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Geneos Wealth Management Financial Advisor Robert Stanlick Has Three Customer Complaint Disclosures, Including Pending Disclosures

Robert Stanlick (CRD#: 2411358) is a dually registered Broker and Investment Advisor at Geneos Wealth Management, Inc., in Colorado Springs, CO. He entered the securities industry in 1993 and previously worked for Presidential Brokerage, Inc.; U.S. Bancorp Piper Jaffray, Inc.; Allmerica Investments, Inc.; CUNA Brokerage Services, Inc.; New England Securities, Inc.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in March 2021, a customer dispute was filed against Robert Stanlick. The allegation states, “boilerplate allegations include breach of fiduciary duty, negligence and unsuitability between May 2012 and January 2021.” Damages of $110,000 are requested, and the customer dispute is pending.

In addition, Robert Stanlick has been the subject of six disclosures, including one customer dispute that remains pending, including the following:

● March 2020–”the allegations include failure by the firm to do proper due diligence in addition to the standard boilerplate allegations of unsuitable recommendations, negligence, misrepresentation and omissions and breach of fiduciary duty between April 2014 and February 2020.” This customer dispute is pending.
● April 2019–A financial disclosure was satisfied/released; the type is noted as “compromise.”
● March 2019–A financial disclosure was satisfied/released; the type is noted as “compromise.”
● March 2019–A financial disclosure was satisfied/released; the type is noted as “compromise.”
● April 2003–”REVIEW OF TRADING ACTIVITY FROM 3/27/03. THE INTERNAL REVIEW WAS CONCLUDED ON JULY 22, 2003. THE ACCOUNTS OF 10 CLIENTS WERE CREDITED WITH THE APPROPRIATE AMOUNTS INCLUDING INTEREST.” Robert Stanlick was discharged from U.S. Bancorp Piper Jaffray, Inc., after the allegations.
● September 2002–”CLIENT ALLEGES UNSUITABILITY OF INVESTMENT IN JOPBX ON 7/20/00. NO DAMAGES SPECIFIED. CURRENT UNREALIZED LOSSES TOTAL APPROXIMATELY $32,000.” The customer dispute was denied.

For a copy of Robert Stanlick’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 age, 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.

The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, 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.

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