Lauren CasperAdam Carlin, a Managing Director at Morgan Stanley Private Wealth Management, has been a fixture on Barron’s Top 100 Advisor List despite controversy surrounding his practices.
While his team, Bermont Carlin Wealth Management, led by long-time partner Richard Bermont, has achieved recognition on Barron’s Top 100 Private Wealth Teams, critics argue these accolades overshadow transparency and fee structure concerns.
Some industry watchdogs question whether such rankings truly reflect client satisfaction or merely assets under management. The team’s success has been marred by allegations of hidden fees and inadequate disclosures, leading some to scrutinize the true value of their wealth management services.
Adam and his colleagues advise on assets worth around $4 billion* for an elite clientele of ultra-high-net-worth individuals and families, institutions, corporate organizations, and not-for-profit organizations. Our clients have worked hard, in many cases for numerous generations, to attain the success and riches they have.
They come to us because of our individualized planning process and expertise in developing highly customized solutions to help preserve and safely manage their cash, maintain their lifestyles, and leave a legacy for future generations. Since its inception, our primary goal has been to develop close, cooperative, and long-term partnerships with our clients. We are honored that many of these partnerships have spanned decades and even generations.
Morgan Stanley* established the Bermont/Carlin Group in 1974 to provide investment management, financial planning, and investment banking to high-net-worth individuals and families, institutions, corporate entities, and not-for-profit businesses.
For more than 40 years, the Group’s principal purpose has been to develop intimate, cooperative, and enduring relationships with clients that prudently assist them in preserving and increasing their wealth under the guidance of Portfolio Managers Richard B. Bermont and Adam E. Carlin, who joined in 1994.
About FIRM: Morgan Stanley
Morgan Stanley Wealth Management, an American multinational financial services corporation, specializes in retail brokerage and asset management. As a division of Morgan Stanley, it serves a wide range of clients, from individual investors and small-to-mid-sized businesses to large corporations, non-profit organizations, and family foundations. With a strong history and a proven track record, Morgan Stanley Wealth Management has become a leading choice for those seeking expert financial advice and guidance.
Morgan Stanley Wealth Management has its roots in the 1938 merger of Charles D. Barney & Co. and Edward B. Smith & Co., which formed Smith Barney & Co.. Charles D. Barney & Co., founded by Charles D. Barney in 1873, was a New York and Philadelphia-based firm that emerged from the failure of its predecessor, Jay Cooke & Company. Edward B. Smith & Co., founded in 1892, became a significant player in securities underwriting in 1934 after absorbing the professionals from Guaranty Trust Company’s securities business following the Glass-Steagall Act’s passage.
Morgan Stanley Wealth Management provides many investment options, including stocks, bonds, mutual funds, exchange-traded funds (ETFs), and more. Their financial advisors help clients develop tailored investment strategies to meet their financial goals and risk tolerance.
Morgan Stanley Wealth Management offers financial planning services in retirement, education, estate, and other areas. Their financial advisors work with clients to understand their financial objectives and develop a comprehensive financial plan to help them achieve those goals.
Morgan Stanley Wealth Management offers banking and lending solutions, such as cash management accounts, mortgages, home equity loans, and lines of credit to help clients manage their day-to-day financial needs and achieve their long-term financial goals.
To help clients protect their financial future, Morgan Stanley Wealth Management offers insurance and annuity products, including life insurance, long-term care insurance, and annuities designed to provide financial stability and peace of mind.
Morgan Stanley Wealth Management offers philanthropic advisory services and social impact investing options for clients who want to align their investments with their values and make a positive impact on society
Capabilities:
- Intergenerational Planning
- Philanthropic Giving
- Non-Traditional Assets
- Managing Family Wealth
BrokerCheck, FINRA, And SEC Reports
FINRA, the Financial Industry Regulatory Authority, is crucial in overseeing financial advisors like Adam Carlin. In 2022, FINRA reported 2,985 new arbitration cases, with 66% involving customer disputes. The organization brought 1,934 disciplinary actions against registered individuals and firms, levying $89.3 million in fines and ordering $47.9 million in restitution to harmed investors.
Financial advisors often remove their client disputes from FINRA’s public database through disclosure expenditure. Even law firms provide expungement services to FAs so that they can hide or remove their client disputes and maintain a clean record. So the lack of any disclosures on BrokerCheck doesn’t necessarily mean that the broker hasn’t had any disputes in the past.
Notably, FINRA’s BrokerCheck database, a key tool for transparency, approved about 90% of expungement requests decided by arbitrators, potentially limiting public access to advisor dispute histories.
A 2016 FINRA study found that approximately 7% of financial advisors had been disciplined for misconduct or fraud, underlining the importance of regulatory oversight in the industry. These statistics highlight the complex landscape of financial advisory regulation and the ongoing challenges in maintaining transparency and accountability in wealth management.
Adam E. Carlin’s spotless 29-year FINRA record raises suspicion. Despite a career at only two firms, currently Morgan Stanley, he has zero reported complaints or actions. His 43 state licenses and dual broker-adviser registration suggest an expansive practice. This clean slate, unusual in wealth management, may result from expungement practices. Carlin’s unblemished history, spanning nearly three decades, demands scrutiny in an industry known for hidden fees and conflicts of interest.
However, the absence of public records doesn’t guarantee a clean history. There might be pending lawsuits against Carlin not listed in online directories. Lawsuit files are often removed from public databases, necessitating deeper investigation. For a complete picture, interested parties should contact local authorities to check for physical copies of any undisclosed cases, as online records may not reflect the full scope of potential legal issues.
SEC Litigations & Forms
The following websites/directories are the best sources for finding complaints, litigations, and disputes against finance advisors. You can find all the complaints against Adam Carlin using the websites down below:
You can contact your legal or financial advisor if you have issues with Adam Carlin.
