All Seasons Wealth – Untrustworthy and Shady Leadership
You might have heard of All Seasons Wealth if you’re looking for financial advisory firms in Tampa. They make many claims about putting their clients’ interests ahead of their own. But in reality, that’s far from the truth.
This is a shady firm which uses unethical tactics to trap investors in unfavorable agreements. The following review will shed more light on it:
About All Seasons Wealth
All Seasons Wealth is a financial advisory firm based in Tampa, Florida. Its office is located at 100 N Tampa St #3750, Tampa, FL 33602, US and the contact number is 813-490-6610. They are a part of Raymond James Financial Services.
Jeff Hausinger is the president and CEO of this firm while Matthew Coffey is the director of national sales. Other notable people at this firm include Jason Dimeo, Dustin Henderson, Sanjiv Saste, and Bryce Alley. They cater to high net worth individuals, professional athletes, professionals, corporate executives, corporate clients, high net worth families, and young professionals.
The firm claims to follow a fiduciary standard through the service. They also claim to place your interests ahead of their own, which is false because their provisions tell an entirely different story.
Some of the services you can avail here are:
- Asset management
- Executive solutions
- Retirement planning
- Estate planning and charitable giving
- Financial planning
The disclosures of this firm indicate that it’s more profitable for the firm to ignore your interests. As you’ll read in the next section of this review, they have multiple problematic provisions in their terms and conditions.
Issues Present in All Seasons Wealth You Should Know
Jeff Hausinger and his Conflicted Past
The CEO and President of this firm is Jeff Hausinger and his FINRA BrokerCheck says that he has had two legal disputes in the past.
His first FINRA BrokerCheck disclosure is an employment termination notice. In 2010, he had to take voluntary resignation from his position at Merrill Lynch, Pierce, Fenner & Smith Inc.
The cause was an internal review concerning potential violations of firm policies regarding communications with clients and the public, employee conduct, and impermissible payments.
There were media reports suggesting that he gave money to a third party, who was not a Merrill Lynch customer. He denied all allegations and claimed that Merrill Lynch had made false allegations.
His second dispute was with a customer and it happened in 2016. Here, the client claimed Jeff Hausinger didn’t act on his instruction to invest his money in low risk investments. Jeff called these allegations false and claimed that he is not responsible for any of his “so-called losses”.
These disclosures show just how professional and reliable the All Seasons Wealth CEO is.
He lost his last job for allegedly sending money of his firm (or his client) o a third party. This is a huge red flag.
Putting Clients at Excessive Risk
A close look at the terms and conditions of All Seasons Wealth shows that this firm recommends products that charge performance-based fees. On paper, this fee structure seems quite attractive but it is quite dangerous because it incentivizes the advisor to implement high-risk strategies.
High-risk strategies, as the name suggests, usually fail. As a result, the investor surfers losses or at best, receives poor returns. What’s worse is that you can’t hold your advisor responsible for the losses you suffer because of these high-risk strategies.
That’s because you sign a waiver at the beginning of your professional relationship with them which frees them of any responsibility whatsoever. That’s why Jeff Hausinger was able to get away scot free in his latest dispute.
All Seasons Wealth performs side-by-side management. This means they handle large clients at the same time they manage smaller retail accounts. Side-by-side management leads to low-quality service for clients with mid-sized or small portfolios.
The firm claims that it caters to high net worth individuals, families, and institutions while also providing its services to young professionals.
When an advisory firm performs side-by-side management, it tends to allocate most of its resources to its larger clients. This leaves little to nothing for the smaller clients.
To save their time and efforts, firms like All Seasons Wealth start giving cookie-cutter advice to their clients. They take a glance at the client’s profile and make generalized recommendations instead of giving personalized advice.
Cookie-cutter advice is terrible for an investor because it would never yield you optimal results. Moreover, by the time you’ll realize that you missed out on optimized returns, it would’ve been too late.
So, avoid firms that perform side-by-side management. Sadly, All Seasons Wealth is one of them.
All Seasons Wealth makes many claims about its expertise and how much it cares about its customers. But the truth is, the firm doesn’t care about the interests of its clients at all.
It has sketchy leadership and multiple provisions which incentivize them for ignoring their clients’ interests. Avoid such firms at all costs.
All Seasons Wealth makes many claims about its sincerity and expertise. But the truth is, the firm exposes its clients to multiple conflicts of interest which can be avoided very easily. Hence, it would be best to ignore All Seasons Wealth.
- Questionable leadership
- Performing side-by-side management
- Putting clients at excessive risk