Jim Olsen: Why Was Legacy Advisor Fired by LPL?

Metairie, Louisiana financial advisor Jim Olsen (CRD# 857594) was fired by his former member firm in connection with alleged rule violations. Financial Industry Regulatory Authority records show that the former LPL Financial representative is currently registered as a broker and an investment advisor with Arkadios, doing business as Legacy Investment Strategies.

Mr. Olsen’s BrokerCheck report discloses his termination from LPL Financial. Filed in April 2026, the disclosure states that the firm fired him in connection with allegations that he “Engaged in [a] disapproved Outside Business Activity; and failed to disclose conflict of interest.”

Investors should be aware that FINRA Rule 3270 forbids brokers like Mr. Olsen from participating in unapproved outside business activities. “No registered person may be an employee, independent contractor, sole proprietor, officer, director or partner of another person, or be compensated, or have the reasonable expectation of compensation, from any other person as a result of any business activity outside the scope of the relationship with his or her member firm,” the rule states, “unless he or she has provided prior written notice to the member, in such form as specified by the member.” Brokers who contravene this rule may be subject to disciplinary action by their member firms or by securities industry regulators.

According to the Financial Industry Regulatory Authority, Jim Olsen holds 43 years of securities industry experience. Based in Metairie, Louisiana, he has been registered as a broker and an investment advisor with Arkadios since 2026, doing business as Legacy Investment Strategies, with which he is also registered as an investment advisor. His past registrations include LPL Financial, Crown Capital Securities, Mutual Services Corporation, Titan/Value Equities Group, and Cardell & Associates. His credentials include the passage of six securities industry qualifying exams: TKTK. He holds 15 state licenses. (Information current as of June 4, 2026.)

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