Neil Butler (CRD #4843398) Has Customer Dispute Disclosures on FINRA BrokerCheck

Neil Butler (CRD #4843398) is a broker with customer dispute disclosures on FINRA BrokerCheck. We reviewed his BrokerCheck report on March 17, 2026. It reflects two customer disputes. If you invested with Neil Butler and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Investor Disputes / Customer Complaints

Neil Butler’s FINRA BrokerCheck report reflects two customer dispute disclosures. Summaries of the disputes are below:

On January 14, 2026, a client alleged Neil Butler made unsuitable recommendations regarding the fee structure of the share classes sold. Neil Butler’s FINRA BrokerCheck record lists the product as a mutual fund and shows claimed damages of $31,250. The matter is pending. BrokerCheck lists Wells Fargo Advisors Financial Network, LLC as the employing firm for the activity from January 25, 2018 through January 14, 2026.

On August 20, 2010, a customer alleged Neil Butler made misrepresentations in July 2010. Neil Butler’s FINRA BrokerCheck record lists the product as common or preferred stock and shows alleged damages of $313,092. Merrill Lynch, Pierce, Fenner & Smith Incorporated denied the complaint on September 7, 2010. Butler’s statement says the complaint lacked merit and that each transaction was initiated and authorized by the complainant.

Rule Summary #1: FINRA Rule 2111 (Suitability)

FINRA Rule 2111 (Suitability) requires a broker to have a reasonable basis for a recommendation and to match it to the customer’s investment profile. Disputes about unsuitable recommendations often turn on risk, costs, time horizon, and whether the product fit the investor’s needs.

Rule Summary #2: FINRA Rule 2341 (Investment Company Securities)

FINRA Rule 2341 (Investment Company Securities) governs member activity involving registered investment company securities, including mutual funds. Disputes over mutual fund share classes can raise questions about fees, compensation incentives, and whether a lower-cost option was available.

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, Neil Butler:

Is currently registered with Wells Fargo Advisors Financial Network, LLC.

Has passed the Securities Industry Essentials (SIE) exam. Neil Butler has also passed Series 7, Series 24, Series 65, and Series 63.

Was previously registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated.

Kurta Law Can Help

If you have worked with Neil Butler 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 | What is Securities Fraud

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.