David Flinchum

David Flinchum’s termination from Bessemer Investor Services raises serious concerns about his ethical standards. The company dismissed him due to suspicions that he failed to disclose a disclosable incident on his Form U4. This lack of transparency is alarming for a financial advisor, as it suggests a pattern of concealing critical information that could affect clients’ trust and financial security. Such behavior undermines the integrity of the financial advisory profession.

Customer Complaints and Exploitation

Flinchum’s history includes customer complaints that suggest exploitative practices. One instance involved a client who felt victimized by a $150 fee to open a new account for a mutual fund purchased years ago. The client described this as theft, and it led to the loss of trust in the advisor and firm. Such behavior is a clear indication of an advisor’s disregard for clients’ financial well-being, prioritizing profits over customer satisfaction and fairness.

Reputation Laundering Tactics

Despite the serious allegations and complaints, Flinchum appears to be engaging in reputation laundering. Through excessive press releases and promotional materials, he attempts to create a false image of success and expertise. This tactic manipulates public perception, making it difficult for potential clients to uncover his troubling history of unethical conduct, fraud allegations, and terminated employment.

Financial and Legal Risks for Clients

For clients, working with an advisor with such a compromised background carries significant risks. Misleading financial advice, unreported incidents, and lack of transparency could lead to financial losses, legal issues, and ruined reputations. Individuals trusting Flinchum with their finances may unknowingly jeopardize their financial futures, making it essential to thoroughly vet any advisor with a questionable track record.