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Spencer Miller: Private Placement Complaint Against Merrill Advisor
Westlake Village financial advisor Spencer Miller (CRD# 6273107) recently received an investor complaint alleging his advice resulted in losses. Records provided by the Financial Industry Regulatory Authority show that he is a broker and an investment advisor with Merrill Lynch. He is also registered with the firm’s office in Boise, Idaho.
Mr. Miller’s BrokerCheck report discloses one investor complaint. Filed in July 2023, it alleges that as a representative of Merrill Lynch, he recommended unsuitable private placements. The pending complaint alleges unspecified damages.
Under FINRA Rule 2111, brokers must recommend only investments or strategies that are suitable for their clients. To ascertain an investment’s suitability, they must conduct reasonable diligence into the client’s investment profile, which includes their age, risk tolerance, investment objectives and experience, and other factors.
Mr. Miller is a member of the Miller Asher Group at Merrill Lynch, according to the firm’s website. As the private practice’s profile describes, it works with “ultra-affluent” customers. “Our mission is to offer clients a boutique-like, concierge-style wealth advisory experience, which includes comprehensive wealth management and estate planning services, with an emphasis on tax-minimization strategies designed to help pursue their financial goals,” the website states. Mr. Miller’s profile describes him as a co-founder and Senior Partner at the group. “Spencer leverages the full breadth of UHNW resources available across the enterprise to offer meaningful advice in the fields of global financial strategies, pre- and post-liquidity event planning, estate planning services, family legacy planning, philanthropic planning, and he offers access to structured credit through Bank of America,” it states. “Whether arranging a business sale, merger, acquisition, ESOP strategies or recapitalization services, Spencer can marshal the resources necessary to implement a process-driven approach designed to help meet business owners’ evolving needs.”
According to the Financial Industry Regulatory Authority, Spencer Miller holds nine years of securities industry experience. Based in Westlake Village, California and Boise, Idaho, he has been a broker and an investment advisor with Merrill Lynch since 2014. 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 32 state licenses. (Information current as of August 21, 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.