As a financial analyst and writer with a commitment to transparency, I often emphasize the importance of trust in the relationship between an investor and their advisor. It’s essential that advisors craft investment strategies with their clients’ best interests in mind. So you can imagine the shock when this trust is compromised. This brings us to Kevin Kelly, a broker and investment advisor with Avantax Investment Services, Inc., who’s at the center of concerning allegations.
Kelly is facing serious claims from several customers who argue they received unsuitable investment recommendations from him. The reported damages are whopping, amounting to approximately $585,000. It’s worth noting that Kelly, whose dealings include structured notes, has been with Avantax Investment Services, Inc since March 26, 2021. For those keen to investigate further, his FINRA CRD number is 2293119, which you can check out on the BrokerCheck system.
Unraveling The Finer Details
Let me clarify what we mean by “unsuitable” investments. Essentially, these don’t match the client’s financial standing, appetite for risk, or investment aims. Such misalignment represents a breach of FINRA Rule 2111, something that professionals like myself take very seriously. Unfortunately, a look into Kelly’s history suggests this isn’t his first dance with customer disputes—a signal for more scrutiny on his assessment of clients’ suitability. Further details on these disputes can be found on this page.
What Next For The Investors?
This type of allegation can cast a long shadow, potentially eroding trust across the entire investment community. Investors rely on advisors for guidance that matches their financial visions and comfort with risks. A betrayal of this sort not only jeopardizes their financial plans but can dim futures. I often tell clients to watch for warning signs like inexplicable transaction frequency, off-target investments, or unclear communication from their advisor.
Finding The Way Forward
Fortunately, there is a light at the end of the tunnel for those affected by unsuitable advice or other forms of neglect by financial advisors. Victims can seek recompense through FINRA arbitration—a beacon of hope for many. Enter Haselkorn & Thibaut, a powerhouse law firm with a wealth of experience and a staggering success rate. Currently investigating Kelly’s case, they offer a lifeline for recovering lost investments. You can contact them at 1-800-856-3352 if you face a similar plight.
The act of investing should always be approached with a clear understanding and watchful eye over your funds. The situation with Kevin Kelly is a stark reminder to stay vigilant and ensure your advisor’s interests align with your own. As Benjamin Franklin once stated, “An investment in knowledge pays the best interest.” It’s crucial we never forget that, as ultimately, it is our own financial future at stake.
A sobering financial fact to note: Bad financial advisors are a real concern; according to a study by the Securities Exchange Commission (SEC), over one in five investment advisors has reported being the subject of a customer complaint or regulatory action.
