Investor Files Complaint Involving Georgia Based Woodbury Financial Broker Ralph Waller
Peachtree City, Georgia based Woodbury Financial broker Ralph Waller (CRD# 3196853) is involved in a new customer complaint. According to his Financial Industry Regulatory Authority (FINRA) BrokerCheck report, accessed on March 17, 2022, the Woodbury Financial Services representative is also involved in a more recent pending customer dispute.
Pending Complaint Alleges Unsuitable Annuity Recommendation
Mr. Waller’s BrokerCheck report details one pending customer dispute. Filed in January 2022, it alleges that he did not act in the customer’s best interest when he recommended the redemption of a variable annuity product. The pending complaint seeks unspecified damages estimated to be at least $5,000.
Previous Complaints Involving Ralph Waller Settled
In 2020 a customer filed a complaint alleging Mr. Waller disregarded “safety objectives” by concentrating 100% of the portfolio in a single security. In 2021 the complaint reached a settlement of $215,000.
Waller Denied Allegations in Settled Complaint
In a statement about the above-described settled complaint on his BrokerCheck report, Mr. Waller defended himself against the allegations. “I recommended diversification,” he wrote, noting that the client “insisted upon concentration.”
Understanding Suitability and Concentration
The allegations contained in complaints against Mr. Waller include a few common forms of securities fraud. An unsuitable investment, for example, denotes a product or strategy inappropriate for the client’s investor profile: a set of information including their experience, objectives, liquidity needs, net worth, risk tolerance income, and other factors. Concentration, also known as over-concentration, occurs when a broker invests a significant portion of the client’s assets is invested in a single security or asset class. As FINRA explains, over-concentration is like placing too many eggs in one basket: it exposes the investor to potentially massive losses if that security or asset class takes a downturn. Brokers who recommend unsuitable investments and/or over-concentrate their clients’ accounts may be held liable for damages and even named in disciplinary actions by regulatory agencies like FINRA or the Securities and Exchange Commission.
Process for Suing Your Financial Advisor
Ralph Waller Registered with Woodbury Financial
Ralph Waller started working at Woodbury Financial Services as a broker in 2000, registering with the firm as an investment adviser in 2014. He operates out of the firm’s branch office in Peachtree City, Georgia. Before joining Woodbury, he was registered as a broker with ProEquities in Birmingham, Alabama. He has passed five securities industry exams, according to FINRA, including the Series 65 and the Series 6. For more information about his history in the securities industry, visit his FINRA-maintained BrokerCheck report. (The above-referenced information was accessed on March 17, 2022.)
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