Rick Umbarger: Raymond James Advisor Faced $186K Complaint

A recent, denied investor complaint against Newport Beach, California financial advisor Rick Umbarger (CRD# 3132496) alleged that he breached his fiduciary duty. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Raymond James & Associates.

Mr. Umbarger’s BrokerCheck report discloses two investor complaints. The most recent, filed in February 2026, alleged that as a representative of Raymond James & Associates, he breached his fiduciary duty in connection with corporate bond investments. The complaint alleged damages of $186,805.40 and was denied by the firm.

An earlier investor complaint, filed in 2000, alleged that as a representative of Salomon Smith Barney, he made unauthorized trades. The complaint alleged unspecified damages and was denied by the firm.

Under the Investment Advisers Act of 1940, advisers must uphold a fiduciary duty to their clients, which in essence means that they may not place their own interests ahead of the investor’s. Among other things, the fiduciary standard requires advisers to fully and fairly disclose potential conflicts of interest that might render their recommendations or advice not disinterested. The SEC’s Regulation Best Interest establishes a similar requirement, specifically obliging representatives to “make full and fair disclosure to the retail customer of all material facts relating to conflicts of interest that are associated with the recommendation” at the time they make it. Representatives who violate these standards may be subject to disciplinary action or found liable for damages.

According to the Financial Industry Regulatory Authority, Rick Umbarger holds 27 years of securities industry experience. Based in Newport Beach, California, he has been registered as a broker and an investment advisor with Raymond James & Associates since 2022. His past registrations include Wells Fargo Clearing Services and Citigroup Global Markets. His credentials include the passage of four securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the Uniform Investment Adviser Law Examination, or Series 65; the Uniform Securities Agent State Law Examination, or Series 63; the General Securities Representative Examination, or Series 7. He holds 29 state licenses. (Information current as of March 30, 2026.)

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