Background and Profile: William M Michael Banks – UBS Financial Services, Mt. Laurel, NJ
- Name: William M Michael Banks (also known as Bill Banks, William M Banks, William Michael Banks, William Michael (Jr) Banks)
- CRD#: 866519
- Current Employer: UBS Financial Services Inc. (CRD# 8174)
- Location(s): 501 Fellowship Road, Mt. Laurel, NJ 08054; New Hope, PA
- Years of Experience: 46 years in the securities industry
- State Licenses: Registered in 28 states
- FINRA Registrations: 3 registrations
Complete Employment History
| Period | Firm Name | CRD# | Location | Notes |
|---|---|---|---|---|
| 09/26/2012 – Present | UBS Financial Services Inc. | 8174 | Mt. Laurel, NJ & New Hope, PA | Current Employer |
| 03/23/2006 – 09/27/2012 | Merrill Lynch, Pierce, Fenner & Smith Inc. | 7691 | Mt. Laurel, NJ | |
| 05/25/2004 – 11/08/2005 | Morgan Stanley | 7556 | Mount Laurel, NJ | |
| 08/18/2000 – 11/08/2005 | Morgan Stanley DW Inc. | 7556 | Purchase, NY | |
| 09/21/1994 – 08/24/2000 | Advest, Inc. | 10 | Hartford, CT | |
| 09/17/1992 – 09/29/1994 | PaineWebber Incorporated | 8174 | Weehawken, NJ | |
| 06/15/1988 – 09/22/1992 | A. G. Edwards & Sons, Inc. | 4 | St. Louis, MO | |
| 05/24/1988 – 06/24/1988 | Hibbard Brown & Co., Inc. | 18246 | Firm expelled by SRO after Banks departed | |
| 02/02/1987 – 05/31/1988 | Sherwood Capital, Inc. | 10472 | ||
| 05/24/1979 – 01/31/1987 | First Jersey Securities, Inc. | 6621 |
Licenses, Registrations, and Regulatory Status
- Registered as Broker and Investment Adviser with UBS Financial Services Inc.
- Licenses in 28 states, including New Jersey and Pennsylvania
- Active memberships with major self-regulatory organizations, including FINRA, New York Stock Exchange, Nasdaq, and others
- No regulatory bars or suspensions.
Client Dispute Disclosures: Red Flags for Investors
While a long career in financial services often results in some level of client complaint activity, investors should review disclosure histories carefully. Currently, William M Michael Banks has two customer disputes on his BrokerCheck profile. Presently, there are no regulatory enforcement actions or suspensions listed. Below are the disclosures in detail:
| # | Date & Status | Allegations | Resolution | Firm Response |
|---|---|---|---|---|
| 1 | 11/01/2024 – Denied by firm (pending final resolution) | Client alleges Financial Advisor did not follow instructions to place certain trades (March 22, 2024 – April 3, 2024). | Firm denied the claim after two internal reviews (July 10, 2024 & November 18, 2024). No damages awarded. | The advisor denied wrongdoing and maintains all investments were suitable for the client’s needs and properly communicated. Firm’s review supported advisor’s account. |
| 2 | 09/05/2008 – Denied by firm | Client alleged misrepresentations; requested damages of $90,000. | Firm denied claim after internal review; found allegations without merit. | Merrill Lynch’s review concluded no wrongdoing by the advisor. |
Key Findings
- Extensive Experience: With 46 years in the industry and 8 firms, Banks’ career reflects broad market participation. This depth of experience can be a positive for clients seeking a seasoned professional.
- Stable Tenure at UBS: Employed at UBS Financial Services Inc. since 2012, Banks has established a long-standing relationship with his current firm.
- Low Disclosure Count: Just two client dispute disclosures over more than four decades is notably low for the industry; both complaints were denied following internal reviews.
- Licensing Across States: Registration in 28 states demonstrates authorized and broad client service capability.
- No Regulatory or Disciplinary Actions: There are no regulatory bars, suspensions, or disciplinary actions on record for Banks.
What Should Investors Do?
Even a single customer complaint—no matter the outcome—should be evaluated in the context of your own experience. If you are a current or former client of William M Michael Banks or UBS Financial Services in Mt. Laurel, NJ, and have questions about your investment performance, disclosure statements, or guidance received, your next steps are crucial.
- Have you experienced unauthorized trades, lack of communication, or misrepresentation of investment risks?
- Were you given full, understandable information about your investments and potential risks?
- Do you have unanswered questions about fees, account performance, or suitability?
How Haselkorn & Thibaut Can Help
As a national securities fraud law firm, Haselkorn & Thibaut (investmentfraudlawyers.com) brings more than 50 years of combined experience and a 98
