Articles Tagged with Cetera Financial Specialists

Sherry BrookerPublicly available records published by the Financial Industry Regulatory Authority (FINRA) and accessed on November 1, 2017 indicate that Illinois-based Cetera Financial Specialists broker Sherry Brooker is involved in a pending customer dispute. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Ms. Brooker (CRD# 4373659).

Sherry Brooker has spent sixteen years in the securities industry and has been registered with Cetera Financial Specialists in Wheeling, Illinois since 2001. She has no previous registrations. She has passed two securities industry examinations: Series 63 (Uniform Securities Agent State Law Examination), which she obtained on January 11, 2002, and Series 6 (Investment Company Products/Variable Contracts Representative Examination) which she obtained on October 9, 2001. She is a registered broker with four US states (Illinois, South Carolina, Utah and Wisconsin) and one self-regulatory organization (SRO): FINRA.

According to her BrokerCheck report, she has received one pending customer complaint and has been involved in two financial events.

VOYAAccording to publicly available records released by the Financial Industry Regulatory Authority (FINRA) on November 2, 2016, and accessed on February 3, 2017, FINRA has sanctioned eight broker-dealer firms in connection to alleged sales variable annuity sales violations. Fitapelli Kurta is interested in hearing from investors who have complaints regarding the firms in question: VOYA Financial Advisors, Cetera Advisor Networks, Cetera Financial Specialists, First Allied Securities, Summit Brokerage Services, VSR Financial Services, Kestra Investment Services, and FTB Advisors.

FINRA’s release alleges that the firms failed to supervise the sales of variable annuity products. According to the complaint: “The L-share VAs at the heart of this action are complex investment products combining insurance and security features designed for short-term investors willing to pay higher fees in exchange for shorter surrender periods. L-shares also had the potential to pay greater compensation to the firms and registered representatives than more traditional share classes. Each of the firms in this action lacked an adequate system to supervise variable annuities with multiple share classes, and failed to provide its registered representatives and principals with reasonable guidance regarding the narrow class of customers for whom the costs and features of L-share variable annuities were suitable.”

The release goes on to say that the alleged failures were “compounded” when the L-shares were often sold with “complex and expensive guaranteed income and withdrawal riders that provided benefits only over longer holding periods.” VOYA, as well as four Cetera Group firms, allegedly failed to notify red flags of “broad patterns of potentially unsuitable sales of this product combination.”