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Brighton Jones Inflated Asset Management Fees
Banks Law Office is investigating Brighton Jones, a registered investment advisor based in Washington, for its asset-management fee practices. We believe that Brighton Jones charged its clients excessive asset-management fees by inflating the clients’ assets under management. In particular, when calculating the asset-management fees, Brighton Jones may have included in the “assets under management” assets that were not under Brighton Jones’ management.
Brighton Jones’ contracts indicated that the asset-management fees would be calculated as a percentage of the investor’s “investable net worth.” Banks Law Office believes that many Brighton Jones advisors interpreted the contract to mean that it should charge asset-management fees by multiplying their fee percentage (for example, a 1% annual fee) by the total of all of their clients’ investable assets, rather than only assets that the client had asked Brighton Jones to manage. As a result, Brighton Jones may have charged the clients fees for managing assets that Brighton Jones had no authority to manage. The practice would have been violated state and federal law.
Investors are encouraged to contact Banks Law Office as soon as possible to explore recovery options.