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Robert Burgess Allegedly Failed to Act in Client’s Best Interest

Feb 15, 2023 Variable Annuities

Robert Burgess (CRD #: 6606240), a broker registered with Edward Jones, allegedly failed to act in an investor’s best interest, according to his BrokerCheck record, accessed on February 9, 2023. Read on to learn more about his alleged conduct as a broker.

Investor Dispute

In a dispute filed on August 1, 2022, an investor alleged that Robert Burgess recommended employer retirement plans, consisting of group variable annuities, that were not in the client’s best interest. This dispute was denied by the firm.

Investors should be aware, however, that firms can deny disputes without an external review. Investors may be able to recoup their losses by pursuing FINRA arbitration after a denial.

FINRA Rule 2111 and Regulation Best Interest

FINRA Rule 2111 requires that brokers tailor their investment recommendations to an investor’s profile, which describes characteristics including their tax status, risk tolerance, and financial goals.

Regulation Best Interest (Reg-BI) is an SEC regulation that requires brokerage firms to put their clients’ best interests first. For example, firms must conduct reasonable due diligence when researching investments to ensure their recommendations are suitable for the investor.

What are variable annuities?

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

Background Information

Robert Burgess has passed the following exams:

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

Robert Burgess is a registered broker in 13 states and the District of Columbia. He is also a registered investment adviser in South Carolina.

He has also worked for Investment Advisors (CRD#:15708) and ProEquities (CRD#:15708).

Kurta Law Can Help

If you worked with Robert Burgess and you have concerns about your investments, please contact us today at 877-600-0098 or 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 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.