Edward Jones financial advisor Brian Kljun (CRD #2129788) is currently under investigation by the national investment fraud lawyers at Haselkorn & Thibaut, P.A. following allegations of breach of fiduciary duty. The customer dispute, filed on February 14, 2024, was denied by Edward Jones after an internal investigation. As a result, the investment fraud lawyers at Haselkorn & Thibaut have launched their own investigation into the matter.
Brian Kljun has been registered with Edward Jones (CRD #250) in the state of Ohio since February 10, 1992. He is currently registered as both a broker and an investment advisor. The recent allegations against Kljun have raised concerns among investors who may have suffered losses due to his alleged misconduct. According to a Forbes article, non-fiduciary financial advisors cost Americans $17 billion annually due to conflicted advice.
Understanding breach of fiduciary duty
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Breach of fiduciary duty occurs when a financial advisor fails to act in the best interests of their client. Financial advisors have a legal and ethical obligation to prioritize their clients’ financial well-being above their own interests. This includes providing suitable investment recommendations, disclosing potential conflicts of interest, and managing client accounts responsibly.
FINRA Rule 2111, known as the “Suitability Rule,” requires financial advisors to have a reasonable basis for believing that an investment recommendation is suitable for a particular customer based on their investment profile. This profile includes factors such as the customer’s age, financial situation, investment objectives, and risk tolerance. Failing to adhere to this rule can constitute a breach of fiduciary duty.
Investors who believe they have suffered losses due to a financial advisor’s breach of fiduciary duty may have grounds to seek recovery through FINRA arbitration. Haselkorn & Thibaut is a national investment fraud law firm with a 98% success rate in helping investors recover their losses. They offer free consultations and work on a contingency basis, meaning there are no fees unless a recovery is obtained.
The importance of fiduciary duty for investors
Fiduciary duty is a cornerstone of the financial advisor-client relationship. When investors entrust their hard-earned money to a financial advisor, they expect that professional to act in their best interests at all times. A breach of this duty can have devastating consequences for investors, resulting in significant financial losses and compromised retirement plans.
Investors should be aware of their rights and the legal protections available to them. FINRA, the Financial Industry Regulatory Authority, oversees the conduct of financial advisors and firms. When an advisor breaches their fiduciary duty, investors can file a complaint with FINRA and seek resolution through arbitration.
By holding financial advisors accountable for their actions, investors can help maintain the integrity of the financial industry and protect themselves and others from future misconduct. The investigation being conducted by Haselkorn & Thibaut into the allegations against Brian Kljun is an essential step in this process.
Red flags and recovering losses
Investors should be vigilant for red flags that may indicate their financial advisor has breached their fiduciary duty. These warning signs include:
- Unauthorized or excessive trading in client accounts
- Recommending unsuitable investments that do not align with the client’s risk tolerance or investment objectives
- Failing to disclose material information about investments or potential conflicts of interest
- Misrepresenting the risks or performance of investments
- Churning accounts to generate higher commissions
If investors suspect their financial advisor has engaged in misconduct, they should promptly consult with an experienced investment fraud attorney. Haselkorn & Thibaut has over 50 years of combined experience fighting for investors’ rights and has recovered millions of dollars on behalf of their clients. They offer free consultations nationwide and can be reached at 1-888-885-7162 .
In conclusion, the ongoing investigation into Brian Kljun and the allegations of breach of fiduciary duty serve as a reminder of the importance of investor protection. By staying informed, vigilant, and working with experienced legal professionals, investors can safeguard their financial futures and hold wrongdoers accountable. If you believe you have suffered losses due to financial advisor misconduct, don’t hesitate to contact Haselkorn & Thibaut for a free consultation.
