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Expert Review

Carl Cafaro- Is He Involved in Hidden Fees, Disclosures, Lawsuits? Uncovered! (Update 2024)

1

Who is Carl Cafaro (CRD#: 4200040)?

Carl Cafaro, located in Minneapolis, Minnesota, is an Investment Advisor and Managing Director of Data site. He is an advisor in finance with 14 years of relevant expertise based in Newton Lower Falls, Massachusetts. Cafaro is a Merrill Lynch, Pierce, Fenner & Smith Ltd. employee.

They have previously worked for Bank Of America. and Merrill Lynch, Pierce, Fenner & Smith Inc. Cafaro holds Category 63 and Category 66 securities agent licenses and is authorized to assist consumers throughout  Texas.

He founded The Cafaro Company with the goal of consistently offering a superior customer experience based on our basic belief that clients come first. His staff is committed to providing the greatest degree of customized attention and care through this focused on customers’ financial planning process.

The Cafaro Group distinguishes itself from other consultants by focusing on your unique requirements, goals, and life changes.

2

About Merrill Lynch Wealth Management:

What is Merrill Lynch Wealth Management?

Merrill Lynch Wealth Management is a division of Bank of America that provides financial planning and investment management services to individuals, families, and businesses. The firm has a long-standing history of serving the financial needs of clients, and it is well-known for its sophisticated investment products and services.

The History of Merrill Lynch Wealth Management

Merrill Lynch Wealth Management was founded in 1914 by Charles Merrill and Edmund Lynch. The company was initially established to provide investment banking services to middle-market companies. However, over the years, Merrill Lynch expanded its services to include retail brokerage, wealth management, and financial planning.

In 2009, Merrill Lynch was acquired by Bank of America, and the two companies merged to form one of the largest financial institutions in the world. Today, Merrill Lynch Wealth Management has over 14,000 financial advisors and manages over $2.3 trillion in client assets.

The benefits of using Merrill Lynch Wealth Management

One of the primary benefits of using Merrill Lynch Wealth Management is the firm’s extensive resources and expertise. The company has a team of experienced financial advisors who work closely with clients to develop customized investment strategies based on their individual needs and goals.

Merrill Lynch Wealth Management also provides clients with access to a wide range of investment products and services, including mutual funds, exchange-traded funds (ETFs), stocks, bonds, and alternative investments. Additionally, the firm offers a variety of tools and resources to help clients monitor their investments and make informed decisions about their financial future.

Merrill Lynch Emblem

How Merrill Lynch Wealth Management Works

The key features of Merrill Lynch Wealth Management

Merrill Lynch Wealth Management offers a range of features to help clients manage their investments and plan for their financial future. Some of the key features of the firm include:

Financial planning:

Merrill Lynch Wealth Management offers comprehensive financial planning services to help clients achieve their financial goals. The company’s financial advisors work with clients to develop customized financial plans based on their individual needs and goals.

Investment management:

Merrill Lynch Wealth Management offers a range of investment management services, including portfolio management, asset allocation, and investment research.

Retirement planning:

Merrill Lynch Wealth Management offers a range of retirement planning services to help clients plan for their retirement. The firm’s financial advisors can help clients develop a retirement savings plan, estimate retirement expenses, and evaluate retirement income sources.

The different types of accounts offered by Merrill Lynch Wealth Management

Merrill Lynch Wealth Management offers a range of account options to meet the unique needs of individual clients. Some of the account options offered by the firm include:

Individual Retirement Accounts (IRAs):

Merrill Lynch Wealth Management offers traditional, Roth, and SEP IRAs to help clients save for retirement.

Brokerage accounts:

Merrill Lynch Wealth Management offers a range of brokerage accounts, including individual, joint, and custodial accounts.

Trusts and estates:

Merrill Lynch Wealth Management offers trust and estate planning services to help clients protect their assets and ensure that their wishes are carried out.

How to open an account with Merrill Lynch Wealth Management

Opening an account with Merrill Lynch Wealth Management is a straightforward process. Clients can either contact a financial advisor directly or visit the Merrill Lynch Wealth Management website to get started. The firm’s financial advisors will work with clients to determine their investment goals and risk tolerance and recommend an investment strategy that is tailored to their individual needs.

The fees and costs associated with Merrill Lynch Wealth Management

Merrill Lynch Wealth Management charges clients a fee based on the percentage of assets under management. The fee varies depending on the size of the account and the services provided. Additionally, some investment products and services offered by Merrill Lynch may also have additional fees and expenses.

The Merrill Lynch Wealth Management mobile app

Merrill Lynch Wealth Management offers a mobile app that allows clients to monitor their investments and access account information from their mobile devices. The app provides real-time market data, investment news, and alerts to help clients stay informed about their investments.

The Merrill Lynch Wealth Management website

The Merrill Lynch Wealth Management website provides clients with access to a range of tools and resources to help them manage their investments and plan for their financial future. The website includes market data, investment research, and educational resources to help clients make informed investment decisions.

How to achieve financial success with Merrill Lynch Wealth Management

Achieving financial success with Merrill Lynch Wealth Management requires a proactive approach to managing your investments and planning for your financial future. Here are some tips to help you get started:

Set clear financial goals:

To achieve financial success, it’s important to set clear financial goals and develop a plan to achieve them. Work with your financial advisor to identify your short-term and long-term financial goals and develop a plan to achieve them.

Monitor your investments:

Regularly monitoring your investments is essential to ensuring that your portfolio remains aligned with your investment goals and risk tolerance. Work with your financial advisor to regularly review your portfolio and make adjustments as needed.

Diversify your portfolio:

Diversifying your portfolio is essential to managing risk and achieving long-term investment success. Work with your financial advisor to develop a diversified investment strategy that is tailored to your individual needs and goals.

Take advantage of tax-efficient strategies:

Managing taxes is an important part of achieving financial success. Work with your financial advisor to identify tax-efficient investment strategies that can help you minimize your tax liability and maximize your investment returns.

What is FINRA? 

FINRA, which stands for the Financial Industry Regulatory Authority, is a government-approved organization responsible for protecting American investors. Its primary objective is to maintain fairness and integrity within the broker-dealer industry, promoting a safe and trustworthy environment for all market parties.

Common Misconceptions about Merrill Lynch Wealth Management

There are several common misconceptions about Merrill Lynch Wealth Management. Here are a few of the most common misconceptions:

It’s too expensive:

While Merrill Lynch Wealth Management charges a fee for its services, the firm’s fees are competitive with other wealth management firms. Additionally, the firm’s extensive resources and expertise can help clients achieve long-term investment success.

It’s only for wealthy clients:

While Merrill Lynch Wealth Management does serve high-net-worth clients, the firm also offers services to individuals with more modest investment portfolios.

It’s only for investment management:

While investment management is a key part of Merrill Lynch Wealth Management’s services, the firm also offers a range of financial planning services to help clients achieve their financial goals.

18/12/2023 Update
As of now, Carl Cafaro has not responded, nor has she apologized for her misdeeds. She has ignored our efforts to highlight the problems faced by her victims. Furthermore, she has only focused on propagating her fake PR.
3

Carl Cafaro Disclosures: BrokerCheck, FINRA, And SEC Reports

Two disclosure events occurred against Carl Cafaro, according to BrokerCheck records.

  • (1) The client claims that she was unaware of all of the fiscal implications of income in an IRA and was unaware of the repercussions of being attached to a contract for such an extended length of time. In January 2004, a variable annuity was purchased. The client makes no mention of compensating damages. This u4 modification was filed by the firm based on expected losses. As we are no longer the broker of authority on the contract, we were only able to acquire limited information from the insurance company for the estimate because the client did not cite particular damages in her claim. Furthermore, the client appears to have brought up this case following news of a contract between Bai and the secretary of the State of Massachusetts. Mr. Cafaro claims that he verbally and in writing communicated the contract’s features and provisions to the customer before purchase. To clarify, the client mentions being bound to the agreement for an extended period. The contract has a four-year surrender period.
  • (2) According to the lawsuit, RR Carl engaged in unlawful mutual fund transfers in March and April. The claimed sum for damages is $29,000.00, however, the settlement amount is $32,000.00.
Financial Advisors often take down their client disputes from FINRA’s Public database through Disclosure Expungement. Even law firms provide expungement services to FAs so that they can hide or remove their client disputes and maintain a clean record. So the lack of any disclosures on BrokerCheck doesn’t necessarily mean that the broker hasn’t had any disputes in the past.

FINRA’s BrokerCheck

individual_4200040.pdf (finra.org)

SEC Litigations & Forms

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Source: Carl Cafaro – SEC Site Search Search Results

4

Carl Cafaro Lawsuits, Legal Battles, & Disputes

The great majority of court cases filed in the United States of America are saved by CourtListener, UniCourt, Law.com, Justia, Trellis Law, and Law360. Anytime Carl Cafaro seems to be associated with a scenario, you can search it up using the links supplied below.

There might be more pending lawsuits against Carl Cafaro which are not listed on these directories. Lawsuit files are often deleted from online directories. So if you cannot find any lawsuits against Carl Cafaro on these websites, you can contact the local authorities and check if they have a physical copy of any cases.

5

Carl Cafaro Complaints, Class Action Lawsuits & Legal Battles

The following websites/directories are the best sources for finding complaints, litigations, and disputes against finance advisors. You can find all the complaints against Carl Cafaro using the websites down below:

You can contact the law firms mentioned above if you are facing issues with Carl Cafaro or any financial advisor.

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Frequently Asked QuestionsFind the answers to your most common questions related to Carl Cafaro & Merrill Lynch Wealth Management

Where is Carl Cafaro located?

Newton

What are Carl Cafaro’s qualifications

Master’s Degree from Boston College

Is Carl Cafaro facing any lawsuits?

No

Has Carl Cafaro been charged by the SEC?

No

How do I contact Carl Cafaro?

(617) 243-8046

Does Carl Cafaro have any disclosures?

Yes

Which Firm does Carl Cafaro work with?

Merrill Lynch Wealth Management

What is Carl Cafaro’s CRD Number?

CRD#: 4200040
7

Better Alternatives To Carl Cafaro (By Experts):Find the top 3 alternatives to Carl Cafaro

These recommendations are based on the ratings of SmartAsset.com, the biggest financial advisor review platform on the internet.
Assets Managed
Pros
Cons
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Summit Rock Advisors
#1 Rated Investment Advisor
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Assets Managed
$19.9 Billion
Pros
0 Disciplinary Actions
1:2 advisor/client ratio
Cons
3 Conflict Laerts
Top Recommendation
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Fort Washington Investment Advisors
Best Customer Service In The Market
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Assets Managed
$52.42 Billion
Pros
Good advisor/client ratio
Reputed
Cons
None
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Fisher
Investments
Highest Rated On Independent Platforms
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Assets Managed
$17.3 Billion
Pros
Fee-only
High overall rating
Cons
Several complaints on platforms
You can check out the top 10 financial advisors in the U.S. to learn more.

8 Comments
Show all Most Helpful Highest Rating Lowest Rating Add your review
  1. These financial advisors are a nightmare for investors. They deceive numerous individuals. The services that they were offering were a complete waste of time. Many investors had suffered a huge amount of financial loss.

  2. Reading this article makes me aware of how these advisory firms were doing their task secretly. Clients were unaware of their funds. I would never go with this firm it was a total waste of time and money.

  3. These firms charge hidden fees from the investors. The lack of transparency can be shown by these firms. It is really traumatic for investors when they are scammed by these bogus companies.

  4. There are many fake platforms and fake advisors are there in the market. And there are few legitimate companies. Now the people have to stay away from these fake advisory firms.

  5. In most cases, the company that had defrauded most of the cases the individual who had committed the crime was unable to come into the spotlight.

  6. Many of the people were unaware of these platforms and simply invested their money into this platform. Later they had to suffer heavy financial losses.

  7. I appreciate the efforts of the SEC they can find these firms, and take strict action against them but this would not solve the overall problem of the people. The government needs to pass a special law regarding this issue.

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