Securities Lawyers Blog
We represent clients of financial advisors and brokerage firms in investment disputes against their firms, such as Transamerica Financial Advisors, LLC. Our services cover a wide spectrum of broker misconduct, including unsuitable investments, failure to supervise, and losses in various investment products. Our firm can analyze your brokerage accounts, determine the extent of your investment losses, and understand the issues and remedies available.
Transamerica Financial Advisors is a broker-dealer and registered investment adviser whose agents market and distribute variable annuities, variable universal life insurance, mutual funds, advisory programs, and other securities from affiliated and unaffiliated companies. Formed in Delaware in 1984 and headquartered at Two Liberty Place in Philadelphia, the firm serves investors across the United States, converted to a limited liability company at the end of 2024, and is wholly owned through AUSA Holding and Transamerica Corporation by Aegon.
Transamerica Financial Advisors, LLC – By the Numbers:
- CRD #: 16164
- Regulatory Events: 19
- Arbitration Events: 3
- Broker Employees: 2,537
Transamerica Financial Advisors, LLC – Investment Advisors:
- SEC #: 38618
- Assets Under Management: $2,106,655,325
- ADV Form Employee: 991
Transamerica Financial Advisors, LLC – In the News:
FINRA v. Transamerica Financial Advisors, LLC (Case #2015048250401) – TFA failed to reasonably supervise its representatives’ recommendations of three different products—variable annuities, mutual funds, and 529 plans—resulting in significant customer harm. First, from May 1, 2010, through May 15, 2016, TFA failed to reasonably supervise representatives’ variable annuity recommendations. During this period, the firm’s commissions from the sale of variable annuities comprised more than 40% of the firm’s total revenue. Yet, TFA’s system for supervising variable annuity sales and exchanges was deficient, resulting in various sales practice violations. Most significantly, the firm failed to detect that certain of its representatives made thousands of misstatements to customers in recommending variable annuity exchanges, understating the benefits of the existing variable annuity and overstating the benefits of the new variable annuity. Second, from January 1, 2009, through November 15, 2016, TFA failed to reasonably supervise representatives’ sale of certain mutual funds. The firm relied on its representatives to determine the applicability of sales charge waivers to customers’ mutual fund purchases, but the firm failed to provide guidance to representatives to assist them in making this determination and failed to establish a system to verify whether waivers were properly applied. As a result, TFA failed to apply approximately $438,239 in available waivers to customers. Finally, from May 1, 2010, through May 31, 2015, TFA failed to reasonably supervise representatives’ recommendations to customers to purchase particular share classes of 529 savings plans. TFA did not provide adequate guidance to representatives regarding the importance of considering share-class differences when recommending 529 plans and did not provide supervisors with the information necessary to properly evaluate the suitability of 529 share-class recommendations. As a result of the foregoing, TFA violated NASD Rules 3010(a) and (b); FINRA Rules 2330(b), (c), (d), and (e), 3110(a) and (b), and 2010; and MSRB Rules G-27(a), (b), and (c).
Our attorneys have successfully represented hundreds of investors in investment disputes with their brokers and brokerage firms. Our consultations are free and we welcome all inquiries.