Thomas Weisenfels: Hidden Fees, Disclosures, Lawsuits

Thomas Weisenfels is Delaware’s Best and Top Financial Advisor, having been named the #1 Advisor in Forbes’ list of “Best-In-State Wealth Advisors” for 2018, 2019, 2020, and 2022+ (released annually January – April). Rankings are based on statistics as of June 30 of the preceding year)+, and Thomas Weisenfels was recognized of Barron’s America’s Top 1,200 Advisors for the eighth time in 2022.++ (issued annually in March. Rankings are based on data from September 30 of the previous year.) His 30-plus-year career has centered on comprehensive planning, retirement issues, wealth and portfolio management, and total financial guidance for high-net-worth, executive, and retired customers.

Thomas Weisenfels is a Delaware native who earned a B.S. in Business and Engineering from the United States Military Academy at West Point, attended Airborne, Air Assault, and Ranger courses, and served as an Army officer in the Desert Storm battle. His professional accomplishments include certification as a CERTIFIED FINANCIAL PLANNERTM, CFP certificant, a designation awarded by the Certified Financial Planner Board of Standards, Inc.; certification as a Chartered Retirement Planning Counselor, CRPC certificate, and certification as a Certified Kingdom Advisor Christian financial counselor.

Thomas Weisenfels is also a member of Merrill Lynch’s Retirement Education Services group, which works with DuPont, Corteva, Chemours, and other local corporate retirees. Thomas Weisenfels lives in Greenville with his wife, Melissa, and their two children, Lilly and Andrew, as well as Maple, their Boxer dog. Client relationships begin with a thorough assessment of their existing condition, goals, needs, risk tolerance, timetables, and preferences. Future outcomes, areas that require attention, tax#, debt, home financing, estate planning services, insurance, employer benefits, education, special needs, philanthropic & charitable concerns, tithing, retirement, principal preservation, portfolio structure, and income stream needs are all reviewed. Following the completion of the analysis, a detailed implementation strategy is prepared that provides textual details on how to continue.

This plan includes information on account structure, portfolio design, trust funding, distribution techniques, allocation, and specific investments and strategies. The strategy is clear, establishes objectives and responsibilities for the team and clients, and incorporates client preferences to guarantee comfort as the project progresses. After the plan is determined, the team is responsible for transferring, titling, restructuring, updating service items, reporting, and tax record keeping. With one-stop personal assistance, this streamlines clients’ financial management obligations. Account information, service requests, transfers, communications, performance, activity, and taxes are all easily accessible thanks to a comprehensive suite of technologies.

Each year, the business model allows for the addition of new quality clients, and we hope you will be one of them. Initial consultations are free and include answers to your questions, recommendations, charges, and an overview of how to proceed. The emphasis is always on what is best for you and your family in terms of financial security and wealth preservation. The results are spectacular for customers, routinely outperforming self-directed investors in terms of confidence, simplicity, and time efficiency. After proving responsive competence in the financial advisory industry, we ask for the opportunity to gain your business and trust.

What is Merrill Lynch Wealth Management?

Merrill Lynch Wealth Management is a division of Bank of America that provides financial planning and investment management services to individuals, families, and businesses. The firm has a long-standing history of serving the financial needs of clients, and it is well-known for its sophisticated investment products and services.

The History of Merrill Lynch Wealth Management

Merrill Lynch Wealth Management was founded in 1914 by Charles Merrill and Edmund Lynch. The company was initially established to provide investment banking services to middle-market companies. However, over the years, Merrill Lynch expanded its services to include retail brokerage, wealth management, and financial planning.

In 2009, Merrill Lynch was acquired by Bank of America, and the two companies merged to form one of the largest financial institutions in the world. Today, Merrill Lynch Wealth Management has over 14,000 financial advisors and manages over $2.3 trillion in client assets.

The benefits of using Merrill Lynch Wealth Management

One of the primary benefits of using Merrill Lynch Wealth Management is the firm’s extensive resources and expertise. The company has a team of experienced financial advisors who work closely with clients to develop customized investment strategies based on their needs and goals.

Merrill Lynch Wealth Management also provides clients with access to a wide range of investment products and services, including mutual funds, exchange-traded funds (ETFs), stocks, bonds, and alternative investments. Additionally, the firm offers a variety of tools and resources to help clients monitor their investments and make informed decisions about their financial future.

How Merrill Lynch Wealth Management Works

The key features of Merrill Lynch Wealth Management

Merrill Lynch Wealth Management offers a range of features to help clients manage their investments and plan for their financial future. Some of the key features of the firm include:

Financial planning:

Merrill Lynch Wealth Management offers comprehensive financial planning services to help clients achieve their financial goals. The company’s financial advisors work with clients to develop customized financial plans based on their individual needs and goals.

Investment management:

Merrill Lynch Wealth Management offers a range of investment management services, including portfolio management, asset allocation, and investment research.

Retirement planning:

Merrill Lynch Wealth Management offers a range of retirement planning services to help clients plan for their retirement. The firm’s financial advisors can help clients develop a retirement savings plan, estimate retirement expenses, and evaluate retirement income sources.

The different types of accounts offered by Merrill Lynch Wealth Management

Merrill Lynch Wealth Management offers a range of account options to meet the unique needs of individual clients. Some of the account options offered by the firm include:

Individual Retirement Accounts (IRAs):

Merrill Lynch Wealth Management offers traditional, Roth, and SEP IRAs to help clients save for retirement.

Brokerage accounts:

Merrill Lynch Wealth Management offers a range of brokerage accounts, including individual, joint, and custodial accounts.

Trusts and estates:

Merrill Lynch Wealth Management offers trust and estate planning services to help clients protect their assets and ensure that their wishes are carried out.

How to open an account with Merrill Lynch Wealth Management

Opening an account with Merrill Lynch Wealth Management is a straightforward process. Clients can either contact a financial advisor directly or visit the Merrill Lynch Wealth Management website to get started. The firm’s financial advisors will work with clients to determine their investment goals and risk tolerance and recommend an investment strategy that is tailored to their individual needs.

The fees and costs associated with Merrill Lynch Wealth Management

Merrill Lynch Wealth Management charges clients a fee based on the percentage of assets under management. The fee varies depending on the size of the account and the services provided. Additionally, some investment products and services offered by Merrill Lynch may also have additional fees and expenses.

The Merrill Lynch Wealth Management mobile app

Merrill Lynch Wealth Management offers a mobile app that allows clients to monitor their investments and access account information from their mobile devices. The app provides real-time market data, investment news, and alerts to help clients stay informed about their investments.

The Merrill Lynch Wealth Management website

The Merrill Lynch Wealth Management website provides clients with access to a range of tools and resources to help them manage their investments and plan for their financial future. The website includes market data, investment research, and educational resources to help clients make informed investment decisions.

How to achieve financial success with Merrill Lynch Wealth Management

Achieving financial success with Merrill Lynch Wealth Management requires a proactive approach to managing your investments and planning for your financial future. Here are some tips to help you get started:

Set clear financial goals:

To achieve financial success, it’s important to set clear financial goals and develop a plan to achieve them. Work with your financial advisor to identify your short-term and long-term financial goals and develop a plan to achieve them.

Monitor your investments:

Regularly monitoring your investments is essential to ensuring that your portfolio remains aligned with your investment goals and risk tolerance. Work with your financial advisor to regularly review your portfolio and make adjustments as needed.

Diversify your portfolio:

Diversifying your portfolio is essential to managing risk and achieving long-term investment success. Work with your financial advisor to develop a diversified investment strategy that is tailored to your individual needs and goals.

Take advantage of tax-efficient strategies:

Managing taxes is an important part of achieving financial success. Work with your financial advisor to identify tax-efficient investment strategies that can help you minimize your tax liability and maximize your investment returns.

Common Misconceptions about Merrill Lynch Wealth Management

There are several common misconceptions about Merrill Lynch Wealth Management. Here are a few of the most common misconceptions:

It’s too expensive:

While Merrill Lynch Wealth Management charges a fee for its services, the firm’s fees are competitive with other wealth management firms. Additionally, the firm’s extensive resources and expertise can help clients achieve long-term investment success.

It’s only for wealthy clients:

While Merrill Lynch Wealth Management does serve high-net-worth clients, the firm also offers services to individuals with more modest investment portfolios.

It’s only for investment management:

While investment management is a key part of Merrill Lynch Wealth Management’s services, the firm also offers a range of financial planning services to help clients achieve their financial goals.

When an Executive Officer or Chief, or their designate, determines that:

The complaint will be sent to a lawyer.
The company has been given an opportunity to reply to the complaint, a probable breach of the law has happened or there is a risk of public harm, and a substantiated consumer transaction has occurred,
A genuine financial transaction between an individual customer or patient and a firm or licensee to procure and sell goods or services is defined as a validated consumer transaction.

A Consumer Complaint History report shall not reveal complaint information if it is judged that:

The complaint lacks merit, the complaint involves a non-consumer matter (e.g., labor grievances, labor relations, tax issues, etc.), or disclosure is forbidden by statute or regulation.
A report on Consumer Complaint History shall not reveal information concerning a complaint if it is found that:

Disclosure could jeopardize an investigation or prosecution, or it could endanger or hurt the complainant.

FINRA’s BrokerCheck

individual_2291571.pdf (finra.org)

SEC Litigations & Forms

Source: Thomas WEISENFELS – SEC Site Search Search Results

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