Stuart Spivak: $150K Complaint Against Spivak Financial Group Advisor

Scottsdale financial advisor Stuart Spivak (CRD# 1883651) recently received an investor complaint alleging that his advice resulted in six-figure damages. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Centaurus Financial, doing business as The Spivak Financial Group.

Mr. Spivak’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in May 2024, alleges that as a representative of Centaurus Financial, he recommended “unsuitable, high0risk illiquid investments and breached his fiduciary duty.” The pending complaint alleges damages of $150,000.

An earlier investor complaint, filed in 2009, alleged that as a representative of MetLife Securities, he recommended an unsuitable Pacific Life Variable Annuity. The complaint reached a settlement of $4,500.

A third investor complaint, filed in 2004, alleged fraud and breach of contract in connection with the sale of a variable annuity, while he was registered with WS Griffith Securities. In 2007 the complaint reached a settlement of $386,188.39.

A fourth investor complaint, filed in 2001, alleged that as a representative of WS Griffith Securities, he misrepresented material facts in connection with a variable universal life insurance policy. In 2002 the complaint reached a settlement of $18,147.

The Spivak Financial Group’s website includes a page describing the firm’s services and approach. “We partner with you, our client, to develop a plan to help with your asset accumulation, preservation, and distribution goals while ensuring that you have a lifetime of income that you cannot outlive,” it states. “Our objective is to make our process so clear, that you know exactly how we are managing your hard-earned money.”

According to the Financial Industry Regulatory Authority, Stuart Spivak holds 35 years of securities industry experience. Based in Scottsdale, Arizona, he has been registered as a broker and an investment advisor with Centaurus Financial since 2008, doing business as The Spivak Financial Group. His past registrations include AXA Advisors, MetLife Securities, WS Griffith Securities, and Phoenix Equity Planning Corporation. His credentials include the passage of five securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE: the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He holds 73 state licenses. (Information current as of June 22, 2024.)

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