Russell Stout: Excelsior Advisor Faces $100K Complaint

Syracuse, New York financial advisor Russell Stout (CRD# 4525503) recently received an investor complaint alleging that he made unauthorized trades. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Osaic Wealth, doing business as Excelsior Wealth Partners.

Mr. Stout’s BrokerCheck report discloses three investor complaints. The most recent, filed in February 2026, alleges that as a representative of Osaic Wealth, he failed to follow instructions and made unauthorized trades in connection with stock investments and a closed-end interval fund. The pending complaint alleges damages of $100,000.

An earlier investor complaint, filed in 2014, alleged that as an M&T Securities representative, he recommended an unsuitable mutual fund investment and failed to disclose its fee. The complaint alleged damages of $5,185 and was denied by the firm.

A third investor complaint, filed in 2012, alleged that as a representative of SunTrust Investment Services, he recommended an unsuitable investment and forged the customer’s initials on an annuity application. The complaint alleged damages of $4,582 and was denied.

FINRA Rule 2010 states that FINRA-associated brokers must “observe high standards of commercial honor and just and equitable principles of trade.” Various forms of unethical conduct, including the failure to follow a customer’s directions, constitute violations of FINRA Rule 2010, provided the activities occur “in the conduct of [the member’s] business.” Brokers who violate Rule 2010 may be found liable for damages in the event of losses.

According to the Financial Industry Regulatory Authority, Russell Stout holds 21 years of securities industry experience. Based in Syracuse, New York, he has been registered as a broker and an investment advisor with Osaic Wealth since 2023, doing business as Excelsior Wealth Partners. His past registrations include SagePoint Financial, M&T Securities, Merrill Lynch, David Lerner Associates, SunTrust Investment Services, Banc of America Investment Services, Quick & Reilly, Pruco Securities Corporation, and AXA Advisors. His credentials include the passage of four securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the Uniform Combined State Law Examination, or Series 66; the Investment Company Products/Variable Contracts Principal Examination, or Series 26; and the General Securities Representative Examination, or Series 7. He is licensed in Alaska, California, Florida, Massachusetts, New York, North Carolina, Pennsylvania, South Carolina, and Texas. (Information current as of March 21, 2026.)

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