David Shaw: Complaint Against Allied Wealth Advisor Settles for $99K

Manasquan, New Jersey financial advisor David Shaw (CRD# 5337265) recently received an investor complaint that settled for more than $99,000. Financial Industry Regulatory Authority records show that he is registered as a broker with Cetera Investment Networks and an investment advisor with Cetera Investment Advisors, and that he is a representative of Allied Wealth Partners.

Mr. Shaw’s BrokerCheck report discloses one investor complaint. Filed in November 2023, it alleges that as a representative of Securian Financial Services, he invested a client’s account too aggressively, resulting in the loss of “significant value.” The complaint reached a settlement of $99,903.

Allied Wealth Partners’ website includes a profile of Mr. Shaw that notes his position as a financial advisor with the firm, which offers securities through Cetera. The profile states that he joined the firm after two decades working in comparable roles at other firms, like Edward Jones and UBS. “Working out of the AWP’s Manasquan branch, David, strives to assist his clients reach their financial goals regardless of what stage of life they are in,” the profile continues. “He helps them to make informed decisions that can help protect and solidify their financial futures and legacy. Having his Series 7 and 66 registrations, along with holding his Life and Health Insurance licenses, provides David with the tools and knowledge to help deliver a variety of financial solutions to his clients.”

In a separate page, the firm notes that it offers “a comprehensive line of quality products and services,” including insurance and retirement strategies. “At Allied Wealth Partners we design customized alternatives that foster trust, help protect future legacy and inspire confidence for years to come,” it explains. “Our expertise allows individuals, professionals and business owners to enjoy the advantage of a coordinated financial strategy without sacrificing objectivity or independence.”

Other current or former Cetera advisors to receive investor complaints include Charlotte McConnell, Dave Hutchinson, Andrew Lofton, Ryan Wiese, and Edward Rosenblatt.

According to the Financial Industry Regulatory Authority, David Shaw holds 16 years of securities industry experience. Based in Manasquan, New Jersey, he has been a broker with Cetera Investment Networks and an investment advisor with Cetera Investment Advisors since 2023. His past registrations include Securian Financial Services (Manasquan, New Jersey; 2020-2023), Edward Jones (Princeton, New Jersey; 2016-2020), MetLife Securities (Wall Township, New Jersey; 2015-2016), New England Securities (Fairfield, New Jersey; 2008-2015), and UBS Financial Services (Manalapan, New Jersey; 2007-2008). His credentials include the passage of three securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Combined State Law Examination, or Series 66. He is licensed in Colorado, Florida, Georgia, Mississippi, New Jersey, New York, North Carolina, Pennsylvania, and South Carolina. (Information current as of December 10, 2023.)

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