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Nathan Wells: Real Estate Complaint Against Wells Financial Advisor
Morrison, Illinois financial advisor Nathan Wells (CRD# 5553359) allegedly provided unsuitable advice that resulted in six-figure damages, according to a recent investor complaint. Records maintained by the Financial Industry Regulatory Authority show that he is a broker and an investment advisor with Cetera Advisor Networks, doing business as Wells Financial Services.
Mr. Wells’ BrokerCheck report discloses one investor complaint. Filed in May 2023, it alleges that as a representative of Voya Financial, he failed to advise the claimant of the risks and illiquid nature of two real estate investments, which were allegedly unsuitable. The pending complaint alleges damages of $100,000.
FINRA rules require brokers and investment advisers to comply with a standard called “suitability.” In short, brokers and advisers must “have a reasonable basis to believe a recommended transaction or investment strategy” is suitable for the investment profile of the customer to which they are recommending it. An investment profile is based on factors such as the client’s age, financial situation, financial needs, investment goals, and risk tolerance, according to FINRA. FINRA Rule 2111 stipulates that brokers must “have a firm understanding of both the product and the customer.” Additional reading on the rules relating to this standard can be found via FINRA.
According to the Financial Industry Regulatory Authority, Nathan Wells holds 14 years of securities industry experience. Based in Morrison, Illinois, he has been a broker and an investment advisor with Cetera Advisor Networks since 2021, doing business as Wells Financial Services. His past registrations include Voya Financial Advisors (Morrison, Illinois; 2012-2021), MML Investors Services (West Des Moines, Iowa; 2009-2011), and ING Financial Partners (Morrison, Illinois; 2008-2009). 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 Combined State Law Examination, or Series 66. He currently holds 27 state licenses. (Information current as of June 19, 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.