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Read MoreKelly Gillikin: $475K Complaint Against TD Ameritrade Advisor
Chicago financial advisor Kelly Gillikin (CRD# 6847210) is involved in an investor complaint alleging her advice resulted in six-figure damages. Financial Industry Regulatory Authority records show that she is a broker and an investment advisor registered with TD Ameritrade.
Complaint Concerns Options Strategy
Ms. Gillikin’s BrokerCheck report discloses one investor complaint. Filed in August 2022, it alleges that as a representative of TD Ameritrade, she “provided a poor recommendation regarding an options strategy.” The pending complaint alleges damages of $475,000.
What Is FINRA Rule 2111?
Investors should be aware that FINRA Rule 2111 requires brokers like Ms. Gillikin to conduct “reasonable diligence” on the investments they recommend to their customers, with the goal of ensuring that their recommendations are suitable for their clients. Suitability denotes a product or strategy’s alignment with the customer’s background and goals. For example, an illiquid and high-risk non-traded real estate investment trust would likely not be considered suitable for an investor with conservative objectives including preservation, growth, and liquidity. “A member’s or associated person’s reasonable diligence must provide the member or associated person with an understanding of the potential risks and rewards associated with the recommended security or strategy,” Rule 2111 states. “The lack of such an understanding when recommending a security or strategy violates the suitability rule.” Brokers who violate the rule may be held liable for damages.
FINRA: Gillikin Based in Chicago
According to the Financial Industry Regulatory Authority, Kelly Gillikin holds five years of securities industry experience. Based in Chicago, Illinois, she has been a broker and an investment advisor with TD Ameritrade since September 2017. Her credentials include the passage of five securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the National Commodity Futures Examination, or Series 3; the Retail Off-Exchange FOREX Examination, or Series 34; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. She holds 53 state licenses. (Information current as of December 8, 2022.)
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.
