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Brian Timmer: Ameriprise Advisor Receives Mutual Fund Complaint
A recent investor complaint against Hudsonville, Michigan financial advisor Brian Timmer (CRD# 1816017) alleges he made an investment recommendation that resulted in damages of more than $70,000. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Ameriprise Financial Services.
Mr. Timmer’s BrokerCheck report discloses one investor complaint. Filed in November 2022, it alleges that as a representative of Ameriprise Financial Services, he “provided a poor recommendation to invest the proceeds from the sale of their rental property into bond mutual funds, contrary to their stated objective of not putting their principal at risk.” The pending complaint alleges damages of $72,848.34.
Investors should be aware that FINRA rules require brokers like Brian Timmer to recommend only investments and investment strategies that conform with a standard known as suitability. As defined by FINRA Rule 2111, the suitability standard brokers to “have a reasonable basis to believe that a recommended transaction or investment strategy” is appropriate for a customer’s investment profile, which includes their age, investment background, net worth, financial situation, risk tolerance, investment goals, and other concerns. The broker must have a reasonable basis to believe a recommendation is suitable for at least some investors and that it is reasonable for the customer they’re making it to. An investment without principal protection, for instance, might be considered unsuitable for conservative investors with a low risk tolerance. Brokers who recommend unsuitable investments or strategies may be held liable in the event of losses.
According to the Financial Industry Regulatory Authority, Brian Timmer holds 31 years of securities industry experience. Based in Hudsonville, Michigan, he has been a broker and an investment advisor with Ameriprise Financial Services since 1991 and 2006, respectively. He was previously registered with IDS Life Insurance Company in Minneapolis, Minnesota from 1991 until 2006. His credentials include the passage of three securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. He holds 26 state licenses. (Information current as of January 13, 2023.)
Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. 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.