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Glenn Guilbault Jr.: Nola Wealth Advisor Faces Investor Complaint
A recent investor complaint against Metairie, Louisiana financial advisor Glenn Guilbault Jr. (CRD# 4309287) alleges that his conduct resulted in losses. Records provided by the Financial Industry Regulatory Authority show that he is currently a broker with Cetera Advisors, doing business as Nola Wealth Management.
Mr. Guilbault’s BrokerCheck report discloses one investor complaint. Filed in March 2023, it alleges that as a representative of Cetera Advisors, he recommended unsuitable investments in real estate products. The pending complaint alleges unspecified damages of at least $5,000.
FINRA rules establish a number of important standards that brokers must follow. One important example is the suitability rule, which states that brokers must “have a reasonable basis to believe” that the investments and/or strategies they recommend are appropriate for a client’s background and needs—in other words, that their recommendations are suitable. As explained in FINRA Rule 2111, brokers must determine an investment’s suitability by examining “information obtained through reasonable diligence of the firm or associated person to ascertain the customer’s investment profile.” The customer’s investment profile includes their age, net worth, risk tolerance, income, and more. Brokers who recommend unsuitable transactions may be liable to their clients in the event of losses and/or subject to disciplinary action.
According to the Financial Industry Regulatory Authority, Glenn Guilbault Jr. holds 22 years of securities industry experience. Based in Metairie, Louisiana, he has been a broker with Cetera Advisors since 2014, doing business as Nola Wealth Management. His past registrations include National Planning Corporation (Belle Chasee, Louisiana; 2001-2014) and FSC Securities Corporation (Atlanta, Georgia; 2000-2001). 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 is licensed in Louisiana, Mississippi, and Texas. (Information current as of May 15, 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.