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Andrew Goldwater: Stifel Denies $178K Concentration Complaint
A recent, denied investor complaint against Conshohocken financial advisor Andrew Goldwater (CRD# 866798) alleged that he unsuitably recommended speculative investments. Financial Industry Regulatory Authority records show that he is currently a broker and an investment advisor registered with Stifel Nicolaus & Company.
Mr. Goldwater’s BrokerCheck report discloses one investor complaint. Filed in March 2023, it alleged that as a representative of Stifel Nicolaus & Company, he “made unsuitable investments in over[-]concentrated positions of speculative stocks” between August 2017 and December 2022. The complaint alleged damages of $178,376 and was denied by the firm.
Failure to diversify, also known as over-concentration or concentration, denotes a financial advisor’s failure to invest a customer’s portfolio among a variety of assets. “A diversified portfolio,” FINRA states, “tends to be harder to achieve than simply following the mantra: don’t put all your investment eggs in one basket.” To avoid the risks of over-concentration, FINRA recommends that investors diversify their portfolios across and within major asset classes, regularly rebalance their portfolios, examine the mutual funds and exchange-traded funds they’re investing in, and keep track of your investments’ liquidity.
A second disclosure on Mr. Goldwater’s BrokerCheck report describes his 1984 firing from Shearson Lehman/American Express. The disclosure states that he was terminated in connection with allegations he “signed a negative pledge agreement on behalf of the firm without proper authorization.” In a statement included with the disclosure, he provided additional context. “A former client presented me with a forged document authorizing me to sign a negative pledge,” he wrote. “Since the document was a forgery I didn’t have any authorization to sign the negative pledge. Since I procedually [sic] did not go through proper channels. Shearson terminated me on 9/15/84.”
According to the Financial Industry Regulatory Authority, Andrew Goldwater holds 24 years of securities industry experience. Based in Conshohocken, Pennsylvania, he has been a broker and an investment advisor with Stifel Nicolaus & Company since 2007. He was previously registered with Ryan Beck & Company in Conshohocken, Pennsylvania from 1998 until 2007. 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, Connecticut, the District of Columbia, Florida, Georgia, Maryland, Massachusetts, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, South Carolina, Texas, and Virginia. (Information current as of April 17, 2023.)
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