Todd Kennedy: Suitability Complaint Against Ex-Herbert Sims Advisor

A recent investor complaint against Golden Valley, Minnesota financial advisor Todd Kennedy (CRD# 1002060) alleges that he made unsuitable investment recommendations. Financial Industry Regulatory Authority records show that he is registered as a broker with The Oak Ridge Financial Services Group, having previously been registered with Herbert J. Sims & Company.

Mr. Kennedy’s BrokerCheck report discloses one investor complaint. Filed in January 2026, it alleges that as a representative of Herbert J. Sims & Company, he recommended unsuitable investments in municipal bonds, stocks, and private placements. The pending complaint alleges unspecified damages.

An unsuitable investment, as described by FINRA Rule 2111, is an investment or strategy which a broker lacks a reasonable basis to believe is appropriate for their customer’s investment profile. An investor’s profile “includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance,” and other information. FINRA-associated brokers are required by Rule 2111 to conduct reasonable diligence to determine a customer’s profile; then, they must use this information to arrive at a determination as to whether an investment or strategy is not only suitable for some customers, but for that specific customer. Brokers who sell unsuitable investments, or who misrepresent information regarding an investment’s suitability, may be liable to their clients if those investments experience losses.

According to the Financial Industry Regulatory Authority, Todd Kennedy holds 40 years of securities industry experience. Based in Golden Valley, Minnesota, he has been registered as a broker with The Oak Ridge Financial Services Group since September 2024. His past registrations include Herbert J. Sims & Company, The Oak Ridge Financial Services Group, PrimeVest Financial Services, Marshall Financial, Wells Fargo Brokerage Services, Wells Fargo Investments, RJ Steichen & Company, Elan Investment, Piper Jaffray, Marquette Financial Services, Dean Witter Reynolds, IRI Securities Corporation, and Alstead Strangis & Dempsey. His credentials include the passage of three securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in Arizona, Florida, Idaho, Iowa, Minnesota, North Dakota, and South Dakota. (Information current as of March 1, 2026.)

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