Steve Lundquist: Suitability Complaint Against SRT Wealth Advisor

A recent investor complaint against Springville, Utah financial advisor Steve Lundquist (CRD# 1970958) alleges that he recommended unsuitable investments. Financial Industry Regulatory Authority records show that he is registered as a broker with Centaurus Financial, doing business as SRT Wealth Partners.

Mr. Lundquist’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in June 2026, alleges that as a representative of Centaurus Financial, he recommended unsuitable investments and failed to adequately explain “costs, liquidity restrictions, and withdrawal limitations.” The pending complaint alleges unspecified damages.

In a statement included with the complaint’s disclosure, Mr. Lundquist wrote that he “vehemently” denied the allegations. “The investments about which the customers complained were suitable and were recommended based on the customer’s objectives, goals and financial circumstances and were offered only after their review of all material documentation related to the investment,” he wrote. “The customers confirmed in writing that they not only received the requisite investment documentation/disclosures, but that they fully understood the characteristics and risks of the investments. At all times, I put the customer’s interest first and I will vigorously defend this matter to the fullest extent of the law.”

An earlier investor complaint, filed in 1996, alleged that as a representative of Piper Jaffray, he made misrepresentations of material facts. The complaint reached a settlement of $19,770.

According to the Financial Industry Regulatory Authority, Steve Lundquist holds 35 years of securities industry experience. Based in Springville, Utah, he has been registered as a broker with Centaurus Financial since 2018, doing business as SRT Wealth Partners. His past registrations include Ameriprise Financial Services, Woodbury Financial Services, Paulson Investment Company, Wells Fargo Investments, Key Investment Services, SunPoint Securities, and Piper Jaffray. His credentials include the passage of four securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; the General Securities Representative Examination, or Series 7; and the General Securities Principal Examination, or Series 24. He is licensed in Arizona, California, Colorado, Hawaii, Idaho, Nevada, New Mexico, Texas, Utah, and Washington. (Information current as of July 5, 2026.)

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