At Haselkorn & Thibaut, we speak with investors every day who feel blindsided by their financial advisor. Sometimes it’s a slow drip of broken promises. Other times, it’s more like a bolt from the blue. One case we think sheds light on what to watch for involves former LPL Financial advisor Paul X. Nannicelli.
The Short Story on Paul Nannicelli
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For decades, Paul Nannicelli worked with clients under the LPL Financial banner, later joining Ameriprise. On paper, he had the right credentials and a career dating back to 1983. But it’s not the resume that raised eyebrows. It was what FINRA found under the hood:
- Regulatory Suspension: Nannicelli was suspended for eight months and fined $5,000.
- The Issue: He helped a widowed client change account beneficiaries to include his own wife and children—without approval, and while misrepresenting those relationships.
- The Excuse? Calling them “family friends” on firm documents.
- Termination: After the matter surfaced, he voluntarily left LPL in August 2023 and hasn’t been registered since.
While there were no client complaints or lost funds reported, the lack of transparency and misstatements are loud warning bells. When an advisor uses your trust to benefit their family? That’s a red flag waving in the wind.
Why Financial Advisors Matter More Than You Think
Think of a financial advisor like a pilot. You’re not just trusting them to get you somewhere—you’re trusting them not to fly you into a mountain. When they’re good, they guide your investments through turbulence and help you land safely. When they’re not?
You might end up wondering how you ever got talked into that “can’t-miss” opportunity that missed by a mile.
Here’s what advisors are supposed to do:
- Offer investment advice tailored to your goals, not theirs.
- Disclose conflicts of interest clearly and openly.
- Stay within the boundaries of compliance and ethics.
- Maintain transparency in all actions involving your account.
So when an advisor manipulates a situation to benefit their family? That’s not just poor judgment. It’s a breach of trust.
Red Flags: What to Watch For Before It’s Too Late
Want to avoid becoming the next cautionary tale? Here’s a list of red flags to help you spot a problem before it costs you money—or peace of mind.
🔴 Red Flags in Advisor Behavior
| Behavior | What It Might Mean |
|---|---|
| Beneficiary changes involving advisor’s family | Personal gain at your expense |
| Refuses to provide clear documentation | Possible lack of transparency or hidden fees |
| Avoids questions or talks over your head | Could be hiding something or lacking knowledge |
| Rapid movement of funds or frequent trades | Might be “churning” to rack up commissions |
If you feel like your advisor is more magician than guide, it’s time to pull back the curtain.
Investor Complaints: The Broken Record
We’ve seen the same old story, time and again:
- “My advisor didn’t tell me about the risks.”
- “I didn’t know they were earning commissions off those trades.”
- “I trusted them—and now I’ve lost half my savings.”
It’s a hard pill to swallow when the person managing your financial future turns out to have been playing a different game altogether.
That’s where we come in.
How Haselkorn & Thibaut Can Help
We’re not here to judge. We’re here to help. And we’ve helped investors recover millions in losses from bad financial advice and advisor misconduct.
If you’ve worked with Paul X. Nannicelli or any advisor who:
- Made beneficiary changes that seem fishy
- Downplayed risks or omitted important details
- Has a disciplinary record you didn’t know about
You can call us for a free consultation. We’ll review your case, explain your options, and shoot straight with you.
📞 Call Haselkorn & Thibaut: 1-888-885-7162
Let’s find out if something went wrong—and what can be done to make it right.
Final Thoughts: Don’t Wait for a Rainstorm to Fix the Roof
It’s easy to trust someone who wears a suit and speaks the language of Wall Street. But even seasoned investors get caught off guard. Just like you wouldn’t hand over your house keys to a stranger, don’t hand over your life savings without doing your homework.
Check BrokerCheck. Ask tough questions. And if something feels off, don’t shrug it off—call us.
At Haselkorn & Thibaut, we don’t take shortcuts. We fight for investors like you, because the stakes couldn’t be higher.
One wrong move from an advisor like Paul Nannicelli, and your financial future could be in free fall.
Let’s make sure you stay in the pilot’s seat.
Call 1-888-885-7162 or visit us online.
We’re here to help.
