Steven Mitchell: ELE Advisory Services Advisor Lands $500K Complaint

Phoenix, Arizona financial advisor Steven Mitchell (CRD# 4667673) recently received an investor complaint alleging that his conduct resulted in six-figure damages. Financial Industry Regulatory Authority records show that he is registered as a broker with ELE Wealth Solutions and an investment advisor with ELE Advisory Services.

Mr. Mitchell’s BrokerCheck report discloses two investor complaints. The most recent, filed in June 2026, alleges that as a representative of ELE Wealth Solutions, he recommended and sold two insurance policies that the customer could not afford, and further that he converted her investment accounts to cash “when there was no need for liquidity.” The pending complaint alleges damages of $500,000.

A second investor complaint, filed in November 2018, alleged that as a representative of Securities America, he recommended a 401(k) liquidation and withdrawal that resulted in penalties. The complaint alleged unspecified damages and was denied.

Investors should be aware that securities industry rules and standards require brokers like Mr. Mitchell to recommend investments and investment strategies that meet a standard known as suitability. FINRA Rule 2111, for instance, states that brokers must “have a reasonable basis to believe that a recommended transaction or investment strategy” is suitable for a customer’s investment profile, including their age, investment background, net worth, financial situation, risk tolerance, investment goals, and other concerns. The SEC’s Regulation Best Interest, meanwhile, establishes a “Care Obligation” under which brokers must “have a reasonable basis to believe that each recommendation or series of recommendations made is in the best interest of the particular retail customer and does not place their financial or other interests ahead of the interest of the retail customer.” Brokers who fail to uphold these standards may be held liable in the event of losses.

According to the Financial Industry Regulatory Authority, Steven Mitchell holds 13 years of securities industry experience. Based in Phoenix, Arizona, he has been registered as a broker and an investment advisor with ELE Wealth Solutions and ELE Advisory Services, respectively, since 2020. His past registrations include Innovation Partners, IP Financial Advisory Services, Securities America Advisors, Securities America, Waddell & Reed, Thrivent Investment Management, and BKS Investment Services. His credentials include the passage of four securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7; the Uniform Combined State Law Examination, or Series 66; and the Uniform Investment Adviser Law Examination, or Series 65. He holds 25 state licenses. (Information current as of August 1, 2026.)

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