David Burns: Cetera Advisor Faces Suitability Complaint

A recent investor complaint against Farmington, Utah financial advisor David Burns (CRD# 4785623) alleges that his advice resulted in damages. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Cetera, doing business as Burns & Associates.

Mr. Burns’s BrokerCheck report discloses one investor complaint. Filed in August 2026, it alleges that as a representative of Cetera Wealth Services, he recommended unsuitable investments in real estate products. The pending complaint alleges unspecified damages.

An “unsuitable” investment recommendation, as described by FINRA Rule 2111, is one for which the advisor lacks a reasonable basis to believe the product or strategy is aligned with the customer’s investment profile. For reference, an investor’s profile “includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance,” and more. Brokers registered with FINRA are required to perform reasonable diligence to ascertain a customer’s profile, and then must use this information to evaluate whether an investment or strategy is not only suitable for some customers, but that specific customer. Brokers who recommend unsuitable investments may be held liable in the event of losses.

According to the Financial Industry Regulatory Authority, David Burns holds 22 years of securities industry experience. Based in Farmington, Utah, he has been registered as a broker with Cetera Wealth Services since 2009 and an investment advisor with Cetera Investment Advisers since 2023. His past registrations include Cetera Advisor Networks, Woodbury Financial Services, Hartford Equity Sales, OneAmerica Securities, and Equity Services. His credentials include the passage of five securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the Uniform Investment Adviser Law Examination, or Series 65; and the Uniform Securities Agent State Law Examination, or Series 63. He holds 2 state licenses. (Information current as of September 12, 2026.)

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.