Expert Review

Louis Close: Hidden Fees, Disclosures, Lawsuits (New Update 2023)

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Who is Louis Close (CRD#: 2292238)?Everything you need to know about Louis Close and their accolades

At UBS Private Wealth Management, Louis Close is the Managing Director-Wealth Management, Financial Advisor, and Private Wealth Advisor.

In 1992, Louis started working in the financial services sector. He now provides clients with a personalized method of managing their investment portfolios. To guarantee that his clients’ complete range of personal and financial requirements are met, Lou collaborates with their attorneys, CPAs, and other professional counsel. To ensure that each client’s retirement, estate planning, and other financial goals are realized, he then creates a tailored portfolio and product recommendations.

Louis Close belongs to the elite UBS Chairman’s Council and is a member of the Investment Management Consultants Association.

He graduated from the University of Minnesota with a degree in economics. Lou is an active member of the community and currently sits on the board of directors of Bolder Options, an organization that mentors young people. He formerly served on the One Percent Club board as well as the Advisory Board for the University of Minnesota’s Athletic Department.

He served as a council member at his church, Oak Knoll Lutheran, and he also coached a girls’ travel basketball team in Wayzata. He resides in Orono with his wife Jill and their three daughters. License No. 0J24824 for California Non-Resident Insurance.

In this article, we will go deep into Louis Close’s past, discovering hidden disclosures and analyzing the consequences of the lawsuits.

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About FIRM:History, achievements, leadership, lawsuits, & disputes

What is UBS Financial Services?

UBS Financial Services is a global financial services company that provides a wide range of financial products and services to individuals, corporations, and institutions. The company has a long history in the financial services industry, dating back to its founding in Switzerland in 1862. Today, UBS is one of the largest and most well-known financial institutions in the world, with a presence in over 50 countries and a vast network of clients.

The primary goal of UBS Financial Services is to help clients achieve their financial objectives through a combination of expert advice, innovative solutions, and exceptional service. The company prides itself on its ability to provide tailored solutions to meet the unique needs of each client, whether they are looking to build wealth, preserve capital, or generate income. In this article, we will explore the various products and services offered by UBS Financial Services, as well as discuss some of the investment options available to clients.

One of the key factors that set UBS Financial Services apart from other financial institutions is its commitment to client satisfaction. The company believes that by putting the needs of its clients first and maintaining a strong focus on ethical business practices, it can build long-lasting relationships and create lasting value for both its clients and the company itself. This approach has helped UBS Financial Services establish itself as a trusted partner to clients around the world, and it continues to drive the company’s success today.

UBS Financial Services Products and Services

UBS Financial Services offers a comprehensive range of financial products and services designed to meet the diverse needs of its clients. These offerings can be broadly categorized into four main areas: wealth management, asset management, investment banking, and retail banking.

Wealth Management

Wealth management is a core focus of UBS Financial Services, and the company provides a wide range of solutions to help clients manage their wealth effectively. These services include financial planning, investment management, estate planning, and tax planning. UBS Financial Services also offers specialized services for high-net-worth individuals and families, such as philanthropy and family office services.

Asset Management

Asset management services from UBS Financial Services are designed to help clients maximize their investment returns while managing risk. The company offers a variety of investment solutions, including equities, fixed-income, real estate, and alternative investments. UBS Financial Services also provides customized solutions to meet the specific needs of institutional clients, such as pension funds and endowments.

Investment Banking

UBS Financial Services’ investment banking division provides a range of services aimed at helping clients raise capital, manage risk, and execute transactions. These services include mergers and acquisitions advisory, debt and equity capital markets, and corporate lending. The company also offers research and analytics to help clients make informed investment decisions.

Retail Banking

In addition to its wealth management and investment banking services, UBS Financial Services also operates a retail banking division. This division offers a variety of banking products and services to individual clients, such as checking and savings accounts, credit cards, mortgages, and personal loans.

UBS Financial Services Investment Options

When it comes to investing, UBS Financial Services offers a wide range of options to help clients achieve their financial goals. These options can be broadly categorized into three main areas: traditional investments, alternative investments, and structured products.

Traditional Investments

Traditional investments offered by UBS Financial Services include equities, fixed income, and mutual funds. Clients can choose from a variety of investment strategies and styles, such as value, growth, or income-focused approaches. The company also offers access to a global network of investment managers, allowing clients to diversify their portfolios across different geographies and sectors.

Alternative Investments

Alternative investments are designed to provide clients with additional diversification and potential sources of return that may not be available through traditional investment channels. UBS Financial Services offers a range of alternative investment options, including hedge funds, private equity, real estate, and commodities. These investment options are typically available to qualified investors, such as high-net-worth individuals and institutions.

Structured Products

Structured products are financial instruments that combine various elements, such as derivatives and traditional securities, to create unique risk-return profiles tailored to specific investor needs. UBS Financial Services offers a wide range of structured products, including equity-linked notes, principal-protected notes, and structured funds. These products can help clients enhance their returns, manage risk, or achieve specific investment objectives.

UBS Financial Services Lawsuit

While UBS Financial Services is a well-respected financial institution, it is important to note that the company has faced legal issues in the past. One notable example is the lawsuit filed against the company in 2008 by the U.S. Securities and Exchange Commission (SEC) for alleged fraud related to the sale of auction-rate securities.

The SEC alleged that UBS Financial Services had misled customers by falsely representing that auction rate securities were safe, liquid investments when, in fact, the market for these securities had become increasingly illiquid. As a result, many investors were unable to sell their auction-rate securities, resulting in significant losses.

UBS Financial Services ultimately settled the lawsuit in 2008, agreeing to repurchase an approximately 150 million fine. The company also implemented a series of internal reforms to improve its risk management and compliance processes.

SEC Fraud Charges

In addition to the auction rate securities lawsuit, UBS Financial Services has faced other legal issues related to securities fraud. In 2015, the company settled with the SEC for $19.5 million over allegations that it had failed to adequately disclose the risks associated with complex mortgage-backed securities it sold to investors between 2011 and 2014. The company neither admitted nor denied the allegations as part of the settlement.

Potential clients need to be aware of these past legal issues when considering working with UBS Financial Services. While the company has taken steps to address these issues and improve its internal processes, investors should carefully evaluate their options and weigh the potential risks and benefits of working with any financial institution.

22/11/2023 Update
As of now, Louis Close has not responded nor has he apologized for his misdeeds. He has ignored our efforts to highlight the problems faced by their victims. Furthermore, he has only focused on propagating his fake PR.
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Louis Close Disclosures: BrokerCheck, FINRA, And SEC ReportsEvery complaint, disclosure, and litigation against Louis Close

The brokerCheck report of Louis Close includes information such as employment history, professional qualification, disciplinary actions, criminal convictions, civil judgment, and arbitration awards as well as disclosure events.

In this case, the broker has been reported along with the notification regarding a customer dispute.

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This type of disclosure event involves:

(1) a consumer-initiated, investment-related arbitration or civil suit containing allegations of sales practice violations against the individual broker that was dismissed, withdrawn, or denied; or

(2) a consumer-initiated, Investment-related written complaint containing allegations that the broker engaged in sales practice violations resulting in compensatory damages of at least $5,000, forgery, theft, or misappropriation, or conversion of funds or securities, which was closed without action, withdrawn, or denied.

In this instance, the client’s relative with the client’s approval alleges unsuitability, material misrepresentations, and extreme negligence between January 3, 2005, and May 18, 2009. The total damage amounts to $63,383.75.

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_2292238.pdf (finra.org)

SEC Litigations & Forms

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Source: Louis Close – SEC Site Search Search Results

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Louis Close Lawsuits, Legal Battles, & DisputesActive database of all lawsuit documents (subject to availability) against Louis Close

Most court cases filed in the United States of America are archived on CourtListener, UniCourt, Law.com, Justia, Trellis.law, and Law360. If Louis Close has been involved in any such lawsuits, then you can find the documents using the links down below:

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

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Louis Close Complaints, Class Action Lawsuits & Legal BattlesRead all class action lawsuits and SEC complaints against Louis Close(if available)

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

You can contact the law firms mentioned above if facing issues with Louis Close or any financial advisor.

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Better Alternatives To Louis Close (By Experts):Find the top 3 alternatives to Louis Close

These recommendations are based on the ratings of SmartAsset.com, the biggest financial advisor review platform on the internet.
You can check out the top 10 financial advisors in the U.S. to learn more.
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Manages Assets Worth

  • $714,587,898,072

Services

  • Financial planning
  • Portfolio management
  • Pension consulting
  • Selection of other advisors
  • Publication of periodicals
1625686851535

Manages Assets Worth

  • $173,418,270,044

Services

  • Financial planning
  • Portfolio management
  • Portfolio assessment
Screenshot 2023 05 23 at 11.45.48 PM

Manages Assets Worth

  • $46,803,858,104

Services

  • Portfolio management

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