Tim Farris, Cetera Broker, Involved in Suitability Disputes
Tim Farris (CRD# 2178521), a broker registered with Cetera Advisors, made excessive and unsuitable trades, according to an investor dispute. MDF Law is investigating the West Bloomfield, Michigan-based financial professional for similar conduct. If you have concerns about investments in your accounts, call for a free consultation with an attorney.
To learn more about Mr. Farris’s history as a broker, continue reading this post. The information below is sourced from a January 30, 2025 review of his BrokerCheck profile, a Financial Industry Regulatory Authority record.
Pending Disputes Allege Unsuitable and Excessive Trades
In 2024, two parties of investors lodged disputes involving Mr. Farris. One of the disputes alleges that he recommended excessive and unsuitable trades. The other alleges that he recommended unsuitable products and failed “to invest monies from portfolio into the market.” Both disputes are still pending, and seeking alleged damages of more than $240,000 in total.
In Statement, Tim Farris Issues Defense
Mr. Farris issued a “Broker Comment” regarding the 2024 dispute alleging unsuitable recommendations and failure to invest monies. In this statement, he asserts that the customer was a client and friend of his longtime business partner, and that the scope of his interactions with her was limited. Per his comment, he and his partner recommended investments in a Jackson annuity.
“Her allegation of loss & suitability is puzzling,” the statement reads, adding that “we reinvested her funds in a moderate low-cost S & P 500 index that grew in value between 5-10% in the 6 months she had the funds with us.” Arguing that the customer “never conveyed any second guessing or follow up questions,” he concludes the comment by stating that to his knowledge, she was content with her investments.
Past Dispute Settled for 6 Figures
The above-described investor disputes are not the only ones in Mr. Farris’s record. According to his BrokerCheck profile, another investor lodged a claim involving him in 2023. In this claim, the investor alleged that he made made excessive and unsuitable trades involving stock products. In 2024, Mr. Farris’s former member firm settled the dispute for $305,000.
Lake Wealth Strategies
As his professional website reflects, Mr. Farris is a representative of Lake Wealth Strategies, a group at Cetera. “Regardless of the level of wealth, we’ve always believed that people can live a better life if their finances are properly managed and well-understood,” this website informs investors. “This inspired us to pursue a career in financial services to help people live a life focused on what’s truly important.”
FINRA: Broker Based in West Bloomfield, Michigan
Mr. Farris launched his career as a broker in 1991, according to his BrokerCheck profile. That year, he registered with Pruco Securities, which he departed in 1992. The following year, he joined Ameriprise in West Bloomfield, Michigan, where he remained until 2015. He joined his current member firm, Cetera Advisors, in 2021, and is still based at its office in West Bloomfield, Michigan. With 32 years of experience as a broker, he has completed eleven industry exams, including the Series 9, the Series 10, and the Series 65.
Losses? Call MDF Law to Discuss Recovery Options
Have you suffered losses on investments recommended by Tim Farris? You have rights as an investor, and MDF Law may be able to help you secure the recovery you deserve. Our lawyers have decades of experience recovering millions in investment losses for their clients. We currently offer free consultations nationwide: call 800-767-8040 to discuss your options today.