10

Investor Claims Pile Up Against Broker Matthew Wilkes for Questionable Advisory Practices

As a financial analyst and writer, I’ve seen my fair share of ups and downs in the industry. Today, I’m bringing to light the concerning situation surrounding Matthew Wilkes, a broker at TrustFirst. The backstory is eyebrow-raising: multiple investor disputes allege unsuitable investment strategies. Wilkes’ BrokerCheck record as of February 9, 2024, tells a tale of discontent and financial pain for those who placed their trust in his hands.

New Complaints Emerge Against Wilkes

Investor displeasure is evident with claims pointing at Wilkes’ advice to opt for a premium-financed life insurance policy without adequately laying out the potential pitfalls. On top of that, he’s accused of nudging investors toward a problematic change in insurance providers. The dollar figures are hard to ignore – one investor is on the chase for a jaw-dropping $2,680,220.14.

It seems history is repeating itself. As recent as January 12, 2024, shockwaves went through with another investor pursuing a mind-boggling $4.1 million in damages.

Cracking Open FINRA Regulations

I must stress the significance of FINRA Rule 2111 when it comes to selecting suitable investments. This rule basically says investments should match up with investor profiles, taking age, how much risk you can stomach, tax status, investment background, and goals into account. Any advisor not considering these factors might as well be shooting in the dark.

And then there’s FINRA Rule 2010, which asks brokers to play the game with high ethical standards and fairness. Ignoring Rule 2111 not only disrupts investor portfolios, it also breaks Rule 2010 – a double whammy that Wilkes seems to be grappling with.

A Glimpse into Matthew Wilkes’ Broker Profile

Let’s take a quick tour of Wilkes’ career. He’s crossed the finish line on various exams crucial for financial professionals such as:

  • Series 65 Uniform Investment Adviser Law Examination

  • Series 63 Uniform Securities Agent State Law Examination

  • SIE – Securities Industry Essentials Examination

  • Series 7 General Securities Representative Examination

  • Series 6 Investment Company Products/Variable Contracts Representative Examination

  • Series 24 General Securities Representative Examination

His resume stretches over 15 years, marked by stints at seven reputable institutions, including TrustFirst, FSIC, and Wells Fargo Advisors, just to drop some names.

If you’ve felt the sting of Wilke’s strategies, don’t sit in silence. It’s crucial to understand that taking a step back does not mean defeat — it’s preparation for a comeback. As Ernest Hemingway famously said, “The best way to find out if you can trust somebody is to trust them.” Unfortunately, when trust is broken in the financial realm, it’s time to bring in the experts.

Those worried about their investments managed by Wilkes, here’s your beacon of hope. If your investment journey has hit a rough patch or you suspect foul play, it’s imperative to swing into action. Consider consulting with a respected law firm that has a track record in cornering brokers and their firms.

It’s essential to remember that you have the power to reclaim any losses incurred through investment mishaps. If you need further proof of the importance of due diligence, consider this stark reality: Statistics indicate nearly 7% of financial advisors have been disciplined for some form of misconduct. Now, with Wilkes’ record casting a shadow, it’s clear that validation is key. Take a moment to examine an advisor’s reputation by reviewing their FINRA CRM number. Each step taken towards the right legal counsel is a step towards rectifying your financial course.

Scroll to Top