Cetera Advisors, LLC (“Cetera Advisors”) (CRD# 10299) has many different complaints filed by FINRA (Financial Industry Regulatory Authority), state regulatory organizations, and investors such as yourself. At the Law Offices of Robert Wayne Pearce, we have investigated Cetera Advisors LLC, its regulatory and customer complaints, and have also represented investors with claims of fraud, negligence, and breach of fiduciary duty against this organization and its financial advisors.
If you’ve suffered investment losses at Cetera Advisors, you have legal options to recover your money. Many investors don’t realize they can pursue claims through FINRA arbitration even if they signed agreements waiving their right to sue in court. The key is acting quickly before deadlines expire.
If you believe you have a claim against Cetera Advisors LLC, you should strongly consider hiring an investment fraud lawyer. You should not wait until it’s too late to file a claim. The Law Offices of Robert Wayne Pearce, P.A., offers free consultations.
Can I Sue Cetera Advisors LLC?
If you’ve lost money caused by Cetera Advisors LLC and/or its employees’ misconduct then the answer is, YES, you can sue Cetera Advisors LLC but the odds are you signed away your right to sue in court and agreed to resolve your dispute in a FINRA arbitration proceeding. Attorney Robert Wayne Pearce has over 45 years of personal experience in FINRA arbitration proceedings and knows very well how you can not only sue Cetera Advisors LLC in FINRA arbitration proceedings, but WIN that arbitration.
How to Sue Cetera Advisors LLC for Investment Losses
What Can I Do If I Lost Money at Cetera Advisors LLC?
If you lost money at Cetera Advisors LLC, you can file a claim through FINRA arbitration to recover your losses. FINRA arbitration is a legal process specifically designed for securities disputes between investors and brokerage firms. Unlike court litigation, arbitration is typically faster and less formal, though equally binding.
The process begins with filing a Statement of Claim that outlines what happened, how much you lost, and why Cetera Advisors is responsible. This claim gets reviewed by independent arbitrators (not judges) who specialize in securities law. They hear evidence from both sides and issue a decision that’s legally enforceable.
Given Cetera Advisors’ documented history of supervisory failures, data breaches, mutual fund fee violations, and inadequate oversight, many investor losses stem from these exact problems. If your advisor recommended unsuitable investments, churned your account, or failed to disclose conflicts of interest, these actions likely connect to the firm’s systemic compliance breakdowns.
Even if you signed an arbitration agreement when opening your account, you still have the right to pursue your claim. That agreement simply means your case goes to FINRA arbitration instead of court. The important part is acting before the statute of limitations expires, typically within six years of the misconduct.
Who Can Help Me Sue Cetera Advisors LLC?
An experienced securities attorney who specializes in FINRA arbitration can help you sue Cetera Advisors LLC. These cases require specific knowledge of securities law, FINRA rules, and arbitration procedures that general practice lawyers typically lack.
The Law Offices of Robert Wayne Pearce, P.A. has extensive experience handling cases against Cetera Advisors LLC and similar independent broker-dealers. We understand how these firms operate, where their supervision fails, and how to prove your losses resulted from their negligence or fraud.
What is Cetera Advisors LLC?
Cetera Advisors LLC (CRD# 10299) is a registered broker-dealer. It operates as a full-service independent broker-dealer, providing a range of financial products and services to individual investors and financial advisors.
As a registered broker-dealer, Cetera Advisors LLC is subject to regulations and oversight by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). It is required to comply with industry standards and regulations to ensure the protection of its clients’ interests.
A failure to comply with industry standards by either its brokers or the firm itself can result in disciplinary actions, fines, or other penalties imposed by regulatory authorities.
Why Does Cetera Advisors LLC Have So Many Bad Reviews and Customer Complaints?
Cetera Advisors LLC has so many bad reviews and customer complaints because of its business model and weak supervision practices. The firm operates like a franchise, allowing financial advisors to run independent offices across the country without constant oversight.
Unlike traditional brokerage firms with managers and compliance officers working on-site, Cetera relies on remote supervisors who often run their own businesses. These supervisors (called Office of Supervisory Jurisdiction or OSJ managers) cannot monitor day-to-day activities at the branch offices they’re supposed to oversee.
This creates major gaps in investor protection. There’s typically no immediate review of new accounts, securities transactions, or business records. Nobody on-site can catch forged signatures, inaccurate client information, or unsuitable investment recommendations before damage occurs. Many offices only receive one compliance audit per year.
The North American Securities Administrators Association (NASAA) has documented more instances of sales abuse and investor losses at independent broker-dealers like Cetera than at traditional brokerage firms with full-time on-site supervision.
Cetera Advisors LLC Has Many Different Regulatory Problems
Cetera Advisors LLC’ rapid growth has not been without consequences. There have been approximately 14 state and self-regulatory body disclosure events; that is, final and formal proceedings initiated by a regulatory authority (e.g., a state or federal securities agency like the U.S. Securities and Exchange Commission (SEC) or self-regulatory body like the Financial Industry Regulatory Authority (FINRA) for a violation(s) of investment-related rules or regulations. In addition, there have been hundreds of customer complaints filed against Cetera Advisors LLC for misconduct by its securities sales and investment advisory representatives that are not reported by the firm on its Central Depository Record.
We have reported and written about these regulatory problems and customer complaints over many years. Cetera Advisors LLC is a repeat offender: there are over 14 FINRA-reported disciplinary proceedings citing the firm with one form of supervisory lapses or another.
A Brief Overview of Some of the Regulatory Problems Cetera Advisors LLC Has Faced Over the Years*
Cetera Advisors LLC has been repeatedly censured, warned, and fined multi-millions of dollars for its own misconduct and failure to supervise its army of financial advisors.* A few of the notable FINRA Sanctions for its Supervisory Failures are below:
Alleged Breach of Private Client Information
Brief Overview: Cetera Advisors allegedly violated the Safeguards Rule (Rule 30(A) of Regulation S-P) by failing to protect personally identifiable information. Between November 2017 and June 2020, unauthorized third parties reportedly gained access to email accounts belonging to over 60 personnel across various Cetera entities. This breach resulted in the exposure of sensitive customer information. Cetera consented to a $300,000 fine in response to the alleged incident.
Lack of Supervision Allegations
Brief Overview: Cetera faced allegations of inadequate supervision concerning outside securities transactions conducted by dually registered representatives associated with external advisory firms. According to FINRA, the firm lacked the necessary information to conduct suitability reviews, which assess whether transactions align with customers’ financial goals and risk tolerance. As a consequence, Cetera consented to pay a $175,000 fine.
SEC Complaint: Mutual Fund Fees
Brief Overview: The Securities and Exchange Commission (SEC) filed a complaint on April 29, 2020, accusing Cetera Advisors and Cetera Advisor Networks of prioritizing their financial interests over those of their clients. Brokers at the firms allegedly recommended more expensive mutual fund investments, despite the availability of lower-cost alternatives. Additionally, the complaint alleged that Cetera received undisclosed third-party broker-dealer compensation in exchange for promoting specific mutual funds.
Mutual Fund Fee Repayment
Brief Overview: Cetera agreed to a fine on May 3, 2017, following allegations that the firm failed to inform customers about available discounts for mutual funds. Specifically, the firm was censured and required to provide restitution of at least $628,040 to customers. Such restitution aimed to address the potential impact of not offering discounts on Class A shares of mutual funds when investors purchased shares from the same fund family.
*Above are only some of the regulatory disciplinary actions filed against Cetera Advisors by FINRA. NASSA and other state securities regulator investigations and enforcement actions account for another 12 BrokerCheck disclosures.
How to File an Official Complaint Against Cetera Advisors LLC or One of Its Brokers with FINRA
If you have experienced losses or misconduct at Cetera Advisors LLC, you can file an official complaint with FINRA. The process begins by visiting FINRA’s Dispute Resolution Services and submitting a Statement of Claim that details your allegations, the losses you suffered, and the relief you’re seeking.
Your claim must include specific information about the misconduct, supporting documentation (account statements, correspondence, trade confirmations), and be filed within the applicable statute of limitations. FINRA will review your submission and initiate the arbitration process if your claim meets the requirements.
While you can file a complaint on your own, the arbitration process is complex and challenging without legal representation. Cetera Advisors will have experienced attorneys defending the case, and you’ll need to present evidence, examine witnesses, and navigate procedural rules.
How The Law Offices of Robert Wayne Pearce, P.A. Can Help You Recover Losses at Cetera Advisors LLC
The Law Offices of Robert Wayne Pearce, P.A. assists investors through every stage of the FINRA arbitration process. We handle the initial complaint filing, gather and organize evidence, conduct discovery, prepare witnesses, and present your case at the arbitration hearing.
Our firm has handled hundreds of cases against independent broker-dealers like Cetera Advisors, and we understand their common compliance failures and defense strategies. We know how to prove that your losses resulted from negligence, fraud, or breach of fiduciary duty rather than normal market fluctuations.
Attorney Pearce offers free consultations to evaluate your potential claim. During this consultation, we review your losses, analyze the misconduct, and provide an honest assessment of your case’s strength and likely recovery.
Did Cetera Advisors Advisor Misconduct Cause You Investment Losses?
When financial advisor misconduct has caused you to lose substantial value to your investment accounts, you have the right to seek reimbursement from the responsible parties. Cetera Advisors LLC is responsible like any employer for its financial advisors acts and omissions. In addition, it has an independent duty to supervise its stockbrokers and investment advisors. These cases can be extremely complex, and so having the support of a reputable attorney who is experienced in recovering investment losses for investors is key to your success. Many customers make the mistake of contacting Cetera Advisors LLC without representation with an attorney about their complaints and have their complaints denied.
Related Read: Can You Sue Your Brokerage Firm?
Consult With An Attorney Who Recovers Investment Losses Caused By Cetera Advisors LLC Today
The investment loss attorneys at The Law Offices of Robert Wayne Pearce, P.A., have helped countless investors over the last 45 years recover the losses from their investment accounts that were caused by broker negligence or misconduct. The firm has extensive experience with Cetera Advisors LLC cases, and Attorney Pearce is committed to seeing that those responsible for the losses you have suffered are held fully accountable.
Give us a call at 800-732-2889. Let’s discuss your case and see what we can do to help you get the compensation you need and deserve.
