Michael Zanders Racks Up 6th Investor Dispute

Michael Zanders (CRD #: 475794), a broker registered with Ameriprise Financial Services, is the subject of an investor dispute, according to his BrokerCheck record, accessed on September 19, 2023. Keep reading if you have questions about his conduct. 

On August 31, 2023, an investor alleged that Michael Zanders recommended an unsuitable variable annuity. The investor is seeking $90,400. 

Investors should know there are five previous investor disputes on Michael Zanders’ record. 

Variable Annuities

Variable annuities are complex investments. These policies can decline in value depending on the performance of the underlying securities. Surrender charges, tax penalties, and other fees can make these policies unsuitable.

What is an Unsuitable Investment?

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

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

Investors who rely on brokers for recommendations may be able to recover losses from unsuitable investment recommendations by pursuing FINRA arbitration.

Background Information 

Michael Zanders has passed the following exams: 

• Series 65 Uniform Investment Adviser Law Examination 
• Series 63 Uniform Securities Agent State Law Examination 
• Series 52TO Municipal Securities Representative Examination 
• Series 7TO General Securities Representative Examination 
• SIE – Securities Industry Essentials Examination 
• Series 5 Interest Rate Options Examination 
• Series 15 Foreign Currency Options Examination 
• Series 1 Registered Representative Examination 
• Series 53 Municipal Securities Principals Examination 
• Series 24 General Securities Principal Examination 
• Series 4 Registered Options Principal Examination 
• Series 12 NYSE Branch Manager Examination 

He is a registered broker in 26 states and D.C. He is a registered investment adviser in Kansas and Texas. 

Michael Zanders has registered with the following firms: 

• Ameriprise Financial Services (CRD #: 6363) 
• NFP Securities (CRD #: 42046) 
• FBD Investment Services (CRD #: 35592) 
• First Colonial Securities Group (CRD #: 25121) 
• Prudential Securities Incorporated (CRD #: 7471) 
• Thomson McKinnon Securities (CRD #: 829) 
• A.G. Edwards & Sons (CRD #: 4) 

Kurta Law Can Help

If you worked with Michael Zanders 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 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.