The Miller Miller Group Morgan Stanley

When you’re searching for a wealth advisory firm, it helps to know about the bad ones. This way, you can avoid making a huge mistake. One firm that you should definitely avoid is the Miller Miller Group Morgan Stanley. 

In the following review, you’ll learn about the issues this firm is trying to hide from you: 

The Miller Miller Group Morgan Stanley: A Brief Introduction

The Miller Miller Group Morgan Stanley is a wealth advisory firm based in Coral Gables, Florida. Their office is located at 220 Alhambra Cir 10th Floor, Coral Gables, FL 33134, US and the contact number is 305-507-7791. 

The Managing Director of this firm is Nadine G Miller. Other prominent people at this firm include Jessica Osteen (First Vice President), Eduardo Ortea, and Bradly Diaz. 

This firm claims to help its clients use their wealth to accomplish what is most important to them. They claim to draw on their experience and resources to implement tailored wealth management strategies. 

Some of the services you can avail with this firm include retirement planning, wealth management, life insurance, professional portfolio management, estate planning strategies, life insurance, lending products, fixed income, long term care insurance, and wealth management. 

While this firm makes plenty of bold claims about how much it cares about its clients, its disclosures tell a whole nother story. For example, the terms and conditions of this firm allow them to use your funds for generating profits for themselves. More on this in the next section of this review: 

When you’re looking into a new wealth advisory firm, it’s best to check the FINRA BrokerCheck profiles of its investment advisors. It would help you learn about their professional experience, their state licenses, the exams they have passed, and the legal conflicts they have had in the past.

The FINRA BrokerCheck profile of Nadine Miller, the Managing Director of this firm, shows three legal disputes. Her first legal dispute was with a customer and it occurred in 2002. 

Here, the client alleged that his accounts had multiple securities that were purchased without any consultation with him. Although the client didn’t specify the damages, he did highlight the time frame: 2000-2002. 

Later, the client withdrew the complaint for unspecified reasons. 

Nadine’s second dispute occurred in 2008. Here, the client alleged that Nadine Miller made unsuitable investments from 1998 to 2008. They requested $12,282 in damages but later abandoned the claim for unknown reasons. 

It’s quite suspicious because there isn’t any additional information available on these conflicts. 

Nadine’s third dispute occurred in 2020. Here, the client alleged unsuitability with respect to closed-end fund investment from August 2014 to May 2018. 

Her firm denied the claim but hasn’t specified why. In all three of her disclosures, there is little to no information available and her firm didn’t take any action. 

Keep in mind that it’s quite rare for such conflicts to end in the investor’s favor. That’s because firms like the Miller Miller Group Morgan Stanley make you sign a waiver which grants them near-immunity from such issues. Another advisor who used this tactic to avoid accountability is Nancy Daoud Ameriprise

Broker-Dealer Conflict

Although there are plenty of predatory clauses in the terms and conditions of the Miller Miller Group Morgan Stanley, the biggest one is that they are dual-registered as broker-dealers. Financial advisors who are dual-registered as brokers are notorious for ignoring their clients’ interests as they earn commissions from the sale of specific investments. 

Being a broker-dealer can lead to a plethora of conflicts of interest. These include revenue sharing from mutual funds, receiving transaction-based commissions and asset-based fees on the same investment and giving preference to affiliated mutual funds. 

While regulatory authorities are always trying to keep such financial advisors in check, they can’t possibly observe every advisor. Dual-registered advisors charge their retail RIA clients higher fees than their brokerage clients. 

Another huge red flag in the Miller Miller Group Morgan Stanely is that its advisors trade the securities they recommend to their clients. 

This allows them to use their clients’ funds for generating profits for themselves. They primarily cater to high net worth individuals and families and trading recommended securities allows them to use their funds unethically. 

For example, they might perform “front-running” where an advisor trades an investment and recommends it to her clients after. They might short-sell an investment and recommend their clients to sell the same to make a quick buck. 

Verdict

The Miller Miller Group Morgan Stanley has a plethora of red flags. It trades the investments it recommends to its clients and its leadership is tainted with a long history of disputes. 

All of this suggests that it would be best  for you and your financial security to avoid dealing with this firm. Find a different wealth advisory firm in Florida. 

2.5Expert Score
Greedy

The Miller Miller Group Morgan Stanley has multiple terms and conditions that make make it difficult to trust them. They have numerous conflicts of interest in their disclosures which they could’ve easily avoided. Because of these reasons, it would be best to find a different wealth advisor in Florida.

Trust
2
Experience
3
Service
2.5
Concern for Clients
2.5
Pros
  • None
Cons
  • Nadine Miller has a long history of disputes
  • Broker dealer conflict
  • Trading recommended investments
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