A recent customer dispute has brought Geneos Wealth Management Inc. into the spotlight. The client alleges that the representative, Edward Barfield, made an unsuitable recommendation of a fixed whole life insurance product in 2020. The client further claims that the representative created a tax liability during the transfer of her IRA account to a revocable living trust account. The dispute revolves around a substantial sum of $292,000.
Details of the Dispute
The client has raised a pending dispute against Edward Barfield, a representative of Geneos Wealth Management Inc., for allegedly making an unsuitable recommendation. The issue at hand pertains to a fixed whole life insurance product that was recommended to the client in 2020. The client believes that this product was not suitable for her financial situation and has therefore led to significant financial loss.
Furthermore, the client alleges that the representative created a tax liability while transferring her Individual Retirement Account (IRA) to a revocable living trust account. This alleged mishandling has resulted in the client facing a potential tax liability, further exacerbating her financial concerns.
Broker’s Professional Background
Edward Barfield has been associated with Geneos Wealth Management, Inc. since March 23, 2021, serving in the capacity of a broker, investment advisor, and insurance representative. With a CRD number 120894, he has been actively involved in the financial sector providing a range of services to clients.
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Recovering Losses with FINRA Arbitration
For investors who have experienced losses due to the unsuitable recommendations or other misconduct of their brokers, the Financial Industry Regulatory Authority (FINRA) offers a platform for dispute resolution. This process, known as FINRA arbitration, allows investors to recover their losses.
- FINRA arbitration is a quicker and less formal process than litigation.
- It involves a panel of arbitrators who listen to both parties before making a decision.
- The decision of the arbitrators is final and binding.
Investors who believe they have been wronged can file a claim with FINRA. If the claim is found to be valid, the investor may be awarded damages to cover the losses incurred.
In the case of Geneos Wealth Management Inc. and Edward Barfield, the pending customer dispute could potentially be resolved through the FINRA arbitration process, offering a chance for the client to recover her losses.
It is crucial for investors to understand their rights and the resources available to them in case of a dispute. The FINRA arbitration process is one such resource that can help investors recover their losses in situations where they have been financially harmed due to the actions or recommendations of their broker or financial advisor.
