A former Carson Wealth Management, LLC (CWM) client has brought a $500,000 suit against the firm and its top man, Ron Carson (CRD# 1238219), for allegedly charging excessive fees.
CWM, an investment advisory firm owned by Carson, is a highly reputable name in today’s financial world. Carson’s BrokerCheck record shows a pending customer dispute filed against the firm in December 2018. The customer alleges fees charged to their account were excessive.
The firm negotiated an agreement with certain product sponsors that they would charge lower fees to CWM clients. This allowed product sponsors to charge lower fees to CWM clients than non-CMW clients.
In the complaint, the client alleges CWM inaccurately notified a product sponsor they were no longer a CWM customer. As a result, they were charged the standard fee rather than the negotiated lower rate. The complaint also goes on to claim the firm charged excessive investment advisory fees.
Carson has been in the investment business for 33 years. The broker has been the subject of three complaints between 2002 and 2018. He was with Cetera Advisor Networks, LLC when the alleged problems occurred. He is no longer a current FINRA registered broker.
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