Nathan Wallace: Why Did Savvy Fire Greyfox Advisor?

Ojai, California financial advisor Nathan Wallace (CRD# 5646552) was recently fired by the investment adviser firm Savvy in connection with alleged policy violations. Securities and Exchange Commission records show that he is now registered as an investment advisor with Greyfox Investors.

Mr. Wallace’s Investment Adviser Public Disclosure form discloses his firing from Savvy. Filed in August 2024, it states that he was terminated in connection with allegations of “violations of the Firm’s written policies and procedures, including its Code of Ethics.” It states further that an internal investigation by the firm “is seeking to conclude the appropriateness of the IAR’s use of discretionary authority and investment suitability.”

For reference,  FINRA Rule 3260 stipulates that registered representatives may only conduct discretionary trades if they have obtained the customer’s prior written authorization and the firm’s approval of the account for discretionary trading. As FINRA explains in its investor resources, discretion “generally means the broker can decide at any time how much of a stock, bond or other security to buy or sell, and at what price, without customer input.” Representatives who violate this rule may be found liable for damages and/or held subject to disciplinary action.

Savvy’s website includes a page describing the company’s mission “to build a leading team of financial advisors and technologists to create the modern, all-in-one RIA and wealth management platform.” Elsewhere it describes the firm as a “technology company that has developed a digital-first platform for financial advisors centered around modernizing human financial.”

According to the Securities and Exchange Commission, Nathan Wallace holds 11 years of securities industry experience. Based in Ojai, California, he has been registered as an investment advisor with Greyfox Investors since September 2024. His past registrations include Savvy, Greyfox Investors, and Ten Asset Management. His credentials include the passage of the Series 65, or Uniform Investment Adviser Law Examination. He is licensed in California. (Information current as of September 14, 2024.)

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