Edward Barfield Allegedly Recommended an Unsuitable Whole Life Insurance Product

Edward Barfield (CRD #: 4257082), a broker registered with Geneos Wealth Management, is facing a new investor dispute, according to his BrokerCheck record, accessed on August 9, 2023. Keep reading for more details. 

On July 18, 2023, an investor alleged that Edward Barfield recommended an unsuitable investment of a fixed whole life insurance product in 2020. The representative allegedly created a tax liability by transferring her IRA account to a revocable living trust account. 

There is also a regulatory action related to a whole fixed life insurance policy. On July 1, 2015, the State of Missouri alleged that Edward Barfield made unsuitable investment recommendations. The State requested a restitution payment of $4,000. 

What is an Unsuitable Investment?

FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals. Brokers must examine the investor’s profile, which contains the following investor characteristics:

• Age
• Financial goals
• Risk tolerance
• Time horizon (i.e., how long the investor plans to hold the investment)
• Investing experience
• Tax status

Investors who rely on brokers for investment recommendations can pursue FINRA arbitration and potentially recover their losses.

Tax Lien 

On October 4, 2018, Edward Barfield became the subject of a tax lien for $78,080.80. 

Background Information 

Edward Barfield 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 
• Series 24 General Securities Principal Examination 

He is a registered broker in Missouri and a registered investment adviser in Texas and Missouri. 

Edward Barfield has registered with the following firms: 

• Geneos Wealth Management (CRD #: 120894) 
• Cetera Advisor Networks (CRD #: 13572) 
• Summit Financial Group (CRD #: 109485) 
• Summit Brokerage Services (CRD #: 34643) 
• Summit Financial Group (CRD #: 109485) 
• OneAmerica Securities (CRD #: 4173) 
• Park Avenue Securities (CRD #: 46173) 
• Fort Washington Brokerage Services (CRD #: 8099) 

Kurta Law Can Help

If you worked with Edward Barfield 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.