Ed Baroncini: Excel Wealth Adviser Involved in ETF Disputes
Ed Baroncini (CRD# 3043354), a broker registered with LPL Financial, is involved in investor disputes alleging that supervisory failures caused more than $1 million in damages. MDF Law is investigating the Manchester, Connecticut financial professional and his advisory firm, Excel Wealth Management, for similar conduct. We urge investors with concerns to contact us immediately.
More details about Mr. Baroncini’s professional history follow below. This post is based on information in his BrokerCheck profile, a Financial Industry Regulatory Authority (FINRA) record accessed on December 19, 2023.
Pending Disputes Allege Supervisory Failures, Unsuitable ETFs
Between May and November 2023, eight parties of investors filed disputes involving Mr. Baroncini. All eight disputes allege unsuitable recommendations to invest in exchange-traded funds. Seven specifically allege that Mr. Baroncini failed to supervise a representative “who allegedly employed an unsuitable trading strategy.” The disputes, which remain pending, seek $2,167,000 in total damages.
In Statements, Ed Baroncini Denies Allegations
Seven of the above-described pending disputes include a “Broker Comment” from Mr. Baroncini. In each comment, he asserts that he was only named in the claims due to his role as supervisor at the firm. “I deny any wrongdoing on my account and assert that the… allegations are completely without merit,” he writes. “I will defend this matter to the fullest extent of the law.”
Understanding FINRA Rule 2111
The Financial Industry Regulatory Authority’s suitability standard is one of the most important investor protections. As established in FINRA Rule 2111, it requires brokers to recommend investments aligned with a client’s profile, that is, their background and circumstances. A client’s profile includes their investment goals and experience, risk tolerance, financial situation, liquidity needs, and more.
Adviser Is President, Owner of Excel Wealth Management
As his BrokerCheck record reflects, Mr. Baroncini is registered as an investment adviser with Excel Wealth Management. His profile page on that firm’s website describes him as its Chief Investment Officer, President, and Owner. It goes on to describe his work with small business, corporations, individuals, and families on their investment objectives. “As a small business owner for over 20 years, Edward has the rare ability to understand a company’s need for tax deferrals while offering a benefit to the employees,” the profile describes. “By using real world experiences, Edward helps companies and families do their best to manage their retirement goals, while navigating the everyday bumps that come up along the way.”
FINRA: Baroncini Based in Manchester, Connecticut
Ed Baroncini launched his career as a broker in 2009. That was the year he registered with FSC Securities Corporation in Glastonbury, Connecticut, where he remained until 2014. He left FSC for LPL Financial’s offices in Manchester, Connecticut and Bradenton, Florida. In 2019, he registered as an investment adviser with Excel Wealth Management in Manchester. With 14 years of experience as a broker, he has completed four industry exams, including the Series 66 and the Series 7.
Excel Wealth Complaints? Call MDF Law
If you lost money working with Excel Wealth Management, you may have options. MDF Law’s experienced team of securities attorneys have secured more than $100 million in recoveries for our clients. We only receive a fee if you win your case, which you may have a limited window to file. Call us at 800-767-8040 today for a free consultation.