Ameriprise Financial terminated Philip H. Sheridan (CRD#: 2694126) on July 10, 2019 for “compliance policy violations related to exercising discretion in non-discretionary accounts, providing unapproved research/sales literature to clients and conducting business from an unregistered location,” according to his BrokerCheck record accessed on August 23, 2019. While Philip H. Sheridan formerly worked for Ameriprise Financial (CRD#: 6363) in North Dartmouth, Massachusetts, he is not currently affiliated with any broker-dealer. Over his 23 years in the securities industry, he has also worked for IDS Life Insurance (CRD#: 6321) in Minneapolis, Minnesota.
What does it mean to exercise discretion in non-discretionary accounts? In discretionary accounts, the stockbroker makes decisions regarding which securities are bought and sold. In contrast to non-discretionary accounts, these accounts are geared towards individuals with a high net worth, as the accounts often require a minimum investment of $250,000. Investors must put their trust in their stockbrokers, and when brokers exercise unauthorized discretion in a non-discretionary account, that is a breach of trust.
Philip H. Sheridan is also a Certified Financial Planner (CFP) and Chartered Retirement Planning Counselor (CRPC), according to his LinkedIn profile. Investors and consumers should be aware that a CFP may also have FINRA disclosures, as revealed in a July 30, 2019 Wall Street Journal exposé entitled “Looking for a Financial Planner? The Go-To Website Often Omits Red Flags.” For more information, see our article “Your Certified Financial Planner Might Have FINRA Disclosures.” Thus, members of the public should always check FINRA’s free BrokerCheck tool to learn about a broker or financial advisor’s work history and check for any customer complaints filed against them.
If Philip H. Sheridan was your broker or if you have questions about your investments, don’t hesitate to contact the experienced securities attorneys of Fitapelli Kurta. Call (877) 238-4175 or email firstname.lastname@example.org for your free consultation with Jonathan Kurta and Marc Fitapelli.