As a financial analyst and writer, I’ve seen my fair share of industry turmoil. But the recent allegations against Phillip Attebery, a financial advisor from Redmond, Oregon, have caught the attention of investors nationwide. It seems that since June 2016, when Attebery joined Creative Planning, not all that glitters has been gold. With a few complaints now casting a shadow over the firm’s previously untarnished reputation, it’s crucial to peel back the layers of this situation.
Client Losses Shine a Light on Alleged Missteps
Investors entrust financial advisors with their hard-earned money, anticipating not only protection but also growth of their assets. On September 15, 2023, this trust was put to the test. A lawsuit, Civil Action No. BER-L-004545-23, was filed against Phillip Attebery by a Creative Planning client, pointing to negligence and breach of fiduciary duty linked to options trading over a three-year span. The claim for damages? A hefty $9,500,000. Yet, in a twist that piqued everyone’s curiosity, this lawsuit was subsequently withdrawn.
A Pattern of Fiduciary Breaches by Attebery?
There’s an old saying: “Fool me once, shame on you; fool me twice, shame on me.” It seems apropos to mention as another Creative Planning client stepped forward on July 2, 2021, leveling accusations at Attebery via an arbitration claim with the American Arbitration Association (AAA). Beyond negligence and a breach of fiduciary duty, this client suggested that Attebery flouted both California and Kansas state laws. All of this related to the sale of conservation easements, leading the investor to seek a staggering $5,185,000 in reparations. Curious about the details? Attebery’s full professional record is accessible through his FINRA CRD number: 4247195.
The case is ongoing. Attebery has robustly refuted these allegations, insisting he fully disclosed the risks involved. Meanwhile, the financial advisory community awaits the verdict, and investor trust hangs in the balance.
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The Gravity of FINRA Violations
FINRA’s oversight of the U.S. brokerage firms and advisors is non-negotiable for maintaining a trustworthy financial system. Breaching fiduciary duties can not only hurt one’s wallet but also one’s faith in financial advice. It’s a bitter pill; after all, “It takes many good deeds to build a good reputation, and only one bad one to lose it,” as Benjamin Franklin once said. While allegations are merely allegations until proven, they can lead to irreparable reputational damage.
Fostering growth is rooted in trust between investors and advisors. Moments like these underscore the importance of due diligence when selecting financial partners. As for Attebery and Creative Planning, they remain adamant in their denial of all claims. As we’ve seen too often in finance, the truth tends to unfold only with time.
In closing, consider this startling financial fact: research indicates that bad financial advisors can cost investors more than 3% in returns annually. That’s a substantial slice of one’s future pie. Be diligent. Use tools like FINRA’s BrokerCheck. And remember that seeking transparent, ethical financial guidance is not just prudent, it’s essential.
