Chris Digregorio is a financial advisor at Ameriprise Financial Services. He claims to offer a range of financial planning and investment management services to clients.
However, it is important to consider the full picture when evaluating a financial advisor’s credentials and track record. In this article, we delve deeper into Chris Digregorio’s background, uncovering hidden disclosures and examining the potential legal implications.
Who is Chris Digregorio?
Chris Digregorio is a financial advisor at Ameriprise Financial Services in Holmdel, NJ. He has been working for the past 23 years. Chris Digregorio has already completed the Series 63 and Series 65 examinations and is licenced to provide investment advice in Delaware and New Jersey.
He claims to specialise in Wealth Preservation Strategies, Investments, Retirement Planning Strategies, Saving for Education, Cash Flow Management Strategies, Family Finances, Social Security Retirement Benefits, Insurance, Tax Planning Strategies, Estate Planning Strategies and Investment Management.
We look at 34 different data points when analyzing and publishing such reviews. Once the research on these data points is submitted, expert contributors reach out to the company’s customers and associates to get more insight into their operation. Finally, all the collected information is presented in the form of this expert review.
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About Ameriprise Financial Services
Ameriprise Financial was founded in Minneapolis, Minnesota in 1894 as Investors Syndicate by John Tappan. The company’s purpose was to help customers reach their financial goals by investing in a diversified portfolio of equities and bonds. Investors Syndicate has grown to become one of the largest mutual fund companies in the United States over time.
Investors Syndicate was renamed IDS Financial Services and became a publicly traded business in 1984. IDS Financial Services was renamed Ameriprise Financial in 2005 to better represent the company’s focus on assisting clients in achieving their financial objectives through a broad range of financial planning and investment management services.
Ameriprise Financial is now a Fortune 500 company with over 10,000 financial advisors and over 2 million clients. The firm, which has offices in the United States, Canada, and the United Kingdom, claims to assist individuals and families in achieving their financial objectives through a personalised approach to financial planning.
Ameriprise Financial’s Services and Products
Ameriprise Financial offers a wide range of financial planning and investment management services designed to help individuals and families achieve their financial goals. These services include:
Financial planning:
Ameriprise financial‘s financial advisors work with clients to create a comprehensive financial plan that takes their particular circumstances and goals into account. Retirement preparation, education planning, estate planning, tax planning, and risk management are all included in the plan.
Investment management:
Ameriprise Financial’s investment management services provide access to a diverse portfolio of investment products such as mutual funds, exchange-traded funds (ETFs), individual stocks and bonds, and alternative investments. Financial advisors at Ameriprise Financial assist customers to create a customised investment strategy based on their risk tolerance, time horizon, and financial goals.
Insurance:
Ameriprise Financial provides a variety of insurance products, such as life insurance, disability insurance, long-term care insurance, and annuities. These products are intended to assist individuals and families in safeguarding their assets and providing financial stability in the event of unexpected events.
About FINRA
The Financial Industry Regulatory Authority (FINRA) is a non-profit organisation established to safeguard American investors against fraud and unethical trading practices.
While the SEC regulates the overall financial market, FINRA is in charge of overseeing broker-dealers, capital acquisition brokers, and financing portals in the United States. FINRA, unlike the SEC, is not a government entity. However, it does have some enforcement power and plays an important role in ensuring that the securities market operates fairly and honestly.
What does FINRA do?
FINRA strives to protect investors and safeguard market integrity by:
Writing and enforcing FINRA compliance rules
FINRA writes and enforces rules that U.S. broker-dealers and firms must follow. The organization regulates trading practices for corporate bonds, equities and securities futures.
FINRA requires its members to meet certain compliance standards:
- U.S. brokers and firms must be registered with FINRA to trade on behalf of the investing public.
- Securities professionals have to pass the qualifying exams administered by FINRA.
- Financial institutions must retain specific electronic communications, prevent data theft and loss, make information accessible and follow data storage procedures.
- FINRA members must abide by the organization’s conduct standards.
What is a BrokerCheck Report?
BrokerCheck is a free FINRA tool that allows you to check the professional backgrounds of brokers, brokerage firms, investment adviser firms, and advisors.
BrokerCheck obtains its information about brokers and brokerage firms from the Central Registration Depository (CRD®). FINRA requires all brokers to be licenced and registered, and CRD is the securities industry’s online registration and licencing database.
CRD information is gathered via forms completed by brokers, brokerage companies, and regulators as part of the securities industry registration and licencing procedure.
The data on investment adviser firms and representatives are sourced from the Securities and Exchange Commission’s Investment Adviser Registration Depository (IARD).
What You Can Find in a BrokerCheck Report
A BrokerCheck report for a broker who is currently registered with FINRA or a major securities exchange, or who has been registered within the last ten years, includes the following information:
- A summary of the report that gives a brief review of the broker and his or her credentials.
- A section on broker qualifications that contains a record of the broker’s current registrations or licences, as well as any industry qualification he or she has passed. Individuals must pass a qualification exam in order to be registered in the securities industry. Most individuals seeking a representative-level registration after October 1, 2018, must pass the new Securities Industry Essentials (SIE) test as well as one or more particular qualification exams.
- A registration and employment history section, which includes:
A list of registered securities firms with whom the broker is or was formerly registered.
The broker’s employment history over the last ten years, both inside and outside of the securities sector, as recorded on his or her most recent Form U4 (which securities firms use to register brokers with self-regulatory organisations (SROs) and states). Full-time and part-time jobs, self-employment, military service, unemployment, and full-time schooling are all examples of employment history.
- A disclosure of the broker’s record that includes information concerning customer disputes, disciplinary events, and some criminal and financial matters. Some of these things may pertain to pending actions or allegations that have yet to be addressed or proven.
- The most recent comment(s) submitted by the broker, if any.
Chris Digregorio BrokerCheck Report
The BrokerCheck report contains information on all current and prior registered securities brokers, as well as all current and former registered securities firms. FINRA highly advises investors to utilise BrokerCheck to investigate the background of securities brokers and brokerage firms before doing or continuing to do business with them.
What do you mean by Broker Reports?
Access Persons can submit a Quarterly Transactions Report by completing and submitting Exhibit F or arranging for the CCO to receive Brokerage Reports with the required information.
Qualification
Registration
According to this section, Chris Digregorio is currently registered with 1 SRO and licenced in 11 U.S. states and territories through his company Ameriprise Financial Services.
Industry Exams
This section contains all of Chris Digregorio’s securities industry exams. Chris passed two state security law examinations, two general industry/product exams, and zero principal/supervisory exams.
Professional Designations
There is no information in this section about Chris Digregorio’s professional designation.
Disclosure
According to the BrokerCheck report, all individuals registered to sell securities or provide investment advice are obligated to disclose client complaints and arbitrations, regulatory actions, employment terminations, bankruptcy filings, and criminal or civil procedures.
Regulatory-Final Disclosure
According to this section, Chris Digregorio has received a regulatory-final type of disclosure. Many of these disclosure events involve a final, formal proceeding begun by a regulatory organisation such as a state securities agency, self-regulatory organisation, or federal regulatory for a breach of investment-related laws or regulations.
According to this disclosure, Chris Digregorio has been accused of violating NASD Rule 2110 by executing unauthorised transactions in the accounts of a public customer. Sanctions issued a monetary penalty of $7,500 based on these allegations.
The sanction also suspended Chris Digregorio for 10 days from association with any member in any capacity commencing on April 2, 2001.
Chris stated that the settlement offer was accepted and the sanctions imposed due to the expense of attorney’s fees and related charges, as well as a failure by Willian Scott & Co. to properly maintain the document to a defence against the allegations.
Customer Dispute Disclosure
A customer dispute disclosure was also reported against Chris Digregorio, in addition to regulatory disclosure. The Claimants allege in this disclosure that Chris made unsuitable investment recommendations throughout an undefined time period and failed to disclose the risks involved with trading on margin from 2009 to 2011.
The matter was settled on October 22, 2012, for a total of $56,250.
Conclusion
While Chris Digregorio has years of experience as a financial advisor and works with a respectable organisation like Ameriprise Financial Services, it is critical to consider the regulatory and customer dispute disclosures included in his BrokerCheck report.
The violation of conducting unauthorised transactions, as well as the customer disagreement over inadequate investment recommendations, raise questions about his adherence to professional standards and the potential impact on customers.
Before engaging in any financial advising services, investors should carefully analyse such disclosures, undertake due diligence, and speak with a reputable financial practitioner.
