Santa Rosa, California financial advisor Brian Purcell (CRD# 2334888) allegedly provided unsuitable investment advice, according to a recent investor complaint....Read More
Mark Ferrer: Did Nola Wealth Advisor Recommend Unsuitable Product?
Metairie, Louisiana financial advisor Mark Ferrer (CRD# 4309287) recently received an investor complaint alleging his investment advice resulted in damages. Financial Industry Regulatory Authority records show that he is currently a broker with Cetera Advisors, doing business as Nola Wealth Management.
Mr. Ferrer’s BrokerCheck report discloses one investor complaint. Filed in March 2023, it alleges that as a representative of Cetera Advisors, he recommended unsuitable investments in real estate securities. The pending complaint alleges unspecified damages.
Investors should be aware that FINRA’s suitability rule requires brokers to “have a reasonable basis to believe” that the investments they recommend are appropriate for a client’s background and objectives. As explained in FINRA Rule 2111, the standard stipulates that brokers must ascertain an investment’s suitability through “reasonable diligence” into the client’s investment profile, which includes their age, financial status, risk tolerance, liquidity needs, income, and more. It explains further that brokers must form a reasonable belief that the product is suitable for at least some investors, as well as a reasonable belief that is suitable for the specific customer they’re recommending to. When considering a series of transactions in an account over which the broker holds actual or de facto control, they must arrive at a reasonable basis to believe that the series of transactions, “even if suitable when viewed in isolation, is not excessive and unsuitable for the customer.” Brokers who recommend unsuitable investments may be held liable for damages.
According to the Financial Industry Regulatory Authority, Mark Ferrer holds 22 years of securities industry experience. Based in Metairie, Louisiana, he has been a broker with Cetera Advisors since 2014, doing business as Nola Wealth Management. His past registrations include National Planning Corporation (Belle Chasse, Louisiana; 2001-2014) and FSC Securities Corporation (Atlanta, Georgia; 2000-2001). His credentials include the passage of three securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. He is currently licensed in Louisiana, Mississippi, and Texas. (Information current as of May 15, 2023.)
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.