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Expert Review

Philip Walters: Has FINRA Charged Him or not? Uncovering the Truth! (Update 2024)

Who is Philip Walters (CRD#: 1189366)?

Philip Walters is a financial advisor at Wells Fargo Advisors. He was born in England and works as a lawyer for the International Law Firm Clifford Chance. After moving to the United States, he worked for Merrill Lynch and Bear Stearns in Los Angeles before joining a money management firm.

Philip has over 28 years of experience working in the financial services industry. He is a financial adviser to over 100 high-net-worth individuals.

This article goes further into Philip Walters’s past, uncovering hidden disclosures and SEC litigations, as well as analyzing the implications for law.

About Wells Fargo Advisors

Wells Fargo is a broker-dealer as well as an investment advising organization. Individuals, pension or profit-sharing plans, trusts, estates, charity organizations, corporations, governmental entities, educational institutions, and banks or thrift institutions are among its clientele.

According to Barron’s 2017 rating, Wells Fargo is the fifth-largest wealth management company, while being best recognized for its banking services.

Wells Fargo Advisors History

Wells Fargo has been in business for more than 160 years, founded in 1852 by William G. Fargo. The company began operations in San Francisco, offering banking and quick delivery services. Its express business led it to become involved in the stagecoach business, and it eventually grew to own and run the world’s largest stagecoach operation, resulting in the Wells Fargo logo we see today.

Wells Fargo Advisors and Wells Fargo Advisors Financial Network, LLC, both of which are networks of independent contractor representatives, offer broker-dealer and investment advice services.

Services Offered by Wells Fargo Advisors

Wells Fargo offers investment advising services through both Wells Fargo Advisors and Wells Fargo Advisors Financial Network, which operates through a network of independent contractor representatives. Prospective consumers can receive a free introductory consultation. The company provides the following products and services:

  • Advisory services
  • Asset management
  • Brokerage services
  • Estate planning strategies
  • Retirement planning
  • Portfolio analysis and monitoring

Wells Fargo also offers comprehensive financial planning as one of its investment advisory services, though this service is not integrated with existing accounts and only includes the creation of a plan.

Investment Planning Process of Wells Fargo Advisors

The investment planning process at Wells Fargo focuses on the client’s long-term objectives. The Envision procedure is an eight-step procedure that the firm takes clients through. This entails determining your primary life goals and then developing an investment strategy and asset allocation to support those goals. 

According to Wells Fargo, clients’ Envision plans would consider not only their life goals, but also their education ambitions, assets and obligations, cash flow requirements, retirement planning needs, levels of acceptable investment risk, and asset allocation objectives.

First, clients will work with their advisor to outline their primary life goals and choose their ideal as well as acceptable goals.  The advisor will then assist the client in prioritizing their goals, which will be stress-tested using statistical modeling. Following the completion of these stages, the adviser makes a recommendation to the client, and the proposed asset allocation is adopted. Once everything is in place, the adviser will continue to track progress and collaborate with the client to adjust the plan as new goals and priorities emerge.

Fees Under Wells Fargo Advisors

Wells Fargo Advisors typically charges clients a percentage of assets maintained in an account. This charge includes investment advice as well as trading expenses. Clients of certain investment advising programs, on the other hand, are paid an asset-based fee as well as commissions on each trade executed. In this arrangement, the asset-based fee is frequently paid to a third-party manager who has been chosen to handle the client’s account. Wells Fargo receives commissions for any services provided.

Wells Fargo’s financial planning services are the only ones that do not follow one of these two cost models. Financial planning clients pay a one-time cost that covers only the financial plan.

All of the investment programs offered through Wells Fargo Advisors Financial Network, a network of independent contractors, are wrap fee programs. Fee rates vary by an advisory program, with total fees ranging from 1.50% to 2.50%

What is SEC?

The Securities and Exchange Commission (SEC) in the United States is a federal government regulatory agency that works independently. Its main responsibility is to safeguard investors, ensure the securities markets operate in a fair and orderly manner, and facilitate capital formation.

30/12/2023 Update
As of now, Philip Walters has not responded, nor has he apologized for his misdeeds. He has ignored our efforts to highlight the problems faced by his victims. Furthermore, he has only focused on propagating his fake PR.

Philip Walters Disclosures: BrokerCheck, FINRA, And SEC

BrokerCheck report of Philip Walters includes information such as employment history, professional qualification, disciplinary actions, criminal convictions, civil judgment, and arbitration awards as well as disclosure events.

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.

BrokerCheck

Source: https://brokercheck.finra.org/individual/summary/1189366

SEC Litigations & Forms

image 1379

Source: https://secsearch.sec.gov/search?affiliate=secsearch&sort_by=&query=%27Philip+Walters%27

Philip Walters Lawsuits

Most court cases filed in the United States of America are archived on CourtListener, UniCourt, Law.com, Justia, Trellis, law, and Law360. If Philip Walters 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 Philip Walters which are not listed on these directories. Lawsuit files are often deleted from online directories. So if you cannot find any lawsuits against Philip Walters on these websites, then you can contact the local authorities and check if they have a physical copy of any lawsuits.

Philip Walters Complaints and 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 Philip Walters using the websites down below:

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

Better Alternatives To Philip Walters:

These recommendations are based on the ratings of SmartAsset.com, the biggest financial advisor review platform on the internet.
Screenshot 7

Manages Assets Worth

  • $6,427,792,177

Services

  • Financial planning
  • Portfolio management
  • Selection of other advisors (including private fund managers)
  • Family office and consulting services
Screenshot 8

Manages Assets Worth

  • $4,465,757,285

Services

  • Financial planning
  • Portfolio management
  • Pension consulting
  • Selection of other advisors (including private fund managers)
Screenshot 9

Manages Assets Worth

  • $302,000,000

Services

  • Financial planning
  • Portfolio management

Michael Whitaker
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