Thomas Michael Higgins (CRD #1573505) Has a Customer Dispute Disclosure on FINRA BrokerCheck

Thomas Michael Higgins (CRD #1573505) is a broker with a customer dispute on FINRA BrokerCheck. We reviewed his BrokerCheck report on March 11, 2026. It reflects one customer dispute.  We reviewed his BrokerCheck report on March 11, 2026. If you invested with Thomas Michael and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Investor Disputes / Customer Complaints

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

On January 22, 2026, a customer alleged Thomas Michael Higgins did not act in the client’s best interest. The customer alleged Higgins did not warn the client about the tax consequences of selling variable annuities. Thomas Michael Higgins FINRA BrokerCheck lists the product as variable annuities. BrokerCheck states the complaint is pending and says damages are estimated to exceed $5,000.

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

FINRA Rule 2330 sets sales-practice standards for deferred variable annuity recommendations. It requires brokers to gather key customer information and explain features such as surrender charges, tax penalties, fees, and market risk.

Rule Summary #2: FINRA Rule 2111 (Suitability)

FINRA Rule 2111 requires a reasonable basis to believe a recommendation fits the customer’s investment profile. That profile includes factors such as age, tax status, objectives, liquidity needs, and risk tolerance.

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.

1. 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.

2. Care Obligation – Broker-dealers must use reasonable diligence, care, and skill. They must consider costs, risks, and alternatives when making a recommendation.

3. 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.

4. 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, Thomas Michael Higgins:

Is currently registered with UBS Financial Services Inc.

Has passed the Securities Industry Essentials (SIE) exam. Thomas Higgins has also passed Series 31, 7, 65, and 63.

Was previously registered with firms that include Wells Fargo Advisors, LLC and Morgan Stanley.

Kurta Law Can Help

If you have worked with Thomas Higgins and have concerns about his activity, Kurta Law may be able to help evaluate your legal options. To speak with Kurta Law, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful resources: Securities Attorney | Unsuitable Investments

For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable. If you believe a broker or firm mishandled your account, an attorney can review the facts and explain possible next steps.