Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Shalom Azar (Azar), currently associated with Wells Fargo Advisors Financial Network, LLC, has at least 6 disclosable events. These events include 6 customer complaints, alleging that Azar recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a pending customer complaint on September 05, 2025.
CLIENT ALLEGES MISREPRESENTATION WITH RESPECT TO COMMISSIONS CHARGED ON INDIVIDUAL TRADES ANDOPENING OF MANAGED ACCOUNT 2024-2025
FINRA BrokerCheck shows a pending customer complaint on September 04, 2025.
CLIENT ALLEGED THAT IT WAS IMPROPER FOR FA TEAM TO MAKE STOCK PURCHASES IN HIS COMMISSION BASEDACCOUNT AND THEN TRANSFER THE POSITIONS TO HIS MANAGED ACCOUNT WHERE HE WOULD BE ASSESSEDAN ADVISORY FEE ON THE POSITIONS IN ADDITION TO THE COMMISSIONS HE PAID TO MAKE THE PURCHASES2024-2025
FINRA BrokerCheck shows a pending customer complaint on August 25, 2025.
CLIENT ALLEGES, INTER ALIA, MISREPRESENTATION WITH RESPECT TO COMMISSIONS CHARGED ON EQUITY TRADES AND PLACEMENT FEE ON ALTERNATIVE INVESTMENT 2024-2025
FINRA BrokerCheck shows a pending customer complaint on August 25, 2025.
CLIENT ALLEGES MISREPRESENTATION WITH RESPECT TO MANAGED ACCOUNT FEES 2025
FINRA BrokerCheck shows a pending customer complaint on August 25, 2025.
CLIENT ALLEGES, INTER ALIA, MISREPRESENATION WITH RESPECT TO COMMISSIONS CHARGED ON TRADES AND RATE CHARGED ON ADVISORY ACCOUNT 2024-2025
FINRA BrokerCheck shows a settled customer complaint on August 25, 2025.
CLIENT ALLEGED THAT IT WAS IMPROPER FOR FA TEAM TO MAKE STOCK PURCHASES IN HIS COMMISSION BASED ACCOUNT AND THEN TRANSFER THE POSITIONS TO HIS MANAGED ACCOUNT WHERE HE WOULD BE ASSESSED AN ADVISORY FEE ON THE POSITIONS IN ADDITION TO THE COMMISSIONS HE PAID TO MAKE THE PURCHASES 2024-2025
When your financial advisor is providing advice they must adhere to the SEC’s Regulation Best Interest (Reg BI) rule and standard of care. Reg BI replaced the former “suitability” rule and created a ‘best interest’ standard for brokerage firms and registered representatives. This standard applies when brokers make recommendations to retail customer for any securities transaction or investment strategy involving securities, including recommendations of types of accounts. This standard applies when a registered representative is providing investment advice through making recommendations customers and covers securities transaction, investment strategies, and recommendations concerning advice on opening of an account or accounts.
Another aspect of the care obligation is focusing on the client’s specific needs which brokers must reasonably understand through obtaining information for the client’s investment profile. In completing a customer’s investment profile the advisor should include information such as the investor’s investment time horizon; liquidity needs; risk tolerance; experience with various investment vehicles; investment objectives and financial goals; assets and debts including outside investment accounts; marital status; tax information; age; and other relevant information that may be individual to the investor that the advisor would need to know to properly render advice or provide services. Reg BI is drawn from fiduciary principles that include an obligation to act in the retail investor’s best interest and the broker is prohibited from placing their own interests ahead of the investor’s interest. There are different sub-parts of the Reg BI rule that financial professionals must comply with when providing advice. Among those is the duty of care obligation that mandates associated persons to evaluate investment options, review and be knowledgeable the risks and rewards of the investment or service, compare alternative investment products, and ensure that the overall investment strategy aligns with the client’s goals and is in their best interests.
Another aspect of the care obligation is focusing on the client’s specific needs which brokers must reasonably understand through obtaining information for the client’s investment profile. In completing a customer’s investment profile the advisor should include information such as the investor’s investment time horizon; liquidity needs; risk tolerance; experience with various investment vehicles; investment objectives and financial goals; assets and debts including outside investment accounts; marital status; tax information; age; and other relevant information that may be individual to the investor that the advisor would need to know to properly render advice or provide services. Finally, the advisor must use their knowledge of the first two elements to consider reasonably available investment option alternatives and come to the conclusion that there is a reasonable basis to believe that the recommendation or advice being provided is in the retail investor’s best interest. Finally, an advisor must also analyze the specific account features offered and determine whether their client can benefit from them in order to meet their care obligations. While securities and investments come with costs that must be considered, the type of securities account also has changes the cost equation for the investor and can change the retail customers’ future investment returns. The associated person must consider the different types of securities accounts for their client and determine whether or not the cost or features are reasonably needed for the client or if the customer’s current account costs and features are superior to solutions available to the advisor. In any event, the type of account and services recommended must be in the investor’s best interest.
Azar entered the securities industry in 2019. Azar has been registered as a Broker with Wells Fargo Advisors Financial Network, LLC since 2025.
Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to the mishandling of their accounts. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.