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Gripeo > Blog > Consumer News > Michael Gara: Exposed with the Allegations of SEC
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Michael Gara: Exposed with the Allegations of SEC

Last updated: November 22, 2023 5:33 am
GripeO - Web Desk
Published: November 22, 2023
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MICHAEL GARA
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1

Who is Michael Gara (CRD#: 2943580)?Everything you need to know about Michael Gara and their accolades

Michael Gara takes a comprehensive approach to wealth management that goes beyond current market tactics. Drawing on his training in psychology, he takes the time to comprehend the complicated financial and emotional dynamics of each family before creating a tailored financial blueprint that aims to meet their objectives for long-term wealth creation and distribution.

Michael Gara has more than 25 years of expertise in the field and is aware of the value of working with customers of retirement plans, foundations, and endowments while maintaining a broad perspective. He spends time getting to know each institution, then collaborates with the team to build investment strategies and outreach plans to ensure that committees, trustees, and participants are aware of the benefits and guiding principles of the strategy.

Michael applies his understanding of psychology to retirement plans to assist plan members see the value of comprehensive financial wellness programs.

1Who is Michael Gara (CRD#: 2943580)?
2About FIRM:
3What is RBC Wealth Management?
4RBC Wealth Management Services
5Who is RBC Wealth Management for?
6RBC Wealth Management Disadvantages
7RBC Wealth Management Fees
8RBC Wealth Management Boys Club Controversy
9RBC Wealth management lawsuit
10Michael Gara Disclosures: BrokerCheck, FINRA, And SEC Reports
11Michael Gara Lawsuits, Legal Battles, & Disputes
12Michael Gara Complaints, Class Action Lawsuits & Legal Battles
13Better Alternatives To Michael Gara (By Experts):
2

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

What is RBC Wealth Management?

As mentioned earlier, RBC Wealth Management is a division of the Royal Bank of Canada that provides wealth management services to high-net-worth individuals, families, and institutions. These services include investment management, financial planning, tax planning, insurance solutions, and estate planning.

One of the key benefits of using RBC Wealth Management is the personalized service clients receive. Each client is assigned a dedicated financial advisor who works with them to create a customized plan that takes into account their unique financial goals, risk tolerance, and overall financial situation. Advisors also provide ongoing support to help clients stay on track and adjust their plans as needed.

RBC Wealth Management Services

Now that we know what RBC Wealth Management is, let’s take a closer look at the specific services they offer.

Investment Management

RBC Wealth Management provides investment management services to help clients grow their wealth over time. This includes creating a diversified investment portfolio that is tailored to the client’s risk tolerance and financial goals. Advisors also provide ongoing monitoring and rebalancing of the portfolio to ensure it stays aligned with the client’s objectives.

Financial Planning

What is a Financial Advisor?

A financial advisor is a specialist who offers professional financial advice to people looking to accomplish particular financial goals. You work with a financial advisor to develop a thorough financial plan that is specific to your situation, much like you would hire an architect to construct the blueprint for your home. Understanding your existing financial condition, including your income, costs, savings, and spending patterns, is a requirement for this collaboration.

In addition to investment management, RBC Wealth Management offers financial planning services to help clients achieve their long-term financial goals. This includes creating a comprehensive financial plan that takes into account retirement planning, tax planning, estate planning, and risk management. Advisors work with clients to identify their financial goals and develop a plan that is customized to their unique situation.

Tax Planning

RBC Wealth Management also provides tax planning services to help clients minimize their tax liabilities and maximize their after-tax returns. Advisors work with clients to identify tax-efficient investment strategies and help them navigate complex tax laws and regulations.

Insurance Solutions

RBC Wealth Management offers a range of insurance solutions to help clients protect their wealth and minimize their financial risk. This includes life insurance, disability insurance, long-term care insurance, and liability insurance. Advisors work with clients to identify their insurance needs and develop a plan that provides the appropriate level of coverage.

Estate Planning

Finally, RBC Wealth Management provides estate planning services to help clients plan for the transfer of their wealth to future generations. This includes creating a comprehensive estate plan that takes into account tax planning, charitable giving, and the distribution of assets. Advisors work with clients to create a plan that is customized to their unique needs and goals.

Who is RBC Wealth Management for?

Now that we have a better understanding of what services RBC Wealth Management offers, let’s discuss who it is for. RBC Wealth Management primarily caters to high-net-worth individuals, families, and institutions. According to their website, clients typically have investable assets of at least $1 million CAD.

However, it is important to note that RBC Wealth Management also offers services to clients with lower investable assets through their RBC Dominion Securities subsidiary. This subsidiary provides full-service brokerage and investment advisory services to clients with a minimum of $100,000 CAD to invest.

RBC Wealth Management Disadvantages

While RBC Wealth Management offers many benefits to clients, there are also some potential disadvantages to consider. One of the most significant drawbacks is the cost. RBC Wealth Management charges a set fee based on a percentage of the client’s assets under management. This fee can range from 1% to 2% or more, depending on the amount of assets being managed.

Another potential disadvantage is the lack of transparency. Some critics argue that RBC Wealth Management’s fees are not always clear and that clients may not know exactly what they are paying for. Additionally, there have been concerns about conflicts of interest, particularly with regards to the sale of in-house products.

RBC Wealth Management Fees

As mentioned earlier, RBC Wealth Management charges a set fee based on a percentage of the client’s assets under management. This fee can range from 1% to 2% or more, depending on the amount of assets being managed.

It is important to note that there may be additional fees associated with specific services, such as financial planning or tax planning. Clients should be sure to discuss all fees and charges with their financial advisor before agreeing to any services.

RBC Wealth Management Boys Club Controversy

In 2019, RBC Wealth Management was embroiled in a controversy surrounding allegations of gender discrimination and a toxic work environment. A group of female financial advisors filed a class-action lawsuit against the bank, alleging that they were subjected to a hostile work environment and denied equal pay and opportunities for promotion.

RBC denied the allegations and stated that they were committed to creating a workplace that is free from discrimination and harassment. The case is ongoing, and it remains to be seen what the outcome will be.

RBC Wealth management lawsuit

In addition to the Boys Club controversy, RBC Wealth Management has also faced other legal challenges in recent years. In 2018, the bank was fined $1 million CAD by the Ontario Securities Commission for failing to adequately supervise a former financial advisor who engaged in unauthorized trading.

More recently, RBC Wealth Management was named in a lawsuit filed by victims of a Ponzi scheme perpetrated by a former financial advisor. The lawsuit alleges that RBC failed to adequately supervise the advisor and ignored warning signs of the scheme.

22/11/2023 Update
As of now, Michael Gara 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.
3

Michael Gara Disclosures: BrokerCheck, FINRA, And SEC ReportsEvery complaint, disclosure, litigation against Michael Gara

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_2943580.pdf (finra.org)

MICHAEL-PATRICK-GARADownload

SEC Litigations & Forms

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Michael Gara: Exposed with the Allegations of SEC 15

Source: Michael Gara – SEC Site Search Search Results

4

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

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

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Michael Gara: Exposed with the Allegations of SEC 16

CourtListener

Lawsuits On CourtListner.com
logo
Michael Gara: Exposed with the Allegations of SEC 17

UniCourt

Lawsuits On UniCourt.com
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Michael Gara: Exposed with the Allegations of SEC 18

Law.com

Lawsuits On Law.com
Screenshot 11
Michael Gara: Exposed with the Allegations of SEC 19

Law360.com

Lawsuits On Law360.com
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Michael Gara: Exposed with the Allegations of SEC 20

Trellis.law

Lawsuits On Trellis.law
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Michael Gara: Exposed with the Allegations of SEC 21

Justia

Lawsuits On Justia.com
5

Michael Gara Complaints, Class Action Lawsuits & Legal BattlesRead all class action lawsuits and SEC complaints against Michael Gara

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

Screenshot 14
Michael Gara: Exposed with the Allegations of SEC 22

Sonn Law Group

Complaints On SonnLaw.com
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Michael Gara: Exposed with the Allegations of SEC 23

SEC.gov

Complaints On SEC.gov
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Michael Gara: Exposed with the Allegations of SEC 24

White Law Group

Complaints On WhiteSecuritiesLaw
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Michael Gara: Exposed with the Allegations of SEC 25

MDF Law

Complaints On MDF-Law.com
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Michael Gara: Exposed with the Allegations of SEC 26

Israels & Neuman, PLC

Complaints On IsraelsNeuman.com
Screenshot 19
Michael Gara: Exposed with the Allegations of SEC 27

Klayman Toskes

Complaints On KlaymanToskes.com

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

6

Better Alternatives To Michael Gara (By Experts):Find the top 3 alternatives to Michael Gara

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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