Ameriprise Financial Services, LLC and advisor Richard Timothy Kersting Jr.—also known as Richard T. Kersting Jr.—have come under increased attention as investors review publicly available records and allegations tied to customer disputes. Based in Fishkill, New York and Naples, Florida, and affiliated with KWM Wealth Partners, Kersting has spent nearly three decades in the securities industry. His record, accessible through FINRA BrokerCheck under CRD number 1835418, reflects both a long career and a series of client complaints that are worth understanding in context.
Understanding the allegations against Richard Timothy Kersting Jr.
When investors place their savings with a financial advisor, they expect recommendations that align with their goals, timelines, and tolerance for risk. In the case of Richard Timothy Kersting Jr., recent arbitration filings highlight disputes that raise questions about whether those expectations were consistently met.
Two pending FINRA arbitration cases are particularly notable:
- A June 2023 claim filed by a retired investor seeking $500,000 in damages. The allegations include churning, unauthorized trading, misrepresentation, and unsuitable investment strategies.
- A January 2024 claim involving a trust account tied to a decedent’s estate, seeking $250,000. This case alleges breach of fiduciary duty and failure to timely liquidate securities.
Churning refers to excessive trading in an account primarily to generate commissions rather than to benefit the investor. According to Investopedia, this practice can significantly erode portfolio value through fees and unnecessary transactions. Unauthorized trading, meanwhile, involves executing trades without the client’s consent, which is a direct violation of industry rules.
The estate-related claim highlights a different but equally important issue: timing and liquidity. When assets are not liquidated appropriately after a client’s death, estates may face unnecessary exposure to market volatility or delays in distributing funds to beneficiaries.
These are not the only disclosures associated with Kersting. In October 2020, a customer alleged unsuitable recommendations and supervisory failures, seeking $75,000 in damages. That case was settled in April 2021 for $24,500, with Kersting personally contributing $16,500. While settlements do not imply guilt, they are part of an advisor’s disclosure history and can provide useful context for investors conducting due diligence.
Patterns in complaint disclosures, even when individually resolved, are often a focal point for investors researching advisors through independent resources such as financial advisor complaint databases. These tools help clients better understand the broader picture beyond marketing materials or initial consultations.
Background and career history of Richard T. Kersting Jr.
Richard Timothy Kersting Jr. has been registered with FINRA since 1995 and holds Series 7, 63, and 65 licenses, allowing him to sell securities and provide investment advice across multiple states.
His employment history includes several firms over the years:
- Josephthal & Co., Inc. (1995–1998)
- Purshe Kaplan Sterling Investments (1998–2002)
- Gary Goldberg & Co., Inc. and Gary Goldberg Planning Services Inc. (2002–2008)
- Bruderman Brothers LLC and Bruderman Asset Management, LLC (2008–2022)
- Ameriprise Financial Services, LLC (2023–present)
Movement between firms is not uncommon in the financial services industry. Advisors may transition for business growth, compensation structures, or operational independence. However, frequent changes can also prompt investors to take a closer look at an advisor’s track record, particularly when combined with customer complaints.
Despite the disputes, there are no publicly reported regulatory actions or criminal disclosures associated with Kersting. This distinction is important: customer complaints and regulatory enforcement actions are different categories, and each should be evaluated on its own merits.
Key facts and disclosure summary
| Field | Details |
|---|---|
| Name | Richard Timothy Kersting Jr. |
| CRD Number | 1835418 |
| Current firm | Ameriprise Financial Services, LLC (KWM Wealth Partners) |
| Locations | Fishkill, New York; Naples, Florida |
| Customer disputes | Multiple, including pending FINRA arbitration cases |
| Highest settlement | $24,500 |
| Largest pending claim | $500,000 |
| Allegations | Churning, misrepresentation, unsuitable recommendations, unauthorized trading |
Industry context: how common are advisor complaints?
Investment-related disputes are not rare. Research has shown that a meaningful percentage of financial advisors have at least one disclosure event on their record. According to academic studies frequently cited in financial media, roughly 7% of advisors have histories that include misconduct or customer complaints.
Investment fraud and unsuitable advice can take many forms, including:
- Overconcentration in high-risk or illiquid assets
- Excessive trading that generates commissions but reduces returns
- Misrepresentation of risk, fees, or expected performance
- Failure to act in a client’s best interest under fiduciary standards
Even beyond intentional misconduct, poor advice or lack of attention can have serious financial consequences. For example, failing to rebalance a portfolio or align investments with a client’s time horizon can expose investors to unnecessary volatility.
Regulators such as FINRA enforce rules like the suitability standard (Rule 2111), which requires advisors to ensure that recommendations fit a client’s financial profile. Violations of these standards often form the basis of arbitration claims.
What investors can take away
The situation involving Richard T. Kersting Jr. highlights the importance of thorough research and active account monitoring. While no single complaint tells the whole story, multiple disclosures can signal the need for closer review.
Investors can take several practical steps to protect themselves:
- Review advisor records using FINRA BrokerCheck
- Ask clear questions about investment strategy, fees, and risks
- Regularly monitor account statements for unexpected activity
- Seek a second opinion if recommendations seem unclear or overly complex
Financial advisory relationships are built on trust, but trust works best when paired with verification. Public records, including arbitration filings and complaint histories, provide valuable insight into how advisors have handled client relationships over time.
As with any financial decision, understanding both the opportunities and the risks is essential. A well-informed investor is better positioned to make choices that align with long-term financial goals while avoiding unnecessary surprises.
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