Royal Fisher Allegedly Gave Poor Advice Regarding Insurance Exchange

Royal Fisher (CRD #: 3230753), a broker registered with McNally Financial Services Corporation, allegedly provided poor advice to a client, according to his BrokerCheck record, accessed on June 22, 2023. If you have questions about his alleged conduct as a broker, keep reading.

Investor Dispute

On April 20, 2023, an investor alleged that Royal Fisher gave poor advice by recommending the exchange of a whole life insurance policy for a Variable Universal Life policy (VUL). This dispute was denied by the firm.

Investors should be aware, however, that firms don’t need to allow an outside review before denying a dispute. Investors may be able to recover their losses by seeking out FINRA arbitration after a denial.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to take into account investors’ financial goals when recommending investments. Brokers must consult the investor’s profile, which contains information about their tax status, age, and risk tolerance.

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

What is Variable Universal Life Insurance?

Variable Universal Life insurance policies (VULs) differ from other forms of life insurance because they invest a portion of investors’ premiums. Whether a VUL increases or decreases in value depends on the performance of its investments, so your returns are not guaranteed.

Termination from SagePoint Financial

On April 15, 2021, Royal Fisher was fired from SagePoint Financial after allegedly acting in the capacity of a trustee and beneficiary on a client account without the firm’s knowledge or approval.

FINRA Rule 3241

FINRA Rule 3241 prohibits brokers from being named as a beneficiary, executor, or trustee or holding other positions of trust for a client, except under certain circumstances.

Background Information

Royal Fisher has passed the following exams:

• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 6 – Investment Company Products/Variable Contracts Representative Examination

Royal Fisher is a registered broker in 11 states.

He has also worked for the following firms:

• SagePoint Financial (CRD#:133763)
• American General Securities (CRD#:13626)
• Franklin Financial Services Corporation (CRD#:5435)

Kurta Law Can Help

If you worked with Royal Fisher 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 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.