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Read MoreWalter Howard: $300K REIT Complaint Against Naples IFG Advisor
Independent Financial Group advisor Walter Howard (CRD# 717601), also known as Charles Howard, has received an investor complaint alleging six-figure damages. Financial Industry Regulatory Authority records show that Mr. Howard is a broker registered with IFG in Naples, Florida.
Mr. Howard’s BrokerCheck report discloses one pending investor complaint. Filed in March 2022, it alleges that he over-concentrated the customer’s account in illiquid investments, including non-traded real estate investment trusts. The pending complaint alleges damages of $300,000.
A statement on the March 2022 complaint states that a preliminary investigation of the allegations “does not support” them and that the firm, Independent Financial Group, plans to defend itself against the claim, which it describes as meritless. “Suit appears to cherry-pick investments that may not have performed as anticipated,” the statement continues, “and claims that they were not suitable without acknowledging that there were other similar investments made by the clients.”
Over-concentration, also known as concentration or failure to diversify, refers to a broker’s failure to invest a client’s portfolio among a variety of assets, mitigating the risk if any single investment or class suffers losses. “A diversified portfolio,” FINRA states, “tends to be harder to achieve than simply following the mantra: don’t put all your investment eggs in one basket.” To avoid the risks of over-concentration, FINRA advises that investors diversify their portfolios across and within major asset classes, regularly rebalance their portfolios, examining the mutual funds and exchange-traded funds in their holdings, and keep careful track of their investments’ liquidity.
According to the Financial Industry Regulatory Authority, Walter Howard holds 41 years of securities industry experience and is also known as Charles Howard. Based in Naples, Florida, he has been a broker with Independent Financial Group since 2007. His past registrations include AIG Financial Advisors (Laguna Hills, California; 2005-2007), Sentra Securities Corporation (Phoenix, Arizona; 2000-2005), J K R & Company (Van Nuys, California; 1988-2000), Mutual Service Corporation (Boston, Massachusetts; 1997-1988), Smith Barney Harris Upham & Co. (1985-1988), and Dean Witter Reynolds (1980-1985). His credentials include the passage of four securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Uniform Securities Agent State Law Examination, or Series 63; the Securities Industry Essentials Examination, or SIE; and the National Commodity Futures Examination, or Series 3. He is licensed in California, Colorado, Connecticut, Florida, Indiana, Nebraska, Nevada, South Carolina, and Texas. (Information current as of June 7, 2022.)
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