First Command Brokerage Services
Kurta Law is investigating securities recommendations by First Command Brokerage Services brokers.
First Command Brokerage Services (CRD #: 3641) is a brokerage firm with headquarters in Fort Worth, Texas.
The firm has done business under the following names:
- First Command Financial Services
- First Command Advisory Services
- United Services Planning Association
- First Command Insurance Services
First Command Brokerage Services and Advisory Services
First Command Brokerage Services and First Command Advisory Services are both owned by First Command Financial Services. Investors should note that advisory services and brokerage services differ, both in the types of services they offer and the fees they charge.
Advisory accounts, for instance, offer account monitoring, and a First Command financial advisor will periodically rebalance account assets. Broker-dealer services do not come with account monitoring.
Limited Investment Offerings
Investors should know that First Command Brokerage Services has limited product offerings. These products may come with too much risk for certain investors. First Command Brokerage Services representatives may have licenses that limit them to exclusively offering the following products:
- Mutual funds
- Variable annuities
- Variable life insurance
- Section 529 Plans
- Exchange-Traded Funds
Sales Charges and Conflicts of Interest
The Customer Relationship Summary (Form CRS) makes the following disclosures regarding product offerings and their conflicts of interest.
- First Command Brokerage Services charges commissions or sales charges for transactions. This creates an incentive for brokers to encourage investors to trade more often.
- Mutual funds, 529 plans, and insurance products come with ongoing fees and expenses that are paid to the firm.
- Distributors for ETFs and mutual funds might offer reimbursements for training and education events, giving brokers an incentive to recommend these investments over other similar securities.
Financial Professional Disciplinary Histories
First Command Brokerage Services works with brokers who have disciplinary histories. The firm recommends that investors ask their broker: “As a financial professional, do you have any disciplinary history? For what type of conduct?”
Kurta Law is aware of the following current or former First Command Brokerage Services brokers with allegations of misconduct on their records:
- Kathy Wilson: https://www.kurtalawfirm.com/blog/kathy-wilson/
- Jimmie Griffea: https://www.kurtalawfirm.com/blog/jimmie-griffea/
If you have concerns about your broker’s conduct, contact Kurta Law today.
Regulatory Actions
There are several regulatory actions on the First Command Brokerage Services’ record. You can read the complete list of regulatory actions on the firm’s detailed BrokerCheck report.
$25,000 Puerto Rico Fine
On July 28, 2022, The Office of the Commission of Financial Institutions of Puerto Rico fined First Command Brokerage Services $25,000 following allegations that the office had executed brokerage transactions in Puerto Rico prior to being registered in accordance with the Puerto Rico Uniform Securities Act.
$63,232 Colorado Fine
The Puerto Rico fine is not the only regulatory action related to licenses and registrations.
For instance, on June 18, 2021, the Colorado Division of Securities fined First Command Brokerage Services following allegations that the firm had allowed an individual to act as a sales representative without a license. The State fined First Command Brokerage Services $63,232.
Kurta Law Can Help
If you lost money working with a First Command Brokerage Services representative, Kurta Law can evaluate your case and determine if your losses may have stemmed from broker fraud or misconduct. Our attorneys offer free case evaluations and do not collect a fee unless we win your case. Contact (877) 600-0098 or info@kurtalawfirm.com.