According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Alexander Fischman (Fischman), currently associated with Wells Fargo Advisors Financial Network, LLC, has at least 6 disclosable events. These events include 6 customer complaints, alleging that Fischman recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a pending customer complaint on September 05, 2025.
CLIENT ALLEGES MISREPRESENTATION WITH RESPECT TO COMMISSIONS CHARGED ON INDIVIDUAL TRADES AND OPENING OF MANAGED ACCOUNT 2024-2025
FINRA BrokerCheck shows a pending customer complaint on September 04, 2025.
CLIENT ALLEGED THAT IT WAS IMPROPER FOR FA TEAM TO MAKE STOCK PURCHASES IN HIS COMMISSION BASED ACCOUNT AND THEN TRANSFER THE POSITIONS TO HIS MANAGED ACCOUNT WHERE HE WOULD BE ASSESSED AN ADVISORY FEE ON THE POSITIONS IN ADDITION TO THE COMMISSIONS HE PAID TO MAKE THE PURCHASES 2024-2025
FINRA BrokerCheck shows a settled customer complaint on August 22, 2025.
CLIENT ALLEGED THAT IT WAS IMPROPER FOR FA TEAM TO MAKE STOCK PURCHASES IN HIS COMMISSION BASED ACCOUNT AND THEN TRANSFER THE POSITIONS TO HIS MANAGED ACCOUNT WHERE HE WOULD BE ASSESSED AN ADVISORY FEE ON THE POSITIONS IN ADDITION TO THE COMMISSIONS HE PAID TO MAKE THE PURCHASES 2024-2025
FINRA BrokerCheck shows a pending customer complaint on August 22, 2025.
CLIENT ALLEGES, INTER ALIA, MISREPRESENATION WITH RESPECT TO COMMISSIONS CHARGED ON TRADES AND RATE CHARGED ON ADVISORY ACCOUNT 2024-2025
FINRA BrokerCheck shows a pending customer complaint on August 22, 2025.
CLIENT ALLEGES, INTER ALIA, MISREPRESENTATION WITH RESPECT TO COMMISSIONS CHARGED ON EQUITY TRADES AND PLACEMENT FEE ON ALTERNATIVE INVESTMENT 2024-2025
FINRA BrokerCheck shows a pending customer complaint on August 22, 2025.
CLIENT ALLEGES MISREPRESENTATION WITH RESPECT TO MANAGED ACCOUNT FEES 2025
When your financial advisor is providing advice they must adhere to the SEC’s Regulation Best Interest (Reg BI) rule and standard of care. Reg BI replaced the former “suitability” rule and created a ‘best interest’ standard for brokerage firms and registered representatives. 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.
The care obligation also requires the broker to address the client’s specific needs through obtaining specific investment profile information on the client. The associated person typically will ask the customer for information such as the investor’s risk tolerance or ability to withstand account value declines or increases; experience with investments available; investment objectives and goals; investment time horizon; liquidity needs; assets such as investment accounts held at other financial institutions; tax information; their age and retirement plans; and other information that a customer may want to provide to the advisor to help them to properly address the services needed. 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.
Fischman entered the securities industry in 2012. Fischman has been registered as a Broker with Wells Fargo Advisors Financial Network, LLC since 2025.
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.