Securities & Insurance Expert Witness

Financial Advisor Expert Witness | Financial Planning Expert Witness

Alan J. Besnoff, CFP®, ChFC®, CLU®

Alan J. Besnoff, CFP, ChFC, CLU is a knowledgeable, objective, dedicated, securities and financial services professional. His career in securities and financial services includes thirty years of experience at the financial advisor, supervisory, and managing principal level. He has also passed FINRA registration examinations for Series 6, 63, 65, 7, 26, and 24, as well as state licensing examinations for Life Insurance, Disability Insurance, Health Insurance, Long Term Care Insurance, Variable Life Insurance, and Variable Annuities.

An effective and articulate communicator, Mr. Besnoff has conducted over 1000 presentations, workshops, and classes—to both academia and industry— on securities, investments, insurance, and risk management. He has also initiated and implemented policies and procedures to assure branch offices, financial advisors, managers, and brokers are in compliance with FINRA and SEC regulations.
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During his tenure as a Managing Principal at national investment firms, Mr. Besnoff reviewed and provided suitability guidance on thousands of transactions involving securities, insurance and financial planning recommendations.

 

Alan J. Besnoff provides objective and unbiased litigation consulting services including case review and assessment, discovery review and recommendations, and expert testimony.

Licenses and Certifications (Past and Present)

  • FINRA (NASD) Series 6 – Investment Company Products/Variable Contracts Ltd Representative

  • FINRA (NASD) Series 7 – General Securities Representative

  • FINRA (NASD) Series 63 – Uniform Securities Agent

  • FINRA (NASD) Series 65 – Uniform Securities Agent

  • FINRA (NASD) Series 26 – Investment Company Products/Variable Contacts Limited Principal

  • FINRA (NASD) Series 24 – General Securities Principal 

  • Life, Accident and Health Insurance Producer’s License

  • CFP – Certified Financial Planner

  • ChFC – Chartered Financial Consultant

  • CLU – Chartered Life Underwriter

  • Life, Accident and Health (includes disability and long term care)

  • Variable Life

  • Variable Annuities

Professional Experience

 

Securities Expert Witness & Litigation Support, LLC; (2012 – present)

Founder/Consultant

  • Provide objective expert opinion, expert testimony, and case consultation for plaintiff or defense on
    cases involving securities

 

FINRA Dispute Resolution; (2013 – present)

Arbitrator

  • Review pleadings filed by the parties, listen to arguments, and study documentary and testimonial
    evidence

  • Render decision on cases involving disputes between investors and brokers, investors and brokerage
    firms, and between brokers and brokerage firms

University of New Hampshire; (2013 – 2016)

Adjunct Faculty

  • Financial Management : Topics include: time value of money, financial and investment markets,
    investment selection strategies and decision making, regulations affecting the securities market, and
    valuation concepts

Waddell & Reed; (2000 – 2011)

Managing Principal

  • Conducted suitability review of all business transactions, trades, sales practices and communications
    of financial advisors, district managers, and administrative staff

  • Reviewed all advertising and sales materials to assure compliance with FINRA (NASD) regulations, and
    Firm’s Written Supervisory Procedures (WSP)

  • Conducted Compliance Reviews and site inspections of Registered Branch Offices and Advisor Offices

  • Review of all outgoing and incoming correspondence, marketing material, sales literature,
    advertisements, telephone scripts, sales presentation materials, seminars, workshops, and email

  • Proven track record in fostering a culture of strict compliance with all Insurance and Investment Laws

  • Developed and implemented effective compliance policies and procedures, and teaching methods,
    resulting in spotless compliance exams from regulatory authorities

  • Investigated and determined appropriate disciplinary action for compliance violations

  • Created an interactive and effective compliance training program

  • Analyzed requests for Outside Business Activities, Fiduciary Capacity, and Conflict Waivers

  • Designed and conducted annual compliance training

  • Prepared and conducted Anti-Money Laundering (AML) training for financial advisors and managers

  • Provided compliance guidance to field management, financial advisors and administrative staff

  • Prepared division offices (registered offices) for internal and regulatory compliance inspections

  • Monitored public appearances of Advisors to assure compliance with FINRA (NASD) and SEC

  • Reviewed insurance sales and financial planning recommendations made by financial advisors

  • Qualified for GAMA International Management Award

  • Provided professional development and management of Financial Advisors and District Managers

University of Connecticut; (1999)

Adjunct Professor, Department of Finance

  • Instructor of Investments, Insurance & Risk Management

John Hancock Financial Services; (1996-1999)

Agency Manager

  • Taught beginning through advanced financial services training courses

  • Conducted annual compliance training and firm element training

  • Reviewed all transactions for suitability and compliance with FINRA (NASD) and SEC regulations

  • Reviewed all correspondence, marketing materials, and sales literature

  • Hired, trained and supervised financial advisors for insurance and FINRA (NASD) license examinations

  • Increased professional development of staff through teaching CLU, ChFC and CFP courses

  • Assisted representatives with advanced sales and marketing

  • Effectively recruited several non-John Hancock producers from the brokerage community increasing
    sales production by several million dollars

 

Staff Manager; (1986-1996)

  • Recruited and trained marketing representatives

  • Reviewed transactions for suitability and compliance with FINRA (NASD) and SEC regulations

  • Led company in Long Term Care sales

  • Qualified for President’s Conference for unit’s productivity

  • Conducted educational workshops for clients and representatives

  • Assisted representatives with advanced sales

Financial Advisor; (1982-1986)

  • Marketed securities and financial services to existing and prospective clients

  • Provided securities and financial planning services for clients and prospective clients

  • Qualified for company Honor Club for sales production

Professional and Community Involvement (Past and Present)

 

  • ​Director, Securities Experts Roundtable

  • President, Greater New Haven National Association of Insurance and Financial Advisors

  • National Delegate, National Association of Insurance and Financial Advisors

  • Chairman, National Association of Insurance and Financial Advisors Greater New Haven LUTC

  • Member, Securities Experts Roundtable

  • Moderator/Instructor, National Association of Insurance and Financial Advisors LUTC courses

  • Director, University of New Hampshire, Manchester’s Business Advisory Board

  • President, River Glen Condominium Association

  • Conservation Commissioner, Town of North Haven, Connecticut

  • President, Big Brothers, Big Sisters of Southwestern Connecticut

Publications and Speaking Engagements

  • October 2017, PIABA Securities Law Seminar, Speaker and Panelist on the topic of: The DOL Fiduciary
    Rule, and Compliance with Fiduciary standards

  • October 2017, PIABA Annual Meeting, Speaker and Panelist on the topic of: Insurance and Annuities as
    Investment Vehicles; Sales Practices and Suitability

  • February 2016, Boston Bar Association, Speaker and Panelist on the topics of: Sales Practices,
    Suitability, and Supervision.

  • 2013, Failure to Supervise: An Inside Perspective. PIABA Bar Journal. Vol. 20, No. 2. Pages 233-236.

 

  • Suitability
  • Churning
  • Failure to Supervise
  • Breach of Fiduciary Duty
  • Inappropriate Asset Allocation
  • Unauthorized Trading
  • Over Concentration
  • Misrepresentation
  • Certified Financial Planner (CFP®) Standards
  • Financial Planning
  • Mutual Funds
  • Annuities
  • Life Insurance
  • Long Term Care Insurance
  • Disability Insurance
  • 529 Plans
  • Retirement Plans
  • Employment Disputes
  •  Case review and assessment
  • Analyze opposition expert reports
  • Damage calculations
  • Discovery review and recommendations
  • Written opinion
  • Expert testimony

Our Experts    |    Services    |    FINRA Arbitration    |    Mediation    |      Pro Bono Services    |    Contact

Barrington Financial Consulting Group, Inc.

3800 American Blvd West | Suite 1110 | Bloomington, MN  55431
800-741-0704  |  952-857-2411  |  Fax: 952-835-1504  |  E-mail


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