Matthew Carbray: Suitability Complaint Against Ridgeline Advisor

Avon, Connecticut financial advisor Matthew Carbray (CRD# 4565811) allegedly recommended unsuitable investments, according to a recent investor complaint. Financial Industry Regulatory Authority records show that he is registered as a broker with Kestra Investment Services and an advisor with Kestra Advisory Services, doing business as Ridgeline Financial Partners.

Mr. Carbray’s BrokerCheck report discloses two investor complaints. The most recent, filed in March 2026, alleges that as a representative of Kestra Investment Services, he recommended unsuitable investments. The pending complaint alleges damages of an unspecified amount.

An earlier investor complaint, filed in 2024, alleged that as a representative of Kestra Investment Services, he recommended an unsuitable real estate investment trust (REIT). The complaint alleged damages of $25,000 and was denied by the firm.

A real estate investment trust, or REIT, is an investment vehicle that uses pooled funds from a group of investors to buy and operate real estate properties. REITs may be can be publicly traded or privately held. While they have the benefit of giving investors access to real estate investments—and the promise of steady income streams from them—non-traded REITs may be particularly risky for short-term investors and even long-term investors. Publicly traded REITs, which are generally traded on major stock exchanges, are often associated with liquidity and stable cash flows, but they are also affected by the ebb and flow of the markets, and like their non-traded counterparts, they may come with high fees. As Investopedia notes, REITs also have fairly low capital appreciation.

According to the Financial Industry Regulatory Authority, Matthew Carbray holds 23 years of securities industry experience. Based in Avon, Connecticut, he has been registered as a broker with Kestra Investment Services since 2006 and an advisor with Kestra Advisory Services since 2016, doing business as Ridgeline Financial Partners. His past registrations include NFP Advisor Services and New England Securities. His credentials include the passage of five securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the Uniform Investment Adviser Law Examination, or Series 65; the Uniform Securities Agent State Law Examination, or Series 63; the General Securities Representative Examination, or Series 7; the Investment Company Products/Variable Contracts Representative Examination, or Series 6;. He holds 35 state licenses. (Information current as of April 16, 2026.)

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