Robert Li: REIT Complaint Against RL Wealth Management Advisor

Robert Li (CRD# 4068255), a financial advisor based in Naperville, allegedly recommended unsuitable REIT and equities investments, according to recent investor complaints. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with LPL Financial, where he is a representative of RL Wealth Management Group.

Mr. Li’s BrokerCheck report discloses two investor complaints. The most recent, filed in December 2022, alleges that as a representative of LPL Financial, he unsuitably recommended an investment strategy that involved real estate investment trusts (REITs) and margin purchases of certain equities. The pending complaint alleges damages of $200,000.

A second investor complaint, filed in December 2022, similarly alleges that he recommended an unsuitable investment strategy that involved “buying certain equities on margin.” The pending complaint alleges damages of $75,000.

In an identical statement included with the pending complaints’ disclosures, Mr. Li pushed back against the allegations, describing them as “completely” meritless. “The investments about which the customer complained were suitable and were recommended based on the customer’s objectives, goals and financial circumstances and were offered only after their review of all material documentation related to the investments,” he wrote. “At all times, the representative and firm put the customer’s interest first, and will vigorously defend this matter to the fullest extent of the law.”

According to the Financial Industry Regulatory Authority, Robert Li holds 23 years of securities industry experience. Based in Naperville, Illinois, he has been a broker and an investment advisor with LPL Financial, where he is a representative of RL Wealth Management Group, since 2003. His past registrations include Wachovia Securities (Oakbrook Terrace, Illinois; 2003) and Prudential Securities (Oakbrook Terrace, Illinois; 2000-2003). 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 Investment Adviser Law Examination, or Series 65. He is licensed in California, Colorado, Florida, Illinois, Indiana, Massachusetts, Michigan, Minnesota, New York, Pennsylvania, Rhode Island, and Texas. (Information current as of February 4, 2023.)

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