fbpx

Financial Advisor Ronnie Metcalf (Cetera Investment Services, LLC) Customer Complaints

Ronnie Metcalf (CRD#: 1280602), also known as Ronald D. Franklin Metcalf, Jr. is a dually registered Broker and Investment Advisor at Cetera Advisor Networks, LLC in Greenville, SC. He entered the securities industry in 1986 and previously worked for Voya Financial Advisors, Inc.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in April 2021, a customer complaint was filed against Ronnie Metcalf. The allegation states, “Statement of Claim alleges representative failed in his dut to adequately supervise the subject representatives.” The customer dispute requested damages of $500,000.

In addition, Ronnie Metcalf has been the subject of ten customer complaints, including five that remain pending, including the following:

● March 2021–”Statement of Claim alleges representative failed in his duty to adequately supervise the subject representatives.” The customer complaint is pending, and damages of $500,000 are sought.

● March 2021–”Statement of Claim alleges representative failed in his duty to adequately supervise the subject representatives.” The customer complaint is pending, and damages of $500,000 are requested.

● March 2021–”Statement of Claim alleges representative failed in his duty to adequately supervise the subject representatives.” The customer dispute requests $50,000 in damages and remains pending.

● March 2021–”Statement of Claim alleges representative failed in his duty to adequately supervise the subject representatives.” The customer dispute is pending and damages of $50,000 are sought.

● July 2020–”Statement of Claim alleges representative failed in his duty to adequately supervise the subject representatives.” This customer dispute is pending, and damages of $5M are sought.

● July 2020–”Statement of Claim alleges representative failed in his duty to adequately supervise the subject representatives.” The customer dispute is pending, and damages of $5M are sought.

● July 2020–”Statement of Claim alleges representative failed in his duty to adequately supervise the subject representatives.” The customer dispute was settled for $152,500.

● November 2019–”Allegations include that representative failed in his responsibilities to adequately supervise the representatives that sold unsuitable products to claimants.” The customer dispute was settled for $80,000.

● October 2019–”Allegations include that representative failed in responsibilities to adequately supervise the representatives that sold unsuitable products to claimants.” The customer dispute was settled for $575,000.

For a copy of Ronnie Metcalf’s FINRA BrokerCheck, click here.

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.

FINRA has defined the standards in which investment recommendations made by brokerage firms and registered financial advisors are evaluated. The FINRA suitability rule focuses on three fundamental concepts: (1) reasonable basis suitability, (2) quantitative suitability, and (3) customer-specific suitability.

● Reasonable basis suitability requires that a recommended investment or investment strategy be suitable or appropriate for at least some investors. Reasonable basis suitability requires an advisor to conduct adequate due diligence so that he or she can determine the risks and rewards of the investment or investment strategy.

● Quantitative suitability requires a brokerage firm or financial advisor with actual or de facto control over a customer’s account to have a reasonable basis for believing that a series of recommended transactions – even if suitable when viewed in isolation – is not excessive and unsuitable for the customer when taken together in light of the customer’s investment profile. No single test defines excessive activity, but factors such as the turnover rate, the cost-equity ratio, and the use of in-and-out trading in a customer’s account may provide a basis for a finding that a member or associated person has violated the quantitative suitability obligation.

● Customer-specific suitability requires that a member or associated person have a reasonable basis to believe that the recommendation is suitable for a particular customer based on that customer’s investment profile. Among the criteria that a financial advisor must evaluate to satisfy his or her customer-specific suitability obligations include the investor’s age, other investments, financial situation and needs, tax status, and investment objectives. Other considerations include the customer’s time horizon, liquidity needs, risk tolerance, and any other information disclosed by the customer.

Failure by a financial advisor to adhere to these requirements is evidence of negligence or, worse, investment fraud. If you as the investor can establish, at a minimum, negligent misconduct, you may be entitled to recover your investment losses.

The Wolper Law Firm, P.A. represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, P.A., is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at 800.931.8452 or by email at mwolper@wolperlawfirm.com.

Attorney Matthew Wolper

Attorney Matthew WolperMatt Wolper is a trial lawyer who focuses exclusively on securities litigation and arbitration. Mr. Wolper has handled hundreds of securities matters nationwide before the Financial Industry Regulatory Authority (FINRA), American Arbitration Association (“AAA”), JAMS, and in state and federal court. Mr. Wolper has handled and tried cases involving complex financial products and strategies ranging from traditional stocks and bonds to options, margin and other securities-based lending products, closed/open-end mutual funds, structured products, hedge funds, and penny stocks. [Attorney Bio]