Did Ralph Waller Recommend an Unsuitable Investment?
Ralph Waller (CRD #: 3196853), a broker and investment advisor registered with Woodbury Financial Services, is facing an unsuitability dispute, according to his BrokerCheck record, accessed on April 16, 2022.
According to the allegations filed on January 23, 2022, Ralph Waller failed to act in his client’s best interest when recommending the redemption of a variable annuity. Variable annuities can be complex and may incur fees upon redemption.
FINRA Rule 2111
Brokers must consider the factors listed below when recommending investments to investors:
- The investor’s current financial state and tax status
- The investor’s financial goals
- The investor’s risk tolerance
According to FINRA Rule 2111, brokers may be liable for investor unsuitability claims if they fail to take the factors listed above into account. A broker must have exercised due diligence and have an adequate reason for believing that an investment will be suitable or beneficial for the investor.
Make sure you are not being taken advantage of by contacting the securities attorneys at Kurta Law as soon as possible if you believe you lost funds due to unsuitable investment recommendations.
On February 3, 2020, Ralph Waller was named in an investor dispute after allegedly over-concentrating his client’s portfolio in a single security. The case was settled for $215,000.
Overconcentration is a Violation of FINRA Rule 2111
Overconcentration occurs when a broker concentrates an investor’s portfolio in one security or sector, exposing the investment portfolio to an inappropriate degree of risk which can lead to significant losses.
Ralph Waller has passed the following exams:
- Series 65 – Uniform Investment Adviser Law Examination
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
- Series 6 – Investment Company Products/Variable Contracts Representative Examination
He is a registered broker in 14 states and a registered investment advisor in five states.
Besides Woodbury Financial Services, Ralph Waller has also worked with ProEquities(CRD#: 15708).
Kurta Law Can Help
If you have worked with Ralph Waller and have concerns about your investments, don’t hesitate to contact us today at 877-600-0098 or email@example.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 and 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.