Allied Millennial Partners

Kurta Law is investigating brokers from Allied Millennial Partners (CRD#: 16569). Allied Millennial Partners is based in New York, New York, and is affiliated with investment advisory firm Millennial Advisers.

Allied Millennial Partners has operated under eight names, including:

• Langdon, Shaw & Brewer Securities
• Langdon Shaw Securities
• Langdon & Shaw Securities
• Indiana Securities
• EJ Sterling Strategic Wealth Management
• EJ Sterling Inc
• E.J. Sterling, LLC

Fees and Conflicts of Interest

Broker-dealers are required to provide investors with a Customer Relationship Summary (Form CRS) that describes their fees and conflicts of interest:

• Allied Millennial Partners charges commissions, transaction fees, and ticket charges on brokerage transactions. Ticket charges are charged by the clearing firm handling your transaction.
• In general, these fees vary based on the type and size of your transaction, incentivizing the firm to recommend trading in investments that will earn it more compensation.
• Your account will also be charged other fees by the clearing firm, including account maintenance fees and charges related to products like mutual funds and variable annuities.
• In addition to these fees, mutual funds and certain other investments also contain fees paid to their sponsors, managers, and/or the companies that promote them. These fees will be disclosed in the investment’s offering materials.
• If you borrow on margin, you will incur interest charges on your loan.
• Allied Millennial Partners is the placement agent for proprietary and affiliated products that are issued, sponsored, or managed by it or its affiliates. Some of these affiliates are under common ownership and control of Allied Millennial Partners, and act as managers for certain private funds and earn a management fee for these services.
• Allied Millennial Partners holds revenue sharing agreements with some sponsors, managers, and promoters of certain investments that compensate the firm via portions of fees charged to you. The firm also receives portions of operational fees from clearing firms, including margin interest charges and short security borrow fees.

Allied Millennial Partners’ affiliated investment advisory firm, Millennial Advisers, discloses the following information in the same Form CRS:

• Millennial Advisers charges ongoing asset-based fees, typically on a monthly basis. This fee is deducted from your account and reduces its value.
• The firm only provides investment advice for non-proprietary and unaffiliated products, and does not offer or provide recommendations for all investments.
• Depending on the custodian firm for your account, you may pay execution charges, handling fees, and other fees on trades. You will also pay operational fees for the custodian’s services.
• If you trade infrequently, you may pay more fees in an investment advisory account than you would in a brokerage account.
• If you take out a margin loan, this may increase the value of your assets and therefore your advisory fees, incentivizing the firm to encourage the use of margin.

Broker-Dealer Services

Besides stocks and bonds, Allied Millennial Partners offers the following investments. These products may feature an unsuitable amount of risk or excessive fees for some retail investors: 

• Alternative investments
• Exchange-traded funds (ETFs)
• Mutual funds
• Variable annuities

Regulatory Actions

Investors should be aware that Allied Millennial Partners has a record of regulatory actions by FINRA. The firm discloses these actions and sanctions imposed by regulatory authorities on its detailed BrokerCheck page.

Alleged Failure to File Documents

On November 28, 2023, Allied Millennial Partners consented to the entry of findings that it allegedly failed to file required documents with FINRA with regard to its position as a selling agent for four private placements from November 2017 through December 2018.

In a Letter of Acceptance, Waiver & Consent (AWC), the firm consented to a censure and $10,000 fine. You can access the AWC here.

Alleged Supervisory Failures

On April 27, 2018, Allied Millennial Partners consented to the entry of findings that it allegedly failed to establish supervisory system and Written Supervisory Procedures (WSPs) reasonably designed to detect and prevent unsuitable excessive trading in client accounts.

According to an AWC, a FINRA review of the firm’s trading from January 2014 through July 2015 allegedly identified at least 33 client accounts that bore signs of excessive trading, with turnover rates ranging from 20-140 and cost-to-equity ratios of 20-154%.

The firm consented to a censure and partial restitution of $35,000 plus interest. You can read the full AWC here.

Brokers with Misconduct Allegations on Their Records

Allied Millennial Partners works with brokers that have allegations of misconduct against them, such as violations of FINRA rules.

Kurta Law is aware of the following current or former Allied Millennial Partners representatives with allegations of misconduct on their records:

• Matthew Platnico: https://www.kurtalawfirm.com/blog/matthew-platnico/
• Daniel Solakian: https://www.kurtalawfirm.com/blog/daniel-solakian/ 

Kurta Law Can Help

Investors who lost money working with an Allied Millennial Partners broker or advisor should reach out to an investment fraud lawyer for help. Our attorneys offer free case evaluations and do not charge a fee unless we win your case. Call (877) 600-0098 or email info@kurtalawfirm.com.