Timothy Ryan Calvert (CRD #3241077) Has Customer Dispute Disclosures on FINRA BrokerCheck
Timothy Ryan Calvert (CRD #3241077) is a broker with customer disputes on FINRA BrokerCheck. We reviewed his BrokerCheck report on January 27, 2026. It reflects two customer disputes. If you invested with Timothy Calvert and have concerns, keep reading.
BrokerCheck link: BrokerCheck
BrokerCheck report: BrokerCheck Report (PDF)
Investor Disputes / Customer Complaints
Timothy Calvert’s FINRA BrokerCheck Report lists two customer dispute disclosures. Summaries are below.
On November 6, 2025, a customer’s power of attorney alleged the customer did not recall discussing a new annuity. The meetings occurred between February and March 2025. The complaint said the customer would not have agreed to a seven-year term. It also said the paperwork was presented as a routine update to names and beneficiaries during the death claim process. The customer sought $28,624.92 in damages.
On May 21, 2021, a customer alleged the representative bought a seven-year contract. The claim said a five-year contract was presented and agreed to. They also alleged the purchase was made to earn a higher commission. The customer sought $6,000 in damages, and the firm denied the claim.
Rule Summary #1: FINRA Rule 2330 (Deferred Variable Annuities)
FINRA Rule 2330 sets standards for recommending deferred variable annuities. Disputes about annuity terms or surrender periods may raise questions about what was explained and documented.
Rule Summary #2: FINRA Rule 2111 (Suitability)
FINRA Rule 2111 (Suitability) requires a broker to have a reasonable basis to believe a recommendation is suitable for the customer. A dispute may raise questions about time horizon, costs, and risk.
Why This Matters to Investors (Regulation Best Interest)
Regulation Best Interest (Reg BI) is a U.S. securities regulation designed to strengthen the standard of conduct that broker-dealers owe to retail investors when making recommendations about securities transactions or investment strategies. Adopted by the U.S. Securities and Exchange Commission and effective as of June 30, 2020, Reg BI aims to enhance investor protection while preserving investor access to brokerage products and services.
Reg BI requires broker-dealers and financial advisors to act in the best interest of the retail customer at the time a recommendation is made, and not to place their own financial or other interests ahead of the customer’s. This represents a higher standard than the historical “suitability” requirement, which only required that recommendations be suitable, not necessarily optimal or conflict-free.
Reg BI is built around four key obligations:
- Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and recommendations, including fees, scope of services, and conflicts of interest.
- Care Obligation – Recommendations must be made with reasonable diligence, care, and skill, considering costs, risks, and alternatives.
- Conflict of Interest Obligation – Firms must identify, disclose, and mitigate or eliminate conflicts, particularly those that create incentives to favor one product over another.
- Compliance Obligation – Firms must establish policies and procedures designed to ensure compliance with Reg BI as a whole.
Importantly, Reg BI applies at the recommendation level, not as a continuous duty like the fiduciary standard applicable to registered investment advisers. Still, it significantly narrows the gap by emphasizing cost considerations, conflict management, and investor-focused decision-making.
Overall, Regulation Best Interest seeks to promote transparency, improve the quality of investment recommendations, and reinforce trust between retail investors and broker-dealers in the U.S. securities markets.
Background Information (from BrokerCheck)
Based on His FINRA BrokerCheck report, Timothy Calvert:
Is currently registered with First Citizens Investor Services, Inc.
Is also registered as an investment adviser representative with First Citizens Asset Management, Inc.
Has passed the Securities Industry Essentials (SIE) exam. Timothy Calvert has passed Series 7. He has also passed Series 66 and Series 63.
Was previously registered with firms that include First Citizens Securities Corporation, Royal Alliance Associates, Inc., and Regions Investment Company, Inc.
Kurta Law Can Help
If you worked with Timothy Calvert and have concerns, Kurta Law may be able to help. Learn more here: Variable Annuities. Call 877-600-0098 or email info@kurtalawfirm.com.
Helpful resources: Unsuitable Investments
For nearly 20 years, Kurta Law has advocated for investors. The 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. They can also explain possible next steps.