FOR IMMEDIATE RELEASE
Contact:
Eric J. Weiss, President
info@brightscape.com
Brightscape Investment Centers, Inc.
9130 So. Dadeland Blvd., Suite 1602
Pinecrest , FL 33156
Phone: (888) 888-0967
http://www.brightscape.com
Brightscape Combats
Abusive Mutual Fund Sales Practices
Miami, FL – January 15,
2004 -- Brightscape Investment Centers, Inc., the only nationwide
franchisor of independent investment advisory businesses,
called attention today to abusive mutual fund sales tactics
practiced at some financial institutions.
Citing a recent Wall Street
Journal front page article describing how one nationwide brokerage
firm instructed its over 8,000 sales offices to sell certain
underperforming mutual funds because of fees paid to the firm
(by the fund company), Eric Weiss, president of the Company
said, “such practices are a direct contradiction of
these firm’s public advertising and make a mockery of
their fiduciary obligations.”
This firm and other Wall Street
Goliaths’ mission is to build brand and sell theirs
or third party products, if the compensation is sufficient.
Weiss goes on to say, “while their practices are in
blatant disregard of their fiduciary responsibilities, their
strategy is to promote the advantages of their size and comfort
level associated with tradition.” Weiss further adds,
“in essence they run a propaganda machine, with the
public hearing little in the way of countervailing publicity
from the nation’s 25,000 independent investment advisors
each of whom lacks the marketing muscle of the Goliaths.”
Brightscape, through its franchising
program, is trying to remedy the situation by creating a nationwide
network of independent investment advisors who provide independent
and objective advice to the nation’s investors. Brightscape
franchisees select the best from over 11,000 mutual funds
and are not compensated nor compromised by the products they
select. In selecting products the Company selects funds with
low costs and those that “stick to their knitting”
by not deviating from their stated investment objective.
For a mere $10-15,000 initial
investment, Brightscape franchisees receive the use of proprietary
software and back-office support to create personalized and
unbiased investment solutions for clients. An asset management
fee rather than fess paid by fund companies compensates franchisees.
“We have gotten great
interest in our franchise from across the country having opened
our first franchise in Dallas; we currently have 10-15 applicants
in the final stages of documentation,” says Weiss.
One facet of the Brightscape
system is the Company’s proprietary software Advice
Manager, cited in January of 2003 as a “Best Technology
of 2002” for financial advisors by MorningstarAdvisor.com.
This software, for which the Company invested over $1 million
to develop, decreases preparation and completion time of customized
investment plans for clients. Brightscape has filed a patent
application covering some of the software’s functionality
(U.S. patent application 09/736,064).
Brightscape Investment Centers,
Inc.’s co-founders, Eric J. Weiss and R. Dirk Peters,
have over 25 years of financial and investment experience
with Citibank and J. P. Morgan Chase.
The company is rolling out
the Brightscape franchise nationwide. More information on
the company and how the franchise works is available at http://www.brightscape.com.
Phone: (888) 888-0967
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"Integrity, Truth and Trust"
Copyright © 2008 Brightscape, Inc. All Rights Reserved.
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