Ryan Michael Walterhoefer (CRD #5198969) Has a Customer Dispute Disclosure on FINRA BrokerCheck

Ryan Michael Walterhoefer (CRD #5198969) is a formerly registered broker with a customer dispute on FINRA BrokerCheck. We reviewed his BrokerCheck report on February 18, 2026. It reflects one customer dispute. If you invested with Ryan Michael Walterhoefer and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Investor Disputes / Customer Complaints

Ryan Michael Walterhoefer’s FINRA BrokerCheck Report reflects one customer dispute disclosure. A summary of the dispute is below:

On December 3, 2025, customers alleged Ryan Walterhoefer recommended variable annuities in 2011 and 2021 that were not adequately disclosed and were not suitable. The customers did not state a specific damage amount. The firm estimated alleged damages were greater than $5,000. The complaint was denied on February 5, 2026. Ryan Walterhoefer’s statement says the firm found no merit to the allegations and said the customers received enough information to make informed decisions.

Rule Summary #1: FINRA Rule 2330 (Deferred Variable Annuities)

FINRA Rule 2330 sets standards for recommendations involving deferred variable annuities. It focuses on disclosure and suitability. Disputes about variable annuities often raise questions about how the product’s fees and surrender charges were explained.

Rule Summary #2: FINRA Rule 2111 (Suitability)

FINRA Rule 2111 requires a reasonable basis for each recommendation. A broker should match the recommendation to the customer’s profile, including risk tolerance and time horizon. Customer complaints may question whether the recommendation fit those factors.

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, Ryan Michael Walterhoefer:

Is not currently registered with any FINRA member firm.

Was previously registered with Northwestern Mutual Investment Services, LLC.

Has passed the Series 66 exam.

Kurta Law Can Help

If you have worked with Ryan Michael Walterhoefer 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: Variable Annuities | Unsuitable Investments

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.