Shalom Azar & Sandy Fischman: Morgan Stanley Advisors Face Complaint

Paramus, New Jersey financial advisors Shalom Azar (CRD# 7125424) and Sandy Fischman (CRD# 5902109) recently received an investor complaint alleging that they recommended an unsuitable investment. Financial Industry Regulatory Authority records show that they are each registered as a broker and an investment advisor with Morgan Stanley.

Both Mr. Azar’s and Mr. Fischman’s BrokerCheck reports disclose one investor complaint. Filed in March 2025, it alleges that as representatives of Morgan Stanley, they recommended unsuitable private placements. The pending complaint alleges unspecified damages.

Morgan Stanley’s website includes a page describing Mr. Azar and Mr. Fischman as members of The Fischman Azar Group, a practice within the firm. “The Fischman Azar Group is known as of one of the top teams in the country managing over $511 Million* in client assets,” the page explains. “The team has been coveted for their elite service model of comprehensive quarterly reviews, monthly financial planning calls, and weekly commentary around the financial markets.”

The page also includes profiles of each broker. “Sandy has extensive knowledge in stock compensation strategies, corporate benefits and customized wealth planning,” explains Mr. Fischman’s profile. “He will review each client’s needs with respect to financial strategy, estate planning services, wealth transfer, insurance, educational planning, lending needs and retirement lifestyle requirements.”

According to the Financial Industry Regulatory Authority, Mr. Azar holds five years of securities industry experience and has been registered as a broker and an investment advisor with Morgan Stanley since 2021, having previously been registered with Merrill Lynch. Mr. Fischman, meanwhile, has been registered with Morgan Stanley since 2021, having previously been registered with Merrill Lynch, Dinosaur Financial Group, Laidlaw & Company, and Spartan Capital Securities. While Mr. Azar holds 56 state licenses, Mr. Fischman holds 48. (Information current as of May 4, 2025.)

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