Michelle Neuhalfen: Bankers Life Denies $782K Complaint Against Advisor

New Bern, Connecticut financial advisor Michelle Neuhalfen (CRD# 7206531) allegedly made unsuitable investment recommendations, according to a recent, denied investor complaint. Financial Industry Regulatory Authority records show that she is registered as a broker with Bankers Life Securities and an advisor with Bankers Life Advisory Services.

Ms. Neuhalfen’s BrokerCheck report discloses one investor complaint. Filed in June 2024, it alleges that as a representative of Bankers Life Securities, she made unsuitable recommendations to transfer funds to purchase a Guaranteed Lifetime Income Annuity and fund a managed account. The complaint alleged damages of $782,583.10 and was denied by the firm.

In a statement included with the complaint’s disclosure, Ms. Neuhalfen defended herself against the allegations. “This was not a spur of the moment decision,” she wrote in part. “I worked with the client and son for weeks, making adjustments and addressing any and all concerns from both parties before moving forward. The client is fully aware that a portion of their assets would fund an annuity that would offer protection of principal and an income that they cannot outlive. The other side of the recommendation would provide liquidity and market-based growth.”

Bankers Life Securities’ website includes a profile of Ms. Neuhalfen in which she describes her business philosophy as “Engaging with clients to help organize and build on their financial goals as they plan and near retirement” and “Being a trusted partner and advocate through focusing on client needs and their priorities.”

According to the Financial Industry Regulatory Authority, Michelle Neuhalfen holds four years of securities industry experience. Based in New Bern, Connecticut, she has been registered as a broker with Bankers Life Securities and an advisor with Bankers Life Advisory Services since 2020 and 2021, respectively. Her credentials include the passage of three securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7TO; and the Uniform Combined State Law Examination, or Series 66. She is licensed in California, North Carolina, South Carolina, Virginia, and West Virginia. (Information current as of July 20, 2024.)

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