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Dan Michaelson Subject of a Managed Account Dispute

Dan Michaelson (CRD #: 5843528), a broker registered with Fidelity Brokerage Services, is the subject of an investor dispute. This disclosure appears on his BrokerCheck record, accessed on October 16, 2023. Details regarding the dispute are provided below. 

On September 6, 2023, the investor alleged that Dan Michael made an unsuitable recommendation to open a managed account. The dispute was denied, but investors should know that firms can deny disputes without any external review. Following a denial, investors may still be able to recover their funds via FINRA arbitration.

What Are Managed Accounts?

Managed accounts often come with higher fees than self-directed brokerage accounts and may be unsuitable for many investors. Actively managed mutual funds are examples of managed accounts. 

What is an Unsuitable Investment?

FINRA Rule 2111 requires brokers to evaluate whether an investment strategy fits their investor’s financial goals. Brokers must examine the investor’s profile, which contains the following investor characteristics:

  • Age
  • Risk tolerance
  • Time horizon (i.e., how long the investor plans to hold the investment)
  • Investing experience
  • Tax status
  • Financial goals

Investors who rely on brokers for recommendations may be able to recover losses from unsuitable investment recommendations by pursuing FINRA arbitration.

Background Information 

Dan Michaelson has passed the following exams: 

  • Series 66 Uniform Combined State Law Examination
  • Series 63 Uniform Securities Agent State Law Examination 
  • SIE – Securities Industry Essentials Examination 
  • Series 7 General Securities Representative Examination 

He is a registered broker in 33 states and is a registered investment adviser in Arizona and Texas. 

During his 12 years of experience, he has registered with three firms: 

  • Fidelity Brokerage Servies (CRD #: 7784) 
  • Fidelity Personal and Workplace Advisors (CRD #: 288590) 
  • Strategic Advisers (CRD #: 104555) 

Kurta Law Can Help

If you worked with Dan Michaelson and have concerns about your investments, please contact us today at 877-600-0098 or for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.