Former MML Investors Services Financial Advisor Robert Boyer III Barred by FINRA After Refusing to Participate in Investigation into Unsuitability Allegations
Robert Boyer III (CRD#: 5787312) is a previously registered Broker and Investment Advisor. He entered the securities industry in 2010 and previously worked for J. Alden Associates, Inc.; MML Investors Services, LLC; MSI Financial Services, Inc.; and MML Investors Services, LLC.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in September 2021, FINRA sanctioned Robert Boyer III, barring him from all capacities indefinitely beginning September 21, 2021. The FINRA sanction states, “Without admitting or denying the findings, Boyer consented to the sanction and to the entry of findings that he refused to provide information and documents requested by FINRA related to a matter that originated that from a Form U4 amendment filed by his member that disclosed a customer complaint alleging that he established multiple accounts that the complainant wasn’t in a financial position to purchase and that the complainant never reviewed nor signed some of the applications for these products, which were later found to contain false information.”
For a copy of the FINRA sanction, click here.
In addition, Robert Boyer III has been the subject of two customer complaints, including the following:
● December 2020–”Registered Representative terminated while under internal review with respect to a customer complaint regarding electronic signatures on Traditional Life Insurance documents.” Robert Boyer III was discharged from MML Investors Services, LLC.
● October 2020–”The complainant alleges that in 2019, the representative established multiple accounts that the complainant wasn’t in a financial position to purchase. He further alleges that he never reviewed nor signed some of the applications for these products, which were later found to contain false information.” The customer dispute was settled for $78,390.
● October 2018–”The complainant alleges that the variable annuity that the rep sold to him in 2017 had the ability to withdraw funds for medical reasons without penalty.” The customer dispute was denied.
For a copy of Robert Boyer III’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.
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 agee, tax status, time horizon, liquidity needs, and risk tolerance; a client’s other investments, financial situation and needs, investment objectives, and any other information disclosed by the customer should also be considered.
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