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Zach Riffett Allegedly Failed to Inform Investor of Managed Account Fees

Mar 2, 2023 Unsuitable Investments

Zach Riffett (CRD #: 6197892), a broker registered with Edward Jones, allegedly failed to fully inform a client, according to his BrokerCheck record, accessed on February 21, 2023. If you have questions about his alleged conduct as a broker, read on.

Investor Dispute

On January 5, 2023, an investor alleged that Zach Riffett recommended unsuitable investments and that her portfolio was not “balanced.”

The client further alleged that he failed to inform her of the fees paid in her managed accounts during annual reviews. Zach Riffett allegedly also failed to inform her that her mutual funds were not A shares and that their dividends were not being reinvested. 

The investor seeks $100,000 in this pending dispute.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to take into account investors’ financial goals when recommending investments. Brokers must use the information described in an investor’s profile, such as their risk tolerance, age, and other investments.

This also applies to investment strategies. Overconcentration, for example, may not be a suitable investment strategy given an investor’s risk tolerance.

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

FINRA Rule 2020

FINRA Rule 2020 prohibits the use of deception, manipulation, and other fraudulent means of influencing investors’ decisions. The misrepresentation or omission of material facts violates this rule.

Background Information

Zach Riffett has passed the following exams:

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

Zach Riffett is a registered broker in 17 states and a registered investment adviser in Texas.

Kurta Law Can Help

If you worked with Zach Riffett 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.