IAN MICHAEL PIERCE (CRD #6205487) Has Regulatory, Employment Separation, and Customer Dispute Disclosures on FINRA BrokerCheck

Ian Michael Pierce (CRD #6205487) was previously registered with Northwestern Mutual Investment Services, LLC and is not currently registered as a broker, according to FINRA BrokerCheck. We reviewed his BrokerCheck report on April 10, 2026. It reflects two regulatory events, one employment separation after allegations, and four customer dispute disclosures. If you invested with Ian Pierce and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Regulatory Action(s)

Ian Pierce’s FINRA BrokerCheck report reflects two regulatory action disclosures. A summary of those matters is below:

On June 26, 2025, Ian Pierce’s FINRA BrokerCheck report disclosed a Connecticut consent order. BrokerCheck states the order says that from June 2018 through November 2024, Pierce acted as an unregistered investment adviser and fraudulently obtained or misappropriated at least $164,000 from at least four Connecticut customers. BrokerCheck says Connecticut entered a permanent bar, a cease-and-desist order, and a $100,000 fine that was stayed for three years based on his financial affidavit. The restitution obligation remained in effect.

On February 23, 2022, Ian Pierce’s FINRA BrokerCheck report disclosed that FINRA accepted an AWC and permanently barred Ian Pierce in all capacities. BrokerCheck says FINRA found that he arranged two loans totaling $2,885 against a customer’s insurance policy without the customer’s knowledge, directed the customer to send the proceeds to his personal bank account, and used the money for personal purchases. BrokerCheck also states that he made false statements about premiums and policy status and sent fabricated policy history information. AWC link: AWC link

Employment Separation

Ian Pierce’s FINRA BrokerCheck report reflects one employment separation disclosure.

On February 28, 2020, Ian Pierce’s FINRA BrokerCheck report disclosed that Northwestern Mutual Investment Services, LLC permitted him to resign. BrokerCheck states the separation followed a customer claim that loans were taken from her permanent life insurance policy without consent, that the proceeds were transferred to his bank account, and that fabricated transaction records were given to the customer.

Investor Disputes / Customer Complaints

Ian Pierce’s FINRA BrokerCheck report reflects four customer dispute disclosures. Two examples are summarized below.

On January 29, 2026, Ian Pierce’s FINRA BrokerCheck report disclosed a pending FINRA arbitration filed by five clients. The customers alleged that he solicited funds, misappropriated those funds, made misrepresentations about their policies, falsified documents, and impersonated employees of NMIS, FINRA, and legal counsel in written communications. BrokerCheck says the arbitration did not state a specific damages amount, but the firm could not determine in good faith that the damages were less than $5,000.

On August 9, 2024, Ian Pierce’s FINRA BrokerCheck report disclosed a denied customer complaint. The customer alleged that after replacing Northwestern Mutual life insurance policies in 2018 and 2019, Ian Pierce did not deliver the surrender proceeds and then tried to reimburse the customer through false identities and fraudulent checks. BrokerCheck states the firm denied the complaint on September 23, 2024.

BrokerCheck also reflects two additional customer dispute disclosures that are not summarized here.

Rule Summary #1: FINRA Rule 2150 (Improper Use of Customers’ Securities or Funds)

FINRA Rule 2150 bars improper use of a customer’s securities or funds. That rule is relevant here because BrokerCheck describes customer money and policy loan proceeds being diverted away from the customer.

Rule Summary #2: FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade)

FINRA Rule 2010 requires high standards of commercial honor and just and equitable principles of trade. Misrepresentations, fabricated records, and impersonation claims can raise questions under that standard.

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:

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.

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

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.

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, Ian Pierce:

Is not currently registered as a broker.

Has passed the Securities Industry Essentials (SIE) exam. Ian Pierce has also passed Series 6 and Series 63.

Was previously registered with Northwestern Mutual Investment Services, LLC.

Kurta Law Can Help

If you have worked with Ian Pierce 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: Securities Attorney | Unsuitable Investments

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.