CCO Mike Herman talks Class Action Claims with Citywire

By July 18, 2023No Comments

Class action for clients:
RIAs add claim filing to list of capabilities

While the process of filing class action claims is often burdensome, some RIAs are contracting with third parties to provide this service for clients.


As RIA firms grow, they have routinely sought to add coveted services like accounting and estate planning.
But at one growing South Carolina RIA, a different boutique service has entered the conversation.

‘We’ve acquired some practices that have used a class action claim-filing service,’ said Mike Herman, chief compliance officer at $3.4bn RIA Apollon Wealth Management, which is based near Charleston, S.C. ‘I’ve seen maybe a half-dozen firms that went out on their own and hired a filing service. Most advisors would typically say it’s up to clients to file on their own.’

Coming off a record-setting year in class action settlements, Apollon is hardly the only RIA that has contracted an outside service provider to file class action claims.

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