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Last Update

2011-02-24T00:00:00.000Z

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Background Information

Employment History

SKYLINE FINANCIAL NETWORK

Owner

AFA Financial Group LLC

Affiliations

Registered Investment Advisor
Planned Asset Management LLC

Member
Financial Planning Association

Specialist Advisor In Motivational Company Retirement, Savings and Insurance Programs
Technology MarketForce Inc.

Founder
Quantitative Strategies Inc

Board Member
Watts Foundation Community Trust

Chairman of the Planned Giving Committee
Pacific Lodge Youth Services

Education

Bachelor of Science degree
accounting
San Diego State University

Web References (35 Total References)


According to AFA's president, ...

www.investorclaims.com [cached]

According to AFA's president, Morrie Reiff, the firm simply could not keep up with its errors-and-omissions (E&O) insurance payments after being deluged with arbitration claims related to the firm's offering of Provident Royalties.


At the time, AFA's president Morrie ...

www.investmentnews.com [cached]

At the time, AFA's president Morrie Reiff said that his discussions with industry lawyers and observers indicate that as many as 35 other broker-dealers could be facing a similar fate.


At the time, AFA's president Morrie ...

www.investmentnews.com [cached]

At the time, AFA's president Morrie Reiff said that his discussions with industry lawyers and observers indicate that as many as 35 other broker-dealers could be facing a similar fate.


At the time, AFA's president Morrie ...

www.investmentnews.com [cached]

At the time, AFA's president Morrie Reiff said that his discussions with industry lawyers and observers indicate that as many as 35 other broker-dealers could be facing a similar fate.


AFA Financial Group LLC, with ...

www.investmentnews.com [cached]

AFA Financial Group LLC, with about 100 advisers, is shutting its doors today, said Morrie Reiff, the firm's president.

That makes the second independent broker-dealer that has bitten the dust in as many months. In March, GunnAllen Financial Inc., was shut down when it could not meet its net-capital requirement. (More on the fall of Gunn Allen).
What's more, after conversations with industry lawyers and observers, Mr. Reiff said that as many as 35 other broker-dealers could be facing a similar fate.
AFA Financial, which is located in Calabasas, Calif., made the decision on its own to close, Mr. Reiff said. The B-D was "clobbered" by the historic downturn in the stock market in 2008 and 2009, he said, and the firm simply could not keep making its errors-and-omissions-insurance payments.
"Our reps were not producing what they needed to produce to keep the doors open," he said. AFA, which was open for seven years, also saw a sharp increase in 2010 in securities arbitration claims from investors, he said.
...
Mr. Reiff said that he feels terrible for the firm's employees and clients.

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