize the signature on a retirement account application that was submitted on their behalf.
FINRA BrokerCheck shows a settled customer complaint on April 06, 2020.
Client alleges RR opened a retirement account without her permission or knowledge in 2020.
Financial Advisors providing advice to retail investors are required to adhere to the SEC’s Regulation Best Interest (Reg BI). Reg BI applies a ‘best interest’ standard for broker-dealers and their associated people. Reg BI applies when brokers recommend a retail investor engage in securities transaction or an investment strategy involving one or more securities. Reg BI also applies to financial advice concerning the transfer of funds and opening of accounts. This standard applies when brokers make recommendations to retail customer for any securities transaction or investment strategy involving securities, including recommendations of types of accounts.
Another aspect of the care obligation is focusing on the client’s specific needs which brokers must reasonably understand through obtaining information for the client’s investment profile. In completing a customer’s investment profile the advisor should include information such as the investor’s investment time horizon; liquidity needs; risk tolerance; experience with various investment vehicles; investment objectives and financial goals; assets and debts including outside investment accounts; marital status; tax information; age; and other relevant information that may be individual to the investor that the advisor would need to know to properly render advice or provide services. The Reg BI rule applies a fiduciary principles and requires an associated person to act in the retail investor’s “best interests” while barring the broker from placing their own financial interests and compensation incentives ahead of the investor’s best interest. Reg BI comes with different core obligations that brokers must comply with. There is the duty of care obligation requiring financial advisors to form a reasonable belief that their investment advice and recommendations are in the retail investor’s best interest among other duties. In order to do that the broker must evaluate the potential risks, rewards, and costs associated with a product, account type, or series of transactions being recommended.
Another aspect of the care obligation is focusing on the client’s specific needs which brokers must reasonably understand through obtaining information for the client’s investment profile. In completing a customer’s investment profile the advisor should include information such as the investor’s investment time horizon; liquidity needs; risk tolerance; experience with various investment vehicles; investment objectives and financial goals; assets and debts including outside investment accounts; marital status; tax information; age; and other relevant information that may be individual to the investor that the advisor would need to know to properly render advice or provide services. Using the foregoing information, the associated person then must consider reasonably available investment option to accomplish the investor’s goals as well as alternative investment options that may be cheaper or other important qualities. Finally, the advisor must conclude that there is a reasonable basis to believe that the recommendation being provided is in the investor’s best interest. In addition to specific investments being recommended, under Reg BI, a broker must also understand the type of account that their client would need in order to meet their care obligations. The SEC has stated that the type of securities account an investor has can greatly affect a customers’ costs and overall investment returns. Further, different account types can offer and support different features, products, securities, or services, and account type would not be appropriately applied in a one size fits all manner.
Kang has been in the securities industry for more than 3 years. Kang has been registered as a Broker with Axa Advisors, LLC since 2016.
Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to the mishandling of their accounts. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.