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Hiss Sherman Advisor Bob Hiss: Clients Listed as GWG Creditors
At least five current or former clients of IFP Securities advisor Bob Hiss (CRD# 1599380) are listed as creditors for investments in GWG Holdings, according to public records. Filed with a US bankruptcy court in Texas, these records describe investments of more than $1 million in total. Financial Industry Regulatory Authority records show that Mr. Hiss is based in Great Bend, Kansas and does business as Hiss Sherman Wealth Management.
GWG Holdings is a Dallas-based alternative asset management firm known for its “L bond” product, for which it reportedly raised more than $1 billion from investors, including many retail investors. The product reportedly pooled investor money to purchase life insurance policies on the secondary market, with the purpose of repaying investors when the policies paid out. The firm filed for Chapter 11 bankruptcy in 2022 amidst SEC scrutiny. GWG L bonds may have been unsuitable investments for customers with low risk tolerance and limited investment experience. More information about these products is available here.
According to the Financial Industry Regulatory Authority, Bob Hiss holds 36 years of securities industry experience. Based in Great Bend, Kansas, he has been a broker with IFP Securities since 2019 and an investment advisor with Independent Financial Partners since 2012, doing business as Hiss Sherman Wealth Management. His registration history includes LPL Financial (Wichita, Kansas; 2012-2019), Sterne Agee Financial Services (Garden City, Kansas; 2003-2012) and, Waddell & Reed (Overland Park, Kansas; 1986-2003). His credentials include the passage of eight securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the Direct Participation Programs Representative Examination, or Series 22; the Corporate Securities Limited Representative Examination, or Series 62; the Registered Options Representative Examination, or Series 42; 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 currently holds 34 state licenses. (Information current as of June 12, 2023.)
Carlson Law has represented at least nine investors in claims against their financial advisors for investments in GWG Holdings Inc. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.