Kathryn Hackney: SchoolsFirst Advisor Faces $150K REIT Complaint

Orange, California financial advisor Kathryn Hackney (CRD# 1548894) recently received an investor complaint alleging that she recommended unsuitable REITs. Financial Industry Regulatory Authority records show that she is a broker and an investment advisor with LPL Financial, doing business as SchoolsFirst Investment Services.

Ms. Hackney’s BrokerCheck report discloses two investor complaints. The most recent, filed in November 2023, alleges that as a representative of LPL Financial, she recommended unsuitable real estate investment trusts (REITs) in 2016. The pending complaint alleges damages of $150,000.

An earlier investor complaint, filed in 2006, alleged that asa representative of Citicorp Investment Services, she made misrepresentations in connection with a variable universal life insurance policy. The complaint alleged damages of $11,199 and was denied.

SchoolsFirst Investment Services’ website features a profile of Ms. Hackney. “For more than 30 years, Kathryn has been helping people work toward their financial goals,” the profile states. “She takes pride in her fiduciary role, providing Members with an objective review of their current situation and helping them create long term goals.”

According to the Financial Industry Regulatory Authority, Kathryn Hackney holds 34 years of securities industry experience. Based in Orange, California, she has been a broker and an investment advisor with LPL Financial since 2022, doing business as SchoolsFirst Investment Services. Her past registrations include CUNA Brokerage Services (Orange, California; 2018-2022), LPL Financial (Lake Forest, California; 2009-2018), CUNA Brokerage Services (Lake Forest, California; 2003-2009), Citicorp Investment Services (Long Island City, New York; 2003), Cal Fed Investments (Sacramento, California; 1998-2003), Great Western Financial Securities Corporation (Northridge, California; 1997-1998), ASB Financial Services (Irvine, California; 1992-1997), Fisrt American National Securities (Duluth, Georgia; 1991-1992), and ACFG Investment Securities (1987-1989). Her credentials include the passage of five securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Combined State Law Examination, or Series 66. She is licensed in Arizona, California, Florida, Idaho, Massachusetts, Missouri, North Carolina, Texas, and Utah. (Information current as of December 26, 2023.)

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