Larry Waller: HLM Financial Advisor Faces $135K Complaint

Atlanta financial advisor Larry Waller (CRD# 3232644) recently received an investor complaint alleging his conduct resulted in damages of more than $100,000. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with SA Stone, as well as the president of HLM Financial Services.

Mr. Waller’s BrokerCheck report discloses one investor complaint. Filed in November 2023, it alleges that as a representative of SA Stone Wealth Management, he breached his fiduciary duty by failing to properly allocate and diversify assets. The pending complaint alleges damages of $135,000.

Over-concentration, also known as failure to diversify, is compared in FINRA’s investor resources to placing too many eggs in one basket. FINRA advises investors to avoid the risks of over-concentration by diversifying their portfolios within and across major asset classes. It also recommends the regular rebalancing of portfolios, and the inspection of underlying investments in mutual funds or exchange-traded funds contained in the portfolio. Finally, FINRA cautions that investors should closely monitor their investments’ liquidity. Brokers who fail to properly diversify an investor’s account may be held liable in the event of losses.

HLM Financial Services’ website contains a profile of Mr. Waller that notes he is the firm’s Founder and President. “The team works to maximize investment gains, minimize taxes, and most importantly, communicate clearly and consistently with each other and the clients throughout the process,” his profile states. “Larry has been an independent financial advisor since collaborating with HLM, and strives to provide the best possible results and performance for his clients’ goals and needs. He values objectivity, education, transparency, and because of these values, chose to set up his practice as a fee-based practice.”

According to the Financial Industry Regulatory Authority, Larry Waller holds 23 years of securities industry experience. Based in Atlanta, Georgia, he has been a broker and an investment advisor with SA Stone since 2014 and 2015, respectively. His past registrations include Sterne Agee Investment Advisor Services, WRP Investments, Securities America, HD Vest Investment Services, Raymond James Financial Services, Prudential Securities, Merrill Lynch, and Allmerica Investments. His credentials include the passage of three securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Combined State Law Examination, or Series 66. He holds 25 state licenses. (Information current as of December 3, 2023.)

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