National investment loss lawyers KlaymanToskes is investigating Andy Rodgers (CRD# 2277643) of Mainspring Wealth Advisors in connection with the filing of a customer complaint alleging $134,953 in damages and that Rodgers breached his fiduciary duty in the management of a discretionary account.
Investors that suffered losses with Andy Rodgers may be entitled to a financial recovery. Contact attorney Lawrence L. Klayman, Esq., for a free consultation to discuss recovery options at 888-997-9956 or lawrence@klaymantoskes.com. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
According to FINRA BrokerCheck, Andrew William Rodgers (a/k/a Andy Rodgers) is currently registered as a broker/investment advisor with Raymond James, and has also been doing business as Mainspring Wealth Advisors since 2020 in Tukwila, WA.
Andy Rodgers has one customer complaint disclosed. The complaint is pending and alleges $134,953 in damages. The investor further alleges that as a registered broker/investment advisor, Rodgers failed to exercise fiduciary duty while managing a discretionary account.
When financial advisors have received written “discretionary” authorization, they must not misuse or exceed that authority by engaging in excessive trading, churning, or recommending unsuitable investment strategies. Excessive transactions could be deemed a breach of fiduciary duty and a FINRA sales practice violation, exposing the brokerage firm and its representative to liability for unauthorized trading or other misconduct.
SEC Regulation Best Interest, a/k/a “Reg BI” establishes a “best interest” standard of conduct for brokers and brokerage firms making recommendations of securities investments and investment strategies to their customers, under the Securities Exchange Act of 1934.
Under Reg BI, investment advisors and their firms have a responsibility to make recommendations with their customer’s best interest in mind, based upon the client’s personal needs and preferences.
Brokers and financial advisors must consider an investment’s risk, ensure that they do not misrepresent material facts, and/or overconcentrate the customer’s portfolio in unsuitable investments. Further, financial professionals and their firms cannot disregard a customer’s risk-tolerance when making unsuitable investment recommendations.
Investors who suffered losses with Andy Rodgers at Mainspring Wealth Advisors and/or Raymond James are encouraged to contact attorney Lawrence L. Klayman, Esq. at (888) 997-9956 or lawrence@klaymantoskes.com for a free consultation. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lawrence@klaymantoskes.com
www.klaymantoskes.com