Lisa Detanna – Global Wealth Solutions Group – Scam

You might have heard of Lisa Detanna through one of her vlogs or her book. She is a financial advisor as a part of Raymond James & Associates, Inc. 

At a glance, Lisa Detanna seems like an ordinary financial advisor but she uses shady marketing tactics and greedy provisions to trap clients. In the following review, I have shared how this financial advisor takes advantage of her clients through manipulation and unethical business practices: 

Who is Lisa Detanna? About Global Wealth Solutions Group:

Lisa Detanna is the Managing Director and Senior Vice President, Investments at Global Wealth Solutions Group and DH Consulting, both of which are a part of Raymond James. 

She has MBA, WMS, and AIF certifications. Lisa runs the Global Wealth Solutions Group with Gary Handler. She offers various financial advisory services to her clients including retirement planning, financial planning, investment advisory services, and several others. 

Her firm has offices in Beverly Hills and Los Angeles. The address of her Beverly Hills office is 9595 Wilshire Blvd., Suite 801, Beverly Hills, CA 90212-2508. Similarly, the address of the Los Angeles office is 444 S. Flower Street, Suite 3870, Los Angeles, CA 90071-2933. 

Lisa and her team cater to both individuals and institutions. She has spent a lot of effort on marketing herself as an industry leader. Lisa runs a video blog series titled Lisa’s Lessons where she shares educational videos on various financial concepts. 

Also, she spends a lot of money on paid PR articles to promote herself. You’d see a ton of blog articles praising her and her accolades on the web if you google her name “Lisa Detanna”. 

Why does she need to spend so much money on promotions? Primarily, because she has to hide a lot of dirt from her prospective clients. 

For example, Lisa has had a multi-million dispute with one of her clients for fraud. Furthermore, her firm’s terms and conditions are very greedy and are definitely not client-friendly.

Below are all the issues Lisa Detanna tries to hide from you: 

Issues Lisa Detanna Hides from Investors and Clients

$1.3 Million+ Dispute: Breach of Fiduciary Duty and Fraud

The biggest red flag in Lisa Detanna is her professional history. When you look her up on FINRA BrokerCheck, you find a dispute with the date 5-29-2009. 

Here, the client filed a lawsuit against Lisa for breach of fiduciary duty, breach of written contract, fraud by misrepresentation and omission

The claimant requested $1,345,015.00 in damages. This lawsuit was settled outside the court as it was appealed later. 

There’s a very small list of things an advisor can do to face a multi-million lawsuit. This client dispute suggests that Lisa doesn’t put her clients’ ahead of her own. Breach of fiduciary duty, fraud, misrepresentation, and breach of written contract, these all are huge mistakes. 

Moreover, it’s clear that she hasn’t improved on anything as her current terms and conditions are just as greedy as her dispute suggests: 

Earning from Commissions 

A huge issue I noticed in Lisa Detanna’s disclosures is that she earns from commissions. Selling commission-generating products can introduce a lot of bias in the advisor’s recommendations. 

Before you act on the recommendations of your advisor, you’d have to ask yourself this question, “Does my advisor value my financial future or her wallet?” 

Also, earning from commissions can lead to numerous conflicts of interest, leading to unsuitable recommendations and misrepresentation. Always review the recommendations you get from such an advisor. 

12b-1 Fee Conflict

The Global Wealth Solutions Group charges a 12b-1 fee on many investments it recommends to its clients. This is a marketing fee which offers nothing for the added cost. 

The 12b-1 fee only increases the cost of your investment and reduces the ROI you get as it performs the same as any other investment. The SEC had conducted a thorough study to compare the returns of mutual funds that charge 12b-1 fee and those that don’t. 

Their study found no difference in the returns of the two, concluding that the investments that charge 12b-1 fee are worse than others. 

As a client of Lisa Detanna and her firm, you’ll be paying extra for getting nothing in return. It’s a common practice among greedy financial advisors to charge 12b-1 fees. The Schultz Group UBS also uses this tactic to make extra profits. 

Selling Affiliated Securities

Lisa Detanna and her firm have many affiliates who underwrite securities. Selling these investments can be very lucrative for Lisa because they offer higher commissions than others. 

When advisors recommend affiliated securities, it’s very difficult to trust them because they might be ignoring your financial interest for their own. Moreover, selling affiliated securities restricts the variety and quality of investments an advisor can suggest to her clients. 

Hence, clients end up with subpar recommendations packaged as the “best investment plan possible”. 

In many cases, the advisor simply ignores truly suitable investments because they don’t offer good commissions. You should be very cautious of any advisor who sells affiliated securities. Sadly, Lisa is one of them. 

Avoid Lisa Detanna and the Global Wealth Solutions Group

After going through everything, one thing is obvious: Lisa Detanna and her firm, Global Wealth Solutions Group, don’t keep their clients’ interests ahead of their own. 

Their disclosures have multiple issues which put you in a compromising position. Moreover, Lisa has had a multi-million dispute with her client for fraud and breach of fiduciary duty. 

Due to these reasons, it would be best to avoid Lisa Detanna and her firm. 

2.6Expert Score
A Scam

Lisa Detanna is manipulating investors into trusting her by hiding critical data. She has faced a $1.3 million+ legal dispute and her current provisions are way worse. However, she gets away with all of this because of her misleading marketing. Beware!

Trust
3
Service
2
Experience
3
Concern for Clients
2.5
Pros
  • None
Cons
  • Misleading investors
  • Faced a $1.3 million+ legal dispute
  • Earning from commissions
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