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Investor Alleges Clifton Higgs Made Unsuitable Investment Recommendation

Sep 6, 2022 Unsuitable Investments

Clifton Higgs (CRD #: 5492596), a broker registered with Securities Management & Research, allegedly recommended an unsuitable investment, according to his BrokerCheck record, accessed on August 19, 2022. Investors may have also engaged his services through BFC Planning. If you want to learn more about his conduct as a broker, keep reading.

Investor Dispute

On May 13, 2022, an investor alleged that Clifton Higgs recommended an unsuitable investment to generate high fees and commissions. The client further alleged that Clifton Higgs overconcentrated them in this investment, depriving them of the ability to generate the returns of a diversified portfolio. This dispute is pending.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to recommend securities that adequately fit an investor’s financial goals. Brokers must consult the information in an investor’s profile, such as their age, risk tolerance, and other investments when making recommendations.

Suitability also applies to investment strategies. Overconcentration, for example, may enter investors into a level of risk beyond what is appropriate for them given their profile.

Investors who rely on their broker for recommendations may be able to recoup their losses through FINRA arbitration.

Background Information

Clifton Higgs has passed the following exams:

  • Series 66 – Uniform Combined State Law Examination
  • Series 63 – Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 7 – General Securities Representative Examination
  • Series 6 – Investment Company Products/Variable Contracts Representative Examination

Clifton Higgs is a registered broker in eight states and a registered investment adviser in Texas.

He has also worked for the following firms:

  • Cambridge Investment Research Advisors (CRD#:134139)
  • Cambridge Investment Research (CRD#:39543)
  • MML Investors Services (CRD#:10409)
  • Northwestern Mutual Investment Services (CRD#:2881)

Kurta Law Can Help

If you worked with Clifton Higgs and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want 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.