Richard Brittain: Equitable Advisor Faces Variable Annuity Complaint

A recent investor complaint against Valencia, California financial advisor Richard Brittain (CRD# 5928857) alleges that his conduct resulted in losses. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Equitable Advisors.

Mr. Brittain’s BrokerCheck report discloses one investor complaint. Filed in October 2023, it alleges that as an Equitable Advisors representative, he sold an unsuitable variable annuity investment. The pending complaint alleges unspecified damages.

Under FINRA Rule 2111, brokers like Mr. Brittain must recommend investments or investment strategies that are considered suitable for their customers. To determine an investment’s suitability, brokers must perform reasonable diligence into the customer’s “profile,” including their investment background, financial situation, risk tolerance, investment horizon, liquidity needs, and more. Brokers must ascertain whether the investment is suitable for some investors generally, as well as whether it is suitable for the investor they’re recommending it to. If they fail to recommend unsuitable investments or strategies, they may be held liable for damages in the account.

According to the Financial Industry Regulatory Authority, Richard Brittain holds 12 years of securities industry experience. Based in Valencia, California, he has been a broker and an investment advisor with Equitable Advisors since 2011. His credentials include the passage of four securities industry qualifying exams: the General Securities Principal Examination, or Series 24; 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 is licensed in California, Georgia, Oregon, and Washington. (Information current as of December 5, 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.