Lawrence Waller Allegedly Failed to Diversify an Investor Portfolio

Lawrence Waller (CRD #: 3232644), a broker registered with SA Stone Wealth Management, is the subject of an investor dispute. This dispute appears on his BrokerCheck record, accessed on December 21, 2023. Details concerning this dispute are provided below. 

On November 9, 2023, an investor alleged a breach of fiduciary duty, caused by a failure to properly allocate assets and diversify the portfolio. 

Fiduciary Duties

A fiduciary duty is a duty to work in a client’s best interest. Brokers are not fiduciaries, but Registered Investment Advisers (RIAs) are. Brokers, however, are often dually registered and RIAs. Brokers must follow the rules set forth by FINRA Rule 2111 and Regulation Best Interest. (To learn more about the differences between brokers and Registered Investment Advisers, click here.) 

Failure to Diversify 

FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s risk tolerance. A lack of diversification may increase the portfolio’s exposure to risk because it overconcentrates an investor’s portfolio in the same stock or sector. 

Background Information 

Lawrence Waller has passed the following exams: 

• Series 66 – Uniform Combined State Law Examination 
• SIE – Securities Industry Essentials Examination 
• Series 7 General Securities Representative Examination

He is a registered broker in 23 states and D.C. He is a registered investment adviser in Georgia. 

During his 23 years of experience, Lawrence Waller has registered with 11 firms. He has registered with the following firms since 2007:

• Securities America (CRD #: 10205) 
• Securities America Advisors (CR D#: 110518) 
• WRP Investments (CRD #: 7365) 
• Sterne Agee Investment Advisors Services (CRD #: 7365) 
• SA Stone Investment Advisors (CRD #: 174182) 
• SA Stone Wealth Management (CRD #: 18456) 

Kurta Law Can Help 

If you have worked with Lawrence Waller and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that 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. Do not let securities fraud go unchecked. Start your recovery process today.