Brad Hansen: $160K Complaint Against Southern Cross Advisor

Salem, Ohio financial advisor Brad Hansen (CRD# 5872439) has received an investor complaint alleging his investment advice resulted in six-figure losses. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with LPL Financial, doing business as Southern Cross Wealth Management. 

Mr. Hansen’s BrokerCheck report discloses one investor complaint against him. Filed in January 2022, the complaint alleges that as a representative of LPL Financial, he made an unsuitable recommendation that the customer “invest in and hold a closed-end fund and a business development company.” The pending complaint alleges damages of $160,000.

In a statement on the January 2022 investor complaint’s disclosure, Mr. Hansen denied that he engaged in wrongdoing. “When I recommended this investment to the customer in 2016, we discussed the investments in detail, and I explained both the risks and the benefits of the investment, including specifically risks associated with the investments’ liquidity,” he wrote, asserting that the customer concluded the investments were aligned with his portfolio and suitable to his objectives and risk tolerance. “Before investing, the customer affirmed his understanding of the potential risks and potential benefits of the investments in writing,” he added, concluding: “Although I am not personally named in this matter, I intend to assist LPL in defending against these false allegations.”

According to the Financial Industry Regulatory Authority, Brad Hansen holds 15 years of securities industry experience. Based in Salem, Ohio, he has been a broker and an investment advisor with LPL Financial since 2010, doing business as Southern Cross Wealth Management. His past registrations include Chase Investment Services (Poland, Ohio; 2008-2010) and UBS Financial Services (Canfield, Ohio; 2006-2007). His credentials include the passage of three securities industry qualifying examinations: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Combined State Law Examination, or Series 66. He is licensed in Florida, Michigan, New York, North Carolina, Ohio, and Pennsylvania. (Information current as of July 31, 2022.)

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