Richard Timothy Kersting Jr (CRD #1835418) Has Customer Dispute Disclosures on FINRA BrokerCheck

Richard Timothy Kersting Jr (CRD #1835418) is currently registered with Ameriprise Financial Services, LLC. We reviewed his BrokerCheck report on March 6, 2026. The report reflects two customer dispute disclosures. One matter is pending, and one matter settled. If you invested with Richard Kersting and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Investor Disputes / Customer Complaints

Richard Kersting’s FINRA BrokerCheck report reflects two customer dispute disclosures. Summaries of those disputes are below:

On October 5, 2001, a customer alleged churning, misrepresentation, and unsuitable recommendations while he was associated with Southwick Investments and Josephthal & Co., Inc. The customer sought $300,000 in damages. The matter later settled for $24,500. BrokerCheck states that Richard Kersting contributed $16,500. His statement says Josephthal/Fahnestock settled $7,000 without his knowledge and that he later settled after considering legal fees.

On February 2, 2026, Richard Kersting’s FINRA BrokerCheck report shows a pending FINRA arbitration filed while he was associated with Ameriprise Financial Services, LLC. Claimants alleged that respondents recommended an aggressive investment strategy that was incompatible with their investment profile. BrokerCheck lists the products as a variable annuity and listed equities. The claim seeks $500,000 in damages. Richard Kersting’s statement says the respondents deny the allegations and intend to defend the matter vigorously.

Rule Summary #1: FINRA Rule 2111 (Suitability)

FINRA Rule 2111 requires a reasonable basis to believe a recommendation fits the customer’s investment profile. Claims about aggressive or unsuitable strategies often turn on whether the broker matched the strategy to the customer’s risk tolerance, objectives, and financial circumstances.

Rule Summary #2: FINRA Rule 2090 (Know Your Customer)

FINRA Rule 2090 requires firms and brokers to use reasonable diligence to know the essential facts about each customer. That duty matters when a claim says an investment strategy did not fit the customer’s profile or instructions.

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, Richard Kersting:

Is currently registered with Ameriprise Financial Services, LLC.

Has passed the Securities Industry Essentials (SIE) exam. Richard Kersting has also passed Series 7, Series 24, Series 10, Series 9, Series 99TO, Series 65, and Series 63.

Was previously registered with firms that include Bruderman Brothers LLC, Bruderman Asset Management, LLC, Gary Goldberg & Co., Inc., and Purshe Kaplan Sterling Investments.

Kurta Law Can Help

If you have worked with Richard Kersting 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: Unsuitable Investments | Securities Attorney

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.