Kevin Loyd: Legacy Wealth Advisor Faces $300K Complaint

Town and Country, Missouri financial advisor Kevin Loyd (CRD# 5893179) has received multiple investor complaints alleging that his conduct resulted in losses. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with LPL Financial, doing business as Legacy Wealth Advisors.

Mr. Loyd’s BrokerCheck report discloses two investor complaints. The most recent, filed in November 2023, alleges that as a representative of Cetera Advisors, he recommended an unsuitable direct investment. The pending complaint alleges damages of $17,500. In a statement included with the complaint’s disclosure, Mr. Loyd defended himself against the claim. “I deny the allegations against me,” he wrote. “The investment was suitable at the time of sale and the client was fully informed about the nature of the product.”

An earlier investor complaint, filed in August 2023, alleged that as a representative of First Allied Securities, he breached contract, misrepresented material facts, and recommended an unsuitable real estate investment. The pending complaint alleges damages of $300,000.

Legacy Wealth Advisors’ website includes a page describing the firm’s services and approach. “As financial professionals, we are committed to helping people just like you create solutions for their retirement assets,” it explains. “Once we understand your risk tolerance, time horizon, and goals, we’ll work to develop a program that carefully balances investment strategies with preserving principal.”

According to the Financial Industry Regulatory Authority, Kevin Loyd holds 22 years of securities industry experience. Based in Town and Country, Missouri, he has been registered as a broker and an investment advisor with LPL Financial since 2023, doing business as Legacy Wealth Advisors. His past registrations include Cetera Advisors, First Allied Securities, Barber Financial Group, National Planning Corporation, American General Securities, and Franklin Financial Services. His 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 Investment Adviser Law Examination, or Series 65. He is licensed in Arkansas, Colorado, Florida, Illinois, Indiana, Missouri, Rhode Island, South Carolina, Tennessee, and Wisconsin. (Information current as of June 5, 2024.)

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.