Eric Alexander Duncan (CRD #4168496) Has a Customer Dispute Disclosure on FINRA BrokerCheck

Eric Alexander Duncan (CRD #4168496) is a broker with a customer dispute on FINRA BrokerCheck. We reviewed his BrokerCheck report on March 19, 2026. It reflects one customer dispute. If you invested with Eric Alexander Duncan and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Investor Disputes / Customer Complaints

Eric Duncan’s FINRA BrokerCheck report reflects one customer dispute disclosure. A summary of the dispute is below:

On January 9, 2026, a customer filed a FINRA arbitration that alleged suitability and negligence involving 2020 recommendations. Eric Duncan’s FINRA BrokerCheck report lists the products as corporate debt and direct participation program and limited partnership interests. The customer seeks $201,000 in damages. Eric Duncan’s FINRA BrokerCheck report states there are multiple claimants, but only one of his clients is part of the matter. The same report says the damages tied to that client are believed to be $100,000. The case is pending under FINRA docket number 25-02659. Eric Duncan’s statement says he denies the allegation.

Rule Summary #1: FINRA Rule 2111 (Suitability)

FINRA Rule 2111 requires a reasonable basis for each recommendation. It also requires a broker to match a recommendation to the customer’s investment profile. A dispute that alleges unsuitable recommendations often raises questions about whether the product fit the customer’s goals, risk tolerance, and liquidity needs.

Rule Summary #2: FINRA Rule 2090 (Know Your Customer)

FINRA Rule 2090 requires firms and associated persons to use reasonable diligence to know the essential facts about each customer. Those facts help shape recommendations and account handling. When a dispute alleges negligence or unsuitable advice, this rule can matter because the broker should understand the customer before recommending complex or illiquid products.

Why This Matters to Investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation. It strengthens the standard of conduct that broker-dealers owe to retail investors. It applies when they recommend securities transactions or investment strategies. The U.S. Securities and Exchange Commission adopted Reg BI. It became effective on June 30, 2020. Reg BI aims to protect investors while preserving access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in a retail customer’s best interest at the time of a recommendation. They must not place their own financial or other interests ahead of the customer’s. This standard is higher than the older “suitability” rule. Suitability meant a recommendation only had to be appropriate. It did not have to be the best option or free of conflicts.

Reg BI has four key obligations:

1. Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and the recommendation. This includes fees, the scope of services, and conflicts of interest.

2. Care Obligation – Broker-dealers must use reasonable diligence, care, and skill. They must consider costs, risks, and alternatives when making a recommendation.

3. Conflict of Interest Obligation – Firms must identify conflicts of interest. They must disclose them and mitigate or eliminate them. This includes conflicts that create incentives to favor one product over another.

4. Compliance Obligation – Firms must maintain policies and procedures. Those policies should be designed to ensure compliance with Reg BI as a whole.

Reg BI applies to each recommendation. It is not a continuous duty like the fiduciary standard for registered investment advisers. Even so, it narrows the gap. It puts more focus on costs, conflicts, and investor-focused decision-making.

Overall, Regulation Best Interest promotes transparency. It also aims to improve the quality of investment recommendations. It is designed to reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background Information (from BrokerCheck)

Based on his FINRA BrokerCheck report, Eric Duncan:

Is currently registered with Berthel, Fisher & Company Financial Services, Inc.

Is also registered as an investment adviser representative with BFC Planning, Inc.

Has passed the Securities Industry Essentials (SIE) exam. Eric Duncan has passed Series 7. He has also passed Series 65 and Series 63.

Was previously registered with firms that include Moloney Securities Co., Inc. and E*Trade Securities LLC.

Kurta Law Can Help

If you have worked with Eric Duncan and you have concerns about his activity, Kurta Law may be able to help you evaluate your legal options. To speak with Kurta Law, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful resources: Unsuitable Investments | Securities Attorney

For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable. Our firm represents clients nationwide in securities arbitration and related disputes. If you believe a broker or firm mishandled your account, an attorney can review the facts and explain possible next steps.