Securities Lawyers Blog

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Adam Claussen (Claussen), currently associated with Bankers Life Securities, INC., has at least one disclosable event. These events include one customer complaint, alleging that Claussen recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $13,078.51 on February 23, 2023.

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 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. Reg BI applies when brokers recommend a retail investor engage in securities transaction or an investment strategy involving one or more securities.  Reg BI also applies to financial advice concerning the transfer of funds and opening of accounts.