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Kelvin Wong: Did Ex-Cetera Advisor Over-Concentrate Client Account?
Former Jersey City financial advisor Kelvin Wong (CRD# 6100689) is involved in an investor complaint alleging that unsuitable investment recommendations led to six-figure losses. Records provided by the Financial Industry Regulatory Authority show that Mr. Wong is not currently registered as a broker or as an investment adviser, though he was most recently affiliated with TD Ameritrade.
Mr. Wong’s BrokerCheck report discloses one investor complaint. Filed in June 2022, it alleges that as a representative of Cetera Investment Services, he over-concentrated the client’s account in “unsuitable and illiquid alternative investments, which resulted in losses.” The pending complaint alleges damages of $200,000.
Investors should be aware that “over-concentration,” which is alternatively referred to as lack of diversification, is comparable to putting too many eggs in one basket, according to FINRA’s investor resources. The regulator advises that investors mitigate the risk of over-concentration by diversifying their portfolios across and within major asset classes. FINRA also recommends that investors rebalance their portfolios on a routine basis, conduct due diligence into any mutual fund or exchange-traded fund’s underlying securities, and stay aware of their investments’ liquidity. Brokers who over-concentrate investors’ accounts may be held liable for damages and/or subject to disciplinary action by securities regulators.
According to the Financial Industry Regulatory Authority, Kelvin Wong holds eight years of securities industry experience. Most recently based in Jersey City, New Jersey, he was last registered with TD Ameritrade from 2018 until 2021. His registration history includes Scottrade (Newport Beach, California; 2016-2018), Bancwest Investment Services (Rowland Heights, California; 2015-2016), Cetera Investment Services (Rosemead, California; 2013-2015), JP Morgan Securities (Monterey Park, California; 2012-2013), and Chase Investment Services (2012). His credentials include the passage of six 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 General Securities Representative Examination, or Series 7TO; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Combined State Law Examination, or Series 66. (Information current as of December 17, 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.