Bob Sweet: $100K Complaint Against Ex-LPL, Raymond James Advisor

El Paso, Texas financial advisor Bob Sweet (CRD# 4090608) allegedly recommended a non-traded REIT product that was not in his customer’s best interest. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Independent Financial Group.

Mr. Sweet’s BrokerCheck report discloses one investor complaint. Filed in August 2025, it alleges that as a representative of Raymond James Financial Services and LPL Financial, he violated Regulation Best Interest when recommending investments in non-traded real estate investment trusts. The pending complaint alleges damages of $100,000.

A second disclosure on his BrokerCheck report concerns his termination from LPL Financial. Filed in 2015, it states that the firm fired him in connection with allegations that he violated the firm’s document signature policy.

For reference, the SEC’s “Regulation Best Interest” is a standard of conduct that requires brokers to recommend only investments and strategies that are in their clients’ best interests. Both broker-dealer firms and their registered firms have what the regulation describes as a “Care Obligation,” under which they must “have a reasonable basis to believe that each recommendation or series of recommendations made is in the best interest of the particular retail customer and does not place their financial or other interests ahead of the interest of the retail customer.” Regulation Best Interest stipulates further that brokers and financial advisors must disclose to their clients any potential conflicts of interests that might consciously or unconsciously result in them providing “advice that is not disinterested,” as FINRA explains. More information about these rules is available via FINRA.

According to the Financial Industry Regulatory Authority, Bob Sweet holds 25 years of securities industry experience. Based in El Paso, Texas, he has been registered as a broker and an investment advisor with Independent Financial Group since 2016. His past registrations include LPL Financial, Raymond James Financial Services, Cuna Brokerage Services, NYLife Securities, Waddell & Reed, MetLife Securities, and Metropolitan Life Insurance Company. His credentials include include passage of five securities industry qualifying exams: the Uniform Investment Adviser Law Examination, or Series 65; the Uniform Securities Agent State Law Examination, or Series 63; the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7; the Investment Company Products/Variable Contracts Representative Examination, or Series 6. He is licensed in Alabama, Arizona, California, Georgia, Missouri, Nevada, New Mexico, Pennsylvania, Tennessee, Texas, Utah, Virginia, and Washington. (Information current as of September 20, 2025.)

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