Securian Financial Services, Inc. (“Securian Financial Services”) (CRD# 15296) has faced numerous complaints filed by FINRA (Financial Industry Regulatory Authority), state regulatory organizations, and investors. If you’ve lost money due to misconduct by Securian Financial Services or its advisors, you have legal options to recover your investment losses.
At the Law Offices of Robert Wayne Pearce, we have thoroughly investigated Securian Financial Services, its regulatory history, and customer complaints. We have successfully represented investors with claims of fraud, negligence, and breach of fiduciary duty against this organization and its financial advisors through FINRA arbitration.
The St. Paul-based firm faces mounting troubles including a $50 million federal lawsuit, systematic customer service failures, and regulatory violations. BBB records reveal a pattern of unresolved complaints about disability claim denials, with customers reporting “fraudulent” practices.
Securian’s troubles extend beyond litigation to operational failures. FINRA has fined the firm $165,000 for undisclosed revenue sharing, and representatives have stolen $413,258 from customer accounts. Multiple customers report being unable to cancel policies or reach customer service. If you’ve experienced similar issues, don’t wait—arbitration claims have strict deadlines.
Can I Sue Securian Financial Services, Inc.?
If you’ve lost money caused by Securian Financial Services and/or its employees’ misconduct then the answer is, YES, you can sue Securian Financial Services but the odds are you signed away your right to sue in court and agreed to resolve your dispute in a FINRA arbitration proceeding.
FINRA arbitration is the forum where most investor-broker disputes are resolved because of arbitration clauses in account agreements. These proceedings are just as effective as court litigation for recovering losses.
How to Sue Securian Financial Services for Investment Losses
What Can I Do If I Lost Money at Securian Financial Services?
If you’ve suffered losses at Securian Financial Services, you can file a claim through FINRA arbitration to recover your money. FINRA arbitration is a formal legal process where an independent panel hears evidence and can order the firm to pay damages. The process typically takes 12-16 months from filing to hearing.
Your claim may be based on the documented regulatory problems Securian Financial Services has faced. The firm’s $165,000 fine for undisclosed revenue sharing suggests your advisor may have been incentivized to recommend certain investments over others. The $413,258 in customer theft by representatives demonstrates supervision failures that could have affected your account.
Many investors don’t realize they can pursue claims even with arbitration agreements in place. These agreements don’t prevent you from seeking justice—they simply require using FINRA’s forum instead of court. The arbitration process provides the same opportunity to present evidence, call witnesses, and recover damages.
Building a strong case requires documenting the misconduct that caused your losses. This includes reviewing your account statements for unauthorized trades, unsuitable investments, or excessive fees. The firm’s pattern of regulatory violations and customer complaints provides important context for your individual claim.
Who Can Help Me Sue Securian Financial Services?
Securities arbitration cases require specialized legal knowledge. An experienced securities attorney understands FINRA rules, knows how to build cases around regulatory violations, and can navigate the arbitration process effectively. The right attorney will review your losses at no cost and explain whether you have a viable claim.
What is Securian Financial Services, Inc.?
Securian Financial Services (CRD# 15296) has been registered as a securities broker-dealer with the SEC and FINRA since 1985. The company is controlled by the Securian Financial Group, a large insurance company headquartered in St. Paul, Minnesota. Its independent broker-dealer Business Model has grown through acquisition and organic development of primarily one and two person registered representative offices supervised remotely. Today there are over 1000 Securian Financial Services registered representatives in almost every state. It is now one of the 50 largest broker-dealer and investment advisory firms in the United States.
Securian Financial Services In Trouble – Latest News
Yes, Securian Financial Services faces mounting troubles with a $50 million federal lawsuit and systematic customer service failures. Standard Insurance filed suit in January 2025 against Securian Financial and Minnesota Life Insurance seeking disputed earn-out payments from their 2022 retirement recordkeeping acquisition, alleging breach of contract over “lapsed client” definitions.
Beyond litigation, the firm faces operational failures and regulatory violations. BBB records show a pattern of unresolved complaints about disability claim denials, with some customers reporting “fraudulent” practices and calling it a “SCAM” company. Multiple customers report being unable to cancel policies or reach customer service, while former employees allege wrongful termination.
Why Does Securian Financial Services Have So Many Bad Reviews and Customer Complaints?
Securian Financial Services operates as an independent broker-dealer, which creates inherent supervision problems. This business model relies on franchised offices scattered across the country, making consistent oversight nearly impossible.
Unlike traditional brokerage firms with full-service branch offices, independent broker-dealers like Securian run lean operations. Representatives work as separate businesses, not employees, so the firm has limited control over daily activities. There’s no on-site manager watching transactions or reviewing client files in real-time.
Supervision falls to Offices of Supervisory Jurisdiction (OSJs), which are themselves independent contractors running their own businesses. These OSJ managers oversee offices remotely while managing their own brokerage and insurance operations. They cannot provide full-time supervision of day-to-day activities.
The result: no immediate review of new accounts, securities transactions, business records, cash handling, or client correspondence. Sales representatives recommend investments without anyone reviewing suitability or authorization except the person earning the commission. There may be no one to catch forged signatures, false client information, or misleading sales materials.
Many offices receive only one compliance audit per year. The North American Securities Administrators Association (NASAA) has documented more sales abuse and investor losses at independent broker-dealers than traditional firms with on-site managers and compliance personnel.
Examples of Regulatory Problems and Complaints for Securian Financial Services, Inc.
Securian Financial Services’ rapid growth has not been without consequences. There have been approximately 10 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) and the North American Securities Administrators Association (NASAA)) for a violation(s) of investment-related rules or regulations. In addition, there have been scores of customer complaints filed against Securian Financial Services 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. Securian Financial Services is a repeat offender: there are 4 FINRA reported disciplinary proceedings citing the firm with one form of supervisory lapses or another.
A BRIEF OVERVIEW OF SOME OF THE COMPLAINTS AND REGULATORY PROBLEMS SECURIAN FINANCIAL SERVICES HAS FACED OVER THE YEARS*
Securian Financial Services has been repeatedly censured, warned, and fined for its own misconduct and failure to supervise its army of financial advisors.* Most of the disciplinary actions have been by state securities commissioners which are summarized on the FINRA BrokerCheck (CRD# 15296). One of the more notable FINRA disciplinary proceedings for its supervisory failures is summarized below:
Securian Financial Services Sanctioned by FINRA For Undisclosed Revenue Sharing And Conflicts Of Interest
Securian Financial Services maintained a revenue sharing program called the Strategic Partnership Program. During the relevant period, six mutual fund families participated as Strategic Partners – AIM Investments, American Funds Group, Advantus Funds, Fidelity Investments, MFS Investment Management and Putnam Investments.
Securian Financial Services was offered and accepted revenue sharing fees from five Strategic Partners (all but Advantus Funds). The rates ranged from 10 to 15 basis points on the sales of Strategic Partner mutual funds executed by Securian Financial Services.
In return for revenue sharing fees from five of the six Strategic Partners, Securian Financial Services provided all Strategic Partners with the following benefits, which were not generally available to other mutual fund families:
• exposure on Securian’s intranet and internet systems;
• exposure to Securian’s registered representatives through regular e-mails and newsletters;
• opportunities to host and participate in training meetings for Securian’s registered representatives;
• opportunities to host and appear at Securian’s annual meetings;
• waivers of Securian ticket charges on sales of Strategic Partner mutual funds; and
• lists of the names and office addresses of Securian’s registered representatives to facilitate wholesaler contact and educational opportunities.
Four Strategic Partners paid part of their revenue sharing fees by directing brokerage commissions for portfolio transactions to or for the benefit of Securian Financial Services. American Funds Group, Fidelity Investments, MFS Investment Management and Putnam Investments paid approximately $550,423 in revenue sharing fees to Securian Financial Services through directed brokerage.
Mutual fund advisors generally use a variety of unaffiliated broker-dealers with institutional trading facilities to execute transactions in the portfolios of the mutual funds they distribute and manage. The selection of executing brokers is generally within the discretion of the mutual fund family advisor, subject to the requirement of obtaining best execution.
The four Strategic Partners that paid part of their revenue sharing payments by directing brokerage commissions for portfolio transactions to or for the benefit of Securian Financial Services avoided using their own assets to pay the revenue sharing payments. Instead, these Strategic Partners used brokerage commissions, which are assets of the mutual funds.
NASD Conduct Rule 2830(k) is designed to prevent arrangements in which brokerage commissions are used to compensate NASD member firms for selling fund shares. The rule is also designed to ensure that execution of portfolio transactions by brokerage firms is guided by the principle of “best execution” and not by other considerations.
For its gross misconduct, FINRA slapped Securian Financial Services on its and with a censure and a fine of only hundred and $165,000.
*Above are only some of the regulatory disciplinary actions filed against Securian Financial Services by FINRA. There are 9 more SEC, FINRA, NASSA and/or state securities regulator investigations and enforcement actions reported on BrokerCheck as regulatory disciplinary proceeding disclosures.
How to File an official Complaint Against Securian Financial Services, Inc. or one of it’s brokers, with FINRA
Filing a complaint against Securian Financial Services with FINRA starts by documenting your losses and reporting misconduct through FINRA’s Investor Complaint Center. At The Law Offices of Robert Wayne Pearce, P.A., we help investors build strong FINRA arbitration cases against Securian Financial for fraud, negligence, and breach of fiduciary duty.
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 Securian Financial Services without representation with an attorney about their complaints and have their complaints denied.
How The Law Offices of Robert Wayne Pearce, P.A. Can Help You Recover Losses at Securian Financial Services
At The Law Offices of Robert Wayne Pearce, P.A., we guide investors through every step of the FINRA arbitration process. We handle case preparation, evidence gathering, witness coordination, and representation at hearings. Our approach leverages Securian Financial’s documented regulatory violations to strengthen your claim.
With over 45 years of experience in securities arbitration, Attorney Robert Wayne Pearce has successfully represented clients in recovering investment losses caused by broker misconduct. The firm has recovered more than $175 million for investors nationwide, including claims tied to firms with regulatory histories similar to Securian Financial Services.
We offer free consultations to evaluate your case. During this consultation, we review your account statements, analyze the misconduct, and explain your legal options without any obligation.
Did Securian Financial Services Advisor Misconduct Cause You Investment Losses?
Related Read: Can You Sue Your Brokerage Firm?
Consult With An Attorney Who Recovers Investment Losses Caused By Securian Financial Services, Inc. Today
The securities 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 Securian Financial Services 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.
