A new study by WealthManagement.com stated that almost half of financial advisors fired for misconduct are hired within a year. A University of Chicago study also found that almost 8% of the 650,000 advisors registered with the Financial Industry Regulatory Authority (FINRA) have a disclosure event on their record, including regulatory judgments, employment separations and civil and criminal judgments. Advisors with a history of misconduct are five times more likely to do something unethical again and advisors at firms whose executives have a record of misconduct are twice as likely to behave unethically. More than one advisor in seven at Oppenheimer & Co., Wells Fargo and First Allied Securities have a history of misconduct, but it is less than one in one hundred at Goldman Sachs and Morgan Stanley.
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