The Law Offices of Robert Wayne Pearce, P.A. has helped investors recover losses from broker securities fraud for over 45 years.
A nationwide law firm, they represent defrauded investors, stockbrokers, and financial advisors in securities fraud cases, FINRA arbitrations, and regulatory enforcement matters involving the SEC, CFTC, and FINRA.
Founded and led by Robert Wayne Pearce who has over 45 years of experience in investment fraud law, the securities law firm focuses primarily on helping investors recover losses from investment fraud while also defending financial professionals in regulatory actions and employment disputes within the securities industry.
The firm's attorneys handle complex investment disputes including private placement and Regulation D fraud, structured products litigation, and broker-dealer misconduct cases.
The investment and securities fraud lawyers at the Law Offices of Robert Wayne Pearce P.A., represents clients on all sides of securities, commodities and investment fraud and other issues in a broad range of practice areas in courtroom litigation, arbitration, SEC defense, and mediation proceedings.
Attorney Robert Wayne Pearce and his team have handled hundreds of FINRA, AAA and JAMs securities arbitration and mediation cases for satisfied clients located in many U.S. states and throughout the world.
Our investment and securities fraud lawyers have represented investors throughout the United States and internationally. We have recovered over $185 million for our investor clients in all types of stockbroker fraud and broker and advisor misconduct cases.
At The Law Offices of Robert Wayne Pearce, P.A., we believe the ultimate barometer of our success is surpassing the expectation of our clients.
The following clients have direct knowledge of our law firm's processes from the inside and experienced our securities fraud attorneys' fierce advocacy.
The page explains that non-traded real estate investment trusts (REITs) were widely promoted but often involved misrepresentations about returns, liquidity, and risks. At our firm, we’ve seen investors misled by sales solicitations lacking transparency, resulting in unsuitable, complex investment losses. Understanding these risks is essential before investing in any illiquid REIT offering.
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FINRA arbitration can help investors recover losses, but results depend on preparation and strategy. Our attorneys conduct a detailed case review, draft a fact-rich Statement of Claim, and manage arbitrator selection, discovery, mediation, and hearing presentation. We focus on evidence, deadlines, and damages analysis so clients know what to expect from start to award today.
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If you invested in an Inspired Healthcare Capital DST, income fund, or private placement and lost money, you are not alone. Thousands of investors are now facing suspended distributions, frozen capital, and the very real possibility of total loss after Inspired Healthcare Capital (IHC)’s downfall and subsequent Chapter 11 bankruptcy filing on February 2, 2026.
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Investment Fraud Lawyer | Law Offices of Robert Wayne Pearce, P.A | Securities Law Firm
With a Successful Track Record for Recovery of Investment Losses
Attorney Robert Wayne Pearce is a well-respected advocate for investors throughout the legal community, known as a fierce litigator and tireless not only in Florida but across the nation and near you.
Read his Investors’ Rights Blog and discover the breadth of his knowledge that can only be gained from over 45 years of legal experience for yourself. As one of the most experienced in FINRA arbitration, Mr. Pearce knows all of the available options for your case and will pursue them vigorously to secure the best possible outcome for you and your stockbroker fraud and stockbroker misconduct case.
He has earned a peer rating of AV Preeminent * through the Martindale-Hubbell peer review rating process, the highest available rating through that program.
Mr. Pearce is one of Thomson Reuters Florida Super Lawyers ** for Securities Litigation (Top 5). Read the feature article about him in the Florida 2014 Super Lawyers magazine entitled: “No Excuses – How Robert Wayne Pearce Stared Down Personal Disaster”.
During his more than 45 years of experience practicing securities and commodities law, he has won numerous million-dollar awards and settlements for his clients which has earned him recognition for his success by The Million Dollar Advocates Forum and The Multi-Million Dollar Advocates Forum as one of the Top Trial Lawyers in America TM***.
By hiring The Law Offices of Robert Wayne Pearce, P.A., you get access to his over 45 years of experience practicing in the area of securities, commodities and investment fraud on both sides of the table in arbitrations and courtroom litigation, and you will clearly see his legal experience and knowledge in action. Having a fierce litigator and tireless advocate of your rights, and one who will quickly identify both the strengths and the weaknesses of your case will surely increase the likelihood of winning your case.
To choose an investment advisor, start by identifying your financial goals, verifying the advisor’s registration and fiduciary responsibilities, checking their credentials, and comparing their fees and services. You should also investigate their disciplinary history and understand how they manage potential conflicts of interest. A good financial advisor can help you plan for retirement, manage your portfolio, and make important decisions about your money. But financial professionals vary considerably in their qualifications, the services they provide, and the legal responsibilities they owe their clients. And unfortunately, there are advisors who take advantage of that trust. Some engage in misconduct that leaves investors facing serious financial losses, sometimes involving money they’ve spent decades saving. That’s why choosing someone to manage your investments deserves careful consideration, especially when your retirement savings or other significant assets are involved. In this guide, we’ll walk you through seven steps for choosing an investment advisor. We’ll also explain how to investigate an advisor’s background, understand their legal obligations, and recognize warning signs of potential investment fraud. How to Choose an Investment Advisor in 7 Steps Choosing an investment advisor involves identifying your investment needs, comparing financial professionals, verifying fiduciary responsibilities, checking credentials, examining fees, interviewing candidates, and reviewing agreements. Some of these steps are relatively straightforward, while others require a little more investigation. But together, they’ll give you a clearer picture of who you’re dealing with, how they operate, and whether they’re qualified to handle your investments. Here’s how we recommend approaching the process. 1. Identify Your Financial Goals and Investment Needs Before choosing an investment advisor, determine what you want to accomplish financially and which services you need. Some investors want help building a retirement portfolio, while others need ongoing investment management, tax-efficient strategies, or comprehensive financial planning. Your goals will help determine which type of professional is most suitable. For example, consider these common financial needs: You should also consider your investment timeline, available assets, and willingness to accept financial risk. Someone approaching retirement may need a relatively conservative investment strategy, while a younger investor saving over several decades may have different priorities. Once you’ve identified your needs, you can narrow your search to advisors with relevant experience and services. 2. Understand the Different Types of Financial Advisors Financial advisors include investment advisers, stockbrokers, and financial planners, each offering different services and operating under different professional or regulatory requirements. And while these professionals sometimes provide similar services, there are important differences in how they’re regulated and what they’re authorized to do. The three main categories you’ll encounter are: Things can get a little more complicated when professionals hold multiple registrations. For example, someone might provide investment advisory services while also working as a registered broker. And here’s an important distinction: the title financial advisor doesn’t automatically tell you anything about someone’s regulatory status or legal obligations. We recommend confirming exactly which services a professional is authorized to provide and which legal standards apply before you agree to work with them. 3. Verify Their Fiduciary Responsibilities A fiduciary investment advisor has a legal obligation to act in the client’s best interest when providing covered advisory services. This includes duties of care and loyalty, along with responsibilities involving disclosure and conflicts of interest. Registered investment advisers owe fiduciary duties under applicable investment adviser laws. Stockbrokers, meanwhile, operate under a different framework. The SEC’s Regulation Best Interest requires brokers to act in retail customers’ best interests when making covered securities recommendations. The distinction matters because some financial professionals offer both brokerage and advisory services, meaning their obligations can change depending on the capacity in which they’re acting. We recommend asking prospective advisors directly whether they’ll act as fiduciaries throughout your relationship and how they handle potential conflicts of interest. Remember, fiduciary status provides important legal protections, but it doesn’t guarantee investment performance or eliminate every possible conflict. 4. Check Their Credentials and Regulatory History Before hiring an investment advisor, verify their professional qualifications, registration status, and regulatory background. Fortunately, much of this information is publicly available, and you can investigate a prospective advisor without spending any money. First, take a look at their professional credentials. Some common qualifications include: While these designations can demonstrate professional expertise, you’ll also want to confirm that the advisor holds the appropriate securities registrations. Two resources are particularly useful for this: We also recommend reading the firm’s Form ADV brochure, which contains information about business practices, fees, conflicts of interest, and disciplinary history. At the Law Offices of Robert Wayne Pearce, P.A., we recommend reviewing both the individual advisor’s record and the firm’s regulatory history. An advisor may have a relatively clean record while working for a firm with significant disciplinary problems. If you uncover past regulatory sanctions or customer disputes, examine the circumstances carefully before making your decision. 5. Compare Fees and Compensation Structures Investment advisors use several compensation arrangements, including fee-only, fee-based, commission-based, and assets-under-management fees. The amount you pay can have a meaningful effect on your long-term investment returns. Common compensation structures include: For advisors charging a percentage of assets under management (AUM), your total fee generally increases as the value of the managed portfolio grows. For example, an annual advisory fee of 1% on a $500,000 portfolio amounts to $5,000 per year, excluding other investment expenses. Other professionals charge a fixed amount for a financial plan or an hourly rate for advice. While an advisor’s compensation model matters, you should also examine the conflicts it creates. Ask for a clear explanation of all fees, including investment product expenses, custody charges, and any additional service costs. 6. Interview Potential Advisors and Ask Questions Interview prospective investment advisors to evaluate their experience, investment philosophy, communication practices, and ability to meet your financial needs. An introductory meeting gives you an opportunity to assess their qualifications and determine whether their services are suitable for your circumstances. Some useful questions include: Pay attention to how the advisor responds. A qualified professional should explain their services clearly and be willing to discuss risks, fees, and...
Learn MoreA stockbroker is a licensed financial professional or brokerage firm that facilitates the buying and selling of securities on behalf of investors. Stockbrokers connect individuals and institutions to financial markets, allowing them to trade stocks, bonds, exchange-traded funds (ETFs), and other investment products. Depending on the services they offer, stockbrokers may also provide investment recommendations, market research, and assistance with managing brokerage accounts. Stockbrokers are different from financial advisors and investment advisers, although their services sometimes overlap. While stockbrokers primarily facilitate securities transactions, investment advisers generally provide ongoing investment advice or portfolio management services. Because stockbrokers handle investors’ money and securities transactions, they must follow strict financial regulations designed to protect their customers. In this guide, our team at the Law Offices of Robert Wayne Pearce, P.A. explains what stockbrokers do, the different types of brokers, how they earn money, and the legal responsibilities they owe investors. We’ll also explain how to evaluate a stockbroker and recognize potential signs of fraud or misconduct. What Does a Stockbroker Do? A stockbroker executes securities transactions for investors, provides access to financial markets, and may offer investment guidance and brokerage account services. Their primary responsibility is to facilitate the buying and selling of securities through a registered brokerage firm. Stockbrokers perform several important functions: For example, an investor who wants to purchase $10,000 worth of a particular stock can place an order through a brokerage account. The brokerage firm then routes the order for execution according to its trading procedures. Some investors work directly with individual brokers, while others use online brokerage platforms to place transactions themselves (often without speaking to a broker at all). The level of assistance you receive depends largely on the type of brokerage service you choose. What Are the Different Types of Stockbrokers? Stockbrokers generally operate through full-service or discount brokerage models, with different levels of personal assistance, investment advice, and fees. Online brokerage platforms also allow investors to manage their investments with relatively little direct involvement from a financial professional. The three common brokerage service models include: Consider an investor approaching retirement who wants personalized assistance with investment decisions. A full-service brokerage might be suitable, while another investor who already understands the stock market might prefer a discount brokerage with lower trading costs. Online trading platforms are generally a form of discount brokerage rather than a separate regulatory category. Since brokerage services and pricing can differ considerably, you should understand how your broker earns money before opening an account. How Do Stockbrokers Make Money? Stockbrokers and brokerage firms earn money through trading commissions, account fees, investment-related compensation, and other brokerage services. Their compensation depends on the brokerage’s business model, the products offered, and the services provided. Common sources of brokerage revenue include: Many online brokerages now offer commission-free trading for eligible stocks and ETFs. However, investors may still incur other costs (including regulatory fees, investment product expenses, and transaction-related charges). Another consideration is how a broker’s compensation might influence their investment recommendations. Pro Tip: Review your broker’s compensation arrangements before accepting an investment recommendation. A broker who receives higher compensation for selling one product may have a financial incentive to recommend it over a less expensive alternative. These potential conflicts are one reason investors should examine brokerage fees and compensation disclosures carefully. Stockbroker vs. Financial Advisor: What’s the Difference? Stockbrokers primarily facilitate securities transactions, while financial advisors may provide broader financial planning and investment management services. The main differences involve the services they provide, how they receive compensation, and the legal standards that apply to their work. Stockbrokers typically work through registered broker-dealers and assist customers with buying and selling securities. They may also recommend investment products or strategies as part of their brokerage services. Financial advisors, meanwhile, may offer retirement planning, portfolio management, tax-related planning, and broader financial guidance. However, the term financial advisor is broad and can describe professionals with different registrations and responsibilities. Compensation arrangements can also differ. For example, a registered investment adviser may charge an ongoing fee based on the assets it manages, while a stockbroker may receive transaction-based compensation. Both brokerage and advisory relationships can involve other fee arrangements. Some financial professionals are also dually registered, meaning they can provide both brokerage and investment advisory services (sometimes to the same customer). In these situations, their legal obligations depend on which capacity they are acting in when providing a particular service or recommendation. This distinction matters because licensing requirements and investor protections also vary according to the services provided. What Qualifications and Licenses Do Stockbrokers Need? U.S. stockbrokers generally must register through an authorized brokerage firm and meet applicable securities examination and registration requirements. These requirements help establish that brokers understand securities products, industry regulations, and their professional responsibilities. Stockbrokers are subject to oversight by the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), and applicable state securities regulators. Two important qualification examinations include: Depending on their activities, brokers may also need to pass a state law examination, such as the Series 63, or obtain other registrations. Many stockbrokers have degrees in finance, economics, or business, although a college degree is generally not a regulatory requirement. After completing their registration, brokers must continue complying with the securities laws and professional standards that govern their dealings with investors. What Are a Stockbroker’s Legal Responsibilities to Investors? Stockbrokers must comply with securities laws and applicable FINRA rules, including requirements governing investment recommendations, disclosures, conflicts of interest, and customer account activity. These obligations are designed to protect investors against abusive practices and inappropriate financial recommendations. Some of the most important responsibilities include: Violating these obligations can carry serious legal consequences. Depending on the circumstances, brokers and brokerage firms may face regulatory sanctions, financial penalties, or investor claims for damages. Of course, even with these protections in place, investors should investigate a broker’s professional background before trusting them with their money. How Do You Choose a Trustworthy Stockbroker? Investors should verify a stockbroker’s registration, investigate their disciplinary history, compare costs, and understand the...
Learn MoreThe main difference between a broker-dealer and an investment advisor is that broker-dealers primarily buy and sell securities for customers, while investment advisors provide investment advice and often manage investment portfolios. Both can recommend stocks, bonds, mutual funds, and other investments. However, they differ in the services they provide, how they receive compensation, and the legal obligations they owe investors. And these differences matter when you’re deciding who should handle your investments. In this guide, we’ll compare their responsibilities, fees, regulatory requirements, and qualifications. We’ll also explain how to check a financial professional’s background and protect yourself from potential investment misconduct. Broker-Dealer vs. Investment Advisor: Key Differences at a Glance Broker-dealers primarily facilitate securities transactions, while investment advisors typically provide ongoing investment advice and portfolio management. Although their services can overlap, their business models and legal responsibilities differ in several important ways. Feature Broker-Dealer Investment Advisor Primary role Securities trading and brokerage services Investment advice and portfolio management Compensation Commissions, spreads, and other fees Asset-based, flat, or hourly fees Legal obligations Regulation Best Interest for covered retail recommendations Fiduciary duty of care and loyalty Trading authority Generally client-directed, unless otherwise authorized May have discretionary trading authority Regulation SEC, FINRA, and state regulators SEC or state securities regulators Typical services Trade execution and investment recommendations Financial planning, advice, and portfolio oversight One important distinction concerns legal responsibilities. Both types of financial professionals have best-interest obligations in relevant circumstances, but those obligations apply differently depending on the services provided. What Is a Broker-Dealer? A broker-dealer is a person or financial firm that buys and sells securities on behalf of customers, for its own account, or both. Broker-dealers connect investors with financial markets and facilitate transactions involving stocks, bonds, mutual funds, and other securities. The term combines two separate functions: For example, suppose you want to purchase 100 shares of Microsoft. You could place an order through your brokerage account, and the broker-dealer would arrange the transaction on your behalf. Broker-dealers also provide other services, including investment recommendations, market research, and access to investment products. Some firms offer personalized assistance through registered representatives, while others operate online platforms where investors make their own trading decisions. What Is an Investment Advisor? An investment advisor, legally referred to as an investment adviser, is a person or firm that provides securities-related investment advice for compensation. Investment advisers help clients develop investment strategies, manage portfolios, and make financial decisions based on their individual circumstances. Firms registered to provide these services are called registered investment advisers (RIAs). The individuals who provide advice on their behalf may be known as investment adviser representatives (IARs). Their services commonly include retirement planning, asset allocation, investment recommendations, and portfolio management. For example, suppose you have $500,000 saved for retirement. You might hire an investment adviser to develop an investment strategy based on your age, financial objectives, and tolerance for risk. Depending on your agreement, the adviser could also monitor your portfolio and adjust investments as your circumstances change. Investment advisers generally owe fiduciary duties of care and loyalty to their clients throughout the scope of their advisory relationships. What’s the Difference Between a Broker-Dealer and an Investment Advisor? The main differences between broker-dealers and investment advisors involve their services, legal responsibilities, compensation structures, and authority to manage investments. Broker-dealers generally focus on securities transactions, while investment advisers often maintain ongoing relationships with clients and oversee their investment portfolios. However, some firms and financial professionals operate in both capacities. And in those cases, the legal obligations depend on which services they provide and the capacity in which they act. 1. Services and What They’re Allowed to Do Broker-dealers execute securities transactions, maintain brokerage accounts, and provide access to investment products. Many also offer investment recommendations based on a customer’s financial circumstances and objectives. Investment advisers typically provide ongoing services, including financial planning, asset allocation, and portfolio management. Another important difference involves discretionary trading authority, which allows a financial professional to make certain investment decisions without obtaining approval for every transaction. Investment advisers frequently receive this authority through client agreements. Broker-dealers can also exercise discretion when properly authorized and subject to applicable regulations. And some firms offer both brokerage and investment advisory services. These businesses are known as dual registrants, and their obligations depend on the particular services they provide. 2. Fiduciary Duties and Standards of Conduct Broker-dealers and investment advisers are subject to different legal standards, although both have obligations to act in investors’ best interests in relevant circumstances. Broker-dealers must comply with Regulation Best Interest (Reg BI) when making covered recommendations to retail customers. This means they must act in the customer’s best interest without placing their own financial interests ahead of the customer’s interests. Investment advisers owe fiduciary duties of care and loyalty to their clients. These duties require advisers to provide advice in their clients’ best interests and appropriately address conflicts of interest. The main distinction concerns when these obligations apply. For example, a broker-dealer’s Regulation Best Interest obligations generally arise when making covered recommendations. An investment adviser’s fiduciary duties extend throughout the scope of the advisory relationship. Both professionals must also address conflicts that could influence their recommendations, including financial incentives associated with particular investments. 3. Fees and Compensation Broker-dealers commonly earn money through commissions, transaction fees, markups, markdowns, and other brokerage-related charges. Investment advisers typically charge fees based on assets under management (AUM), although some charge hourly rates or fixed fees. For example, an investment adviser charging 1% annually on a $500,000 portfolio would collect $5,000 per year, assuming the portfolio’s value remained unchanged. Both arrangements can create conflicts of interest. Transaction-based compensation may encourage excessive trading, while asset-based fees can influence recommendations involving account balances and investments. And because compensation structures sometimes overlap, investors should review all applicable charges, including account fees and underlying investment expenses. 4. Investment Management and Client Relationships Broker-dealers generally provide transaction-focused services, although some offer ongoing recommendations and account monitoring. Investment advisers commonly maintain longer-term relationships involving portfolio oversight, investment planning, and...
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