Brian Kelly Facing Variable Annuity Dispute
Brian Kelly (CRD #: 2201407), a registered broker at Cetera Advisor Networks, is involved in an investor dispute alleging an unsuitable variable annuity contract, according to his BrokerCheck record, accessed on October 27, 2021. Brad Kelly is also a registered investment adviser with Vicus Capital.
Keep reading for more details regarding the allegations.
Unsuitable Investment Allegations
On September 3, 2021, an investor alleged that Brian Kelly recommended an unsuitable variable annuity contract. Variable annuities come with different fees and the contracts are often too complex for investors (and brokers) to understand. The fees can negate any benefit that the variable annuity supposedly offers. These facts make variable annuities unsuitable for most investors.
FINRA Rule 2111 Brokers are also required to have a reasonable basis for recommending an investment.
FINRA Rule 2111
FINRA Rule 2111 defines suitability as investments that fit an investor’s risk tolerance, investment time horizon, financial goals, investing experience, and age. Brokers have access to this information through the investor’s profile.
- Investments can be unsuitable because they are high risk and are likely to lose money.
- Securities may also be unsuitable because they are illiquid, meaning that they are meant to be held for an extended period and investors may have to pay high fees to cash out.
- Securities must also be quantitatively suitable, meaning the number of trades should be suitable for the investor and not incur unnecessary commissions and fees.
- These requirements apply to the overall investment strategy as well as the investments themselves. For instance, an investment strategy might be unsuitable if the securities are over-concentrated in a particular stock or sector.
The dispute is still pending.
On December 6, 2018, Brian Kelly became the subject of a tax lien for $13,547.00.
Brian Kelly Background Information
Brian Kelly has passed the following exams:
- Series 63 – Uniform Securities Agent State Law Examination
- Series 7TO – General Securities Representative Examination
- SIE – Securities Industry Essentials Examination
- Series 6 – Investment Company Products/Variable Contracts Representative Examination
- Series 26 – Investment Company Products/Variable Contracts Principal Examination
Brian Kelly is a registered broker in five states and is a registered investment advisor in three states.
Besides Cetera Advisor Networks and Vicus Capital, Brian Kelly has worked with the following firms:
- Nationwide Securities (CRD#:11173)
- 1717 Capital Management Company (CRD#:4082)
- John Hancock Mutual Life Insurance Company (CRD#:5181)
- John Hancock Distributors (CRD#:468)
Kurta Law Can Help
If you worked with Brian Kelly and you have concerns about your investments, don’t hesitate to contact us today at 877-600-0098 or email@example.com for a free consultation.
For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.