Charles Chan: $108K Complaint Against Cetera Advisor

Lexington, Kentucky financial advisor Charles Chan (CRD# 2894827) recently received an investor complaint alleging that his conduct resulted in six-figure damages. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Cetera Wealth Services and Cetera Investment Advisers, respectively.

Mr. Chan’s BrokerCheck report discloses one investor complaint. Filed in February 2026, it alleges that as a representative of Avantax Investment Services, he recommended unsuitable investments and exposed the customer to “excessive concentration risk.” The pending complaint alleges damages of $108,000.

Over-concentration, also known as concentration or failure to diversify, denotes a broker’s failure to invest a client’s portfolio among a range of assets, mitigating the investor’s risk if any one investment or class experiences losses. “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.” FINRA recommends investors avoid the risks of over-concentration by ensuring that their portfolios are diversified across and within major asset classes; by rebalancing their portfolios on a routine basis; by looking closely at the mutual funds and exchange-traded funds in their holdings; and by keeping track of their investments’ liquidity.

According to the Financial Industry Regulatory Authority, Charles Chan holds 28 years of securities industry experience. Based in Lexington, Kentucky, he has been registered as a broker and an investment advisor with Cetera Wealth Services and Cetera Investment Advisers, respectively, since September 2025. His past registrations include Avantax Advisory Services, Avantax Investment Services, and HD Vest Advisory Services. 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; and the General Securities Representative Examination, or Series 7. He is licensed in Kentucky. (Information current as of March 30, 2026.)

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