Exelon is a fortune 100 energy company with its headquarters in Chicago, Illinois. According to information provided by the company, Exelon does business in 48 U.S. states, as well as in the District of Columbia. Altogether, the company has more than 34,000 employees nationwide.
Similar to most other large companies, Exelon offers retirement plan options to its workers. Most notably, Exelon has an Employee Savings Plan. Full information regarding the terms and conditions of this plan can be found here.
Exelon workers who have put their money into their employer sponsored retirement plan need to know that their hard earned assets are safe. Unfortunately for Exelon workers, unscrupulous brokerage firms sometimes target participants in Employee Savings Plans and other retirement plans.
Exelon: Employee Savings Plan Losses
On a fundamental level, the purpose of the Exelon Employee Savings Plan is to help workers put away money for retirement. For this reason, it is critically important that any broker advising plan participants, and the plan managers overseeing assets held within this plan, pay very careful consideration to the long-term needs of workers.
Yet, sadly, investment advisors and large brokerage firms do not always look out for the best financial interests of their customers. In far too many cases, investment professionals have been known to give retirement investors poor advice, pushing them into unsafe financial products and unwise investment strategies.
Retirement Plan Investments Must Be Suitable
There have been cases in which current and former Exelon workers have been encouraged to put their retirement money into investment opportunities that were unsuitable for their individual needs. This is unacceptable. Investors who are saving for retirement need safe financial products.
Under FINRA regulations, brokers can be held legally liable for losses that were sustained in connection with an unsuitable investment. It is a financial advisor’s duty to gather all relevant information about their customer, including the customer’s age, financial status, investment objectives, and personal risk tolerance. Brokers must use this information to craft a suitable investment strategy for workers.
Beyond Suitability: Brokers Must Protect Customer Interests
In addition to unsuitable investment claims, there are several other scenarios in which Exelon workers can hold financial advisors and brokerage firms legally liable for financial losses sustained within their company sponsored Employee Savings Plan. Some of the most notable examples include:
- Outright fraud;
- Forged documents;
- Conversion of funds;
- Unauthorized trading;
- Over-concentrated investments;
- Misrepresentation of material facts;
- Omission of material facts;
- Unreasonable fees; and
- The offering of negligent investment advice.
Elexon workers deserve to receive high-quality financial advice. If you sustained losses because your broker offered subpar advice, or engaged in fraud, you may have a viable legal claim.
Strong Advocates for Investors Nationwide
At the Sonn Law Group, our dedicated investor rights lawyers have helped many people recover full and fair compensation for their retirement plan losses. If you sustained major investment losses because of fraud or broker negligence, please call us today for a free, no obligation claim review.
Disclaimer: This article contains opinions and NOT statements of fact in any way whatsoever. The information here is general information that should not be taken as legal advice. NO attorney-client relationship is established between you and our attorneys by reading this article. This article is attorney advertising and should not be used as a substitute for legal advice from a qualified securities lawyer.