Jon Rice: ETF Complaint Against Raymond James Advisor

Louisville, Kentucky and George Island, Florida financial advisor Jon Rice (CRD# 4961184) allegedly recommended unsuitable investments, according to a recent investor complaint. Records maintained by the Financial Industry Regulatory Authority show that he is a broker and an investor advisor with Raymond James & Associates.

Mr. Rice’s BrokerCheck report discloses one investor complaint. Filed in November 2022, it alleges that as a representative of Raymond James & Associates, he recommended unsuitable investments in exchange-traded funds. The pending complaint alleges damages of $139,000.

Under FINRA Rule 2111, for reference, brokers like Mr. Rice must recommend investments or strategies that are suitable for their clients. To determine whether an investment or strategy is suitable, they must conduct reasonable diligence into the client’s investment profile, which includes such factors as age, risk tolerance, liquidity needs, income, net worth, and more. FINRA rules require the broker to determine through reasonable diligence whether the investment is suitable for some investors; whether it is suitable for the client in question; and, in instances where the representative is exercising discretion in a customer’s account, they must determine that a series of transactions is not unsuitable or excessive. Representatives who recommend unsuitable investments may be held liable in the event of losses.

According to the Financial Industry Regulatory Authority, Jon Rice holds 14 years of securities industry experience. Based in Louisville, Kentucky and George Island, Florida, he has been a broker and an investment advisor with Raymond James & Associates since 2014. His past registrations include JP Morgan Securities (Louisville, Kentucky; 2009-2014) and CD Funding Securities (Cincinnati, Ohio; 2008-2009). His credentials include the passage of four securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Combined State Law Examination, or Series 66. He is licensed in Alabama, Colorado, Florida, Georgia, Indiana, Indiana, Kentucky, Minnesota, Nebraska, New York, North Carolina, South Carolina, Tennessee, Texas, and Utah. (Information current as of January 22, 2023.)

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