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Tom Avant: Wells Fargo Advisor Faces Suitability Complaint
El Reno, Oklahoma financial advisor Tom Avant (CRD# 1359654) allegedly recommended an unsuitable investment strategy, according to a recent investor complaint. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Wells Fargo Clearing Services.
Mr. Avant’s BrokerCheck report discloses one investor complaint. Filed in September 2023, it alleges that as a representative of Wells Fargo, he “applied an investment strategy that did not apply to [the customers’] phase of life and investment objectives.” For reference, FINRA Rule 2111 stipulates that brokers must abide by the suitability standard, recommending only investments and strategies that are appropriate for a client’s background and goals. The pending complaint alleges unspecified damages.
As his profile on Wells Fargo’s website states, Mr. Avant serves as the Senior Advisor for Avant Wealth Management Group, a practice within the firm. “Tom strives to maintain and deliver an uncomparable client experience by emphasizing the highest possible level of client service and mindfulness,” the description states, noting that he has worked as a wealth advisor for more than three decades. “Our approach is designed to help clients maximize their potential for financial success. I am committed to helping investors pursue something beyond their wealth.” As the website for Avant Wealth Management explains, the practice’s services include estate planning, college savings plans, insurance, retirement planning, and more.
According to the Financial Industry Regulatory Authority, Tom Avant holds 38 years of securities industry experience. Based in El Reno, Oklahoma, he has been a broker and an investment advisor with Wells Fargo Clearing Services since 2008. His past registrations include AG Edwards & Sons (El Reno, Oklahoma; 2003-2008), Capital West Securities (Oklahoma City, Oklahoma; 1995), and Stifel Nicolaus & Company (St. Louis, Missouri; 1985-1995). His credentials include the passage of six securities industry qualifying exams: the General Securities Sales Supervisor – Options Module Examination, or Series 9; the General Securities Sales Supervisor – General Module Examination, or Series 10; 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 Combined State Law Examination, or Series 66. He currently holds 24 state licenses. (Information current as of October 15, 2023.)
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