Larry Waller Allegedly Failed to Diversify Assets

Larry Waller (CRD# 3232644[1]), a broker registered with S.A. Stone Wealth Management, is involved in an investor dispute alleging he breached his fiduciary duty. MDF Law is investigating the Atlanta-based financial professional for similar conduct. Call us for a free consultation if you have concerns about your accounts.

More information about Waller, the president of HLM Financial Services, follows below. The information in this post is sourced from his BrokerCheck profile, a Financial Industry Regulatory Authority (FINRA)[2] record accessed on January 3, 2024. 

Pending Dispute Seeks 6-Figure Damages

On November 9, 2023, an investor lodged a dispute alleging that Mr. Waller breached his fiduciary duty. More specifically, the claim asserts that the breach resulted from a “failure to properly asset allocate and diversify assets.” The dispute, which remains pending, seeks $135,000 in damages.

What Is An Adviser’s Fiduciary Duty?

Investment advisers like Mr. Waller must uphold a fiduciary duty to put their clients’ interests above their own. As the Securities and Exchange Commission (SEC) explained[3] in 2019 guidance, the fiduciary standard encompasses a number of obligations. One is a duty of loyalty and care to provide investment advice in a client’s best interests, grounded in a “reasonable understanding” of their needs. Part of this is a duty not to place the adviser’s interests before the client’s. Secondly, they are obliged to disclose any and all material facts affecting their relationship with the client, like any conflicts of interest. Thirdly, the fiduciary standard includes a duty to seek best execution: that is, to  conduct securities transactions in a fashion that maximizes value for the customer.

HLM Financial Services

As his BrokerCheck profile reflects, Mr. Waller is the president of HLM Financial Services. The firm’s website[4] explains, among other things, that it employs “a unique strategy” to build and preserve wealth, and that it offers securities through S.A. Stone. Its mission is “to help clients maintain financial stability in the present, while taking a proactive approach to achieve future goals.” Mr. Waller’s biographical statement observes that he entered the financial services industry in 1999. “Larry has been an independent financial advisor since collaborating with HLM, and strives to provide the best possible results and performance for his clients’ goals and needs,” it continues. “He values objectivity, education, transparency, and because of these values, chose to set up his practice as a fee-based practice.”

FINRA: Larry Waller Is Based in Atlanta

Larry Waller launched his career as a broker 1999, when he registered with Allmerica Investments in Worcester, Massachusetts. Over the following years, he worked at a number of firms, including Raymond James Financial Services and Securities America. He joined his current member firm, S.A. Stone Wealth Management, in 2014, and works out of its Atlanta, Georgia branch office. With 23 years of experience as a broker, he has completed one state securities law exam and two general industry/products exams. 

HLM Financial Complaints? Call MDF Law for a Free Consultation

If you suffered investment losses working with Larry Waller or HLM Financial, you may have recovery options. The investor advocates at MDF Law have extensive experience recovering lost funds for the victims of broker fraud. We accept cases on contingency and provide free consultations across the US. Call 800-767-8040 to speak with a lawyer today.