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Gregory Harrison: Why Did El Dorado Advisor Resign from Ameriprise?
El Dorado, Arkansas financial advisor Gregory Harrison (CRD# 5804566) recently resigned from his former position at Ameriprise Financial Services in relation to allegations he violated company policies. Financial Industry Regulatory Authority records show that he is currently a broker and an investment advisor with International Assets Advisory.
Mr. Harrison was “permitted to resign” from Ameriprise Financial Services in July 2022, according to a disclosure on his BrokerCheck report. That disclosure states further that his resignation followed a May 2022 suspension “company policy violations related to complying with disciplinary action, use of discretion and maintaining client files.”
For reference, FINRA Rule 3260 outlines specific conditions under which brokers like Mr. Harrison may engaged in discretionary trading, that is, the execution of securities transactions without prior consultation with the investor. As FINRA explains in its investor resources, the use of discretion “generally means the broker can decide at any time how much of a stock, bond or other security to buy or sell, and at what price, without customer input.” Rule 3260 states that brokers may not exercise discretionary power without the customer’s prior written authorization and the firm’s acceptance of the account as discretionary. The firm’s acceptance must be “evidenced in writing by the member or the partner, officer or manager, duly designated by the member.” Even in cases where brokers have received authorization from both parties to engage in discretionary trading, Rule 3260 prohibits them from effecting transactions “which are excessive in size or frequency in view of the financial resources and character of such account.” Brokers who improperly engage in discretionary trading may be held liable.
According to the Financial Industry Regulatory Authority, Gregory Harrison holds 11 years of securities industry experience. Based in El Dorado, Arkansas, he has been a broker and an investment advisor with International Assets Advisory since July 2022. His past registrations include Ameriprise Financial Services (2019-2022), Edward Jones (2011-2019), and Wells Fargo Advisors. His credentials include the passage of four securities industry qualifying examinations: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Combined State Law Examination, or Series 66. He is licensed in Arkansas, California, Colorado, Florida, Georgia, Louisiana, Mississippi, New York, North Carolina, South Carolina, Tennessee, and Vermont. (Information current as of July 29, 2022.)
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