Gretchen Morgenson
speaker
80 appearances
2 recordings
1 series
first heard Feb 2019
last heard May 2019
Gretchen Morgenson’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · Should a Financial Adviser Inherit a Client's Assets? · 23 May 2019
podcast
So the question does exist about whether or not she had her full faculties.
Yes, this was really one of the most unsettling aspects of the story.
So this was an insurance product that had been sold to the elderly client, and the payout to the broker came in the form of cash from an insurance product.
So the insurance administration, an investigator, a longtime investigator, very experienced, took up this case, wanted to investigate it,
and concluded that the broker had acted unethically and that he should be barred from selling insurance in the state and he should be fined.
What happened next was the investigator was fired and the insurance administration determined that nothing had gone wrong in this case.
Well, that is what the head of the Maryland administration was trying to tell me in my April story when he said, sometimes people do things that you don't think is right, but it's not illegal.
So here was a situation where the investigator felt that he had enough facts and ammunition to bar this broker from activity in the state, but the administration, his bosses, didn't agree with him.
They're trying to make FINRA, the regulatory oversight, they're trying to make them put in rules that will say this is improper, this is wrong, this violates our rules and regulations.
Again, they point out this conflict of interest that appears or that arises when a broker can benefit from a client's passing.
And so they want FINRA to say, no, that's not allowed.
We have rules.
And if you violate those rules, you will be penalized.
You will have to give the money back and you will no longer be allowed to do business.
Well, I like the fact that it's a bipartisan group of senators.
We have people on both sides of the aisles.
This seems to me to be an issue that is not controversial.
I've heard, as I said, from a lot of readers who are perplexed that this could even happen.
And so I think that I hope that it will get traction.
The important thing to remember here is that any fee that is charged with the intention of selling mutual fund shares is supposed to be done only in a type of a plan that has been approved.
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