National Financial Services is a dual-registered firm based in Boston, MA, that has not yet been scored, with 1,606 registered advisors. Score based on public SEC and FINRA filings.
registered
National Financial Services
National Financial Services LLC · CRD #13041
A dual-registered firm offering both advisory and brokerage services.
No longer registered
This firm withdrew its registration on September 28, 2022. We don't score firms that are no longer registered.
The firm’s regulatory record stays available below. A firm can stop being registered for many ordinary reasons, including closing, merging, or the owner retiring.
Fidelon Fact Sheet
National Financial Services LLC used to be called NATIONAL FINANCIAL SERVICES CORPORATION. It is an investment adviser in Boston, MA. The firm is also a broker-dealer. When it sells products, it only has to pick suitable ones. The duty to put clients first covers its advice, not its sales. It is paid advisory fees. The firm has regulatory disclosures on file. It also has arbitrations on file. The SEC and FINRA have taken action. The most recent action was in 2024.
How This Firm Works
Registration & Standard of Care
Dual-Registered — this firm operates as both an investment adviser (fiduciary) and a broker-dealer. Some services come with fiduciary protection, while brokerage services may involve commissions.
How This Firm Gets Paid
- Charges a percentage of assets under management
- Representatives can earn commissions on product sales
Key Findings
Strengths
- Registered as investment adviser with fiduciary obligation
Things You Should Know
- Also operates as a broker-dealer — may not always be required to put your interests first
- 62 regulatory complaints reported by FINRA
- $14.2M in regulatory fines
Conflict Audit
Multiple structural conflicts identified in regulatory filings. These are disclosed business arrangements — worth asking about, not disqualifying.
Source: Form ADV Part 1, Items 6-8; Part 2A, Items 10-14
Regulatory Track Record
62
Disclosures
$14.2M
Total Fines
Regulatory Events
Advisor Roster
1,606 advisors
| Advisor | CRD | Score | Grade |
|---|---|---|---|
| Timothy Hagan | 6047747 | — | — |
| Mayank Goradia | 6109476 | — | — |
| Shiyu Fan | 7729086 | — | — |
| Michael J Scarsciotti | 5288213 | — | — |
| Robert C. Neff | 4663228 | — | — |
| Megan Dispirito | 5487397 | — | — |
| Karle McLaughlin | 7599935 | — | — |
| Michael D Hamrick | 2390429 | — | — |
| Jill A Swenson | 2500109 | — | — |
| Simone Saracino | 1026838 | — | — |
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Frequently Asked Questions
What does the TransparencyScore measure?
The TransparencyScore measures how clearly and completely an advisor or firm discloses important information in their regulatory filings — things like fees, conflicts of interest, disciplinary history, and business practices. A higher score means better disclosure quality, not better investment performance.
Where does this data come from?
All data comes from public regulatory filings: SEC Form ADV (Parts 1, 2, and 3), FINRA BrokerCheck, and the SEC's Investment Adviser Public Disclosure (IAPD) database. These are official filings that firms and advisors are legally required to submit.
Does a low score mean they're a bad advisor?
Not necessarily. A low score means the firm's public filings are less transparent — they may use vague language about fees, skip details about conflicts, or have a more complex regulatory history. Some excellent advisors work at firms with poor disclosure practices. The score measures the filing, not the person.
What does dual registration mean for me?
It means your advisor can act as a fiduciary (putting your interests first) for some services and as a broker (suitability standard) for others. The key question to ask: 'For this specific recommendation, are you acting as my fiduciary?' Get the answer in writing.
How often is this data updated?
Fidelon refreshes data from SEC and FINRA sources on a regular schedule. Form ADV filings are updated annually by firms (with amendments throughout the year), and BrokerCheck data is updated as events are reported. Scores are recalculated after each data refresh.
Can an advisor or firm improve their score?
Yes. Scores are based on what's in public filings. A firm that rewrites its ADV brochure in clearer language, discloses conflicts more specifically, or resolves outstanding regulatory issues will see its score improve at the next refresh. The incentive structure is intentional.
Data Sources
Scores are generated using Fidelon's published scoring methodology and reflect the quality of public disclosures, not the quality of investment advice. A firm that improves its disclosures will see its score improve. Fidelon does not provide investment advice.
Verify on SEC IAPD · FINRA BrokerCheck
Last scored: · Score version: 3.9 · CRD #13041