Lance Vainik: Viking Financial Advisor Received $441K Complaint

A recent, denied investor complaint against Bingham Farms, Michigan financial advisor Lance Vainik (CRD# 1708526) alleged that he recommended unsuitable investments. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Raymond James Financial Services, as well as the owner of Viking Financial Group.

Mr. Vainik’s BrokerCheck report discloses one investor complaint. Filed in December 2023, it alleged that as a representative of Raymond James Financial Services, he recommended unsuitable stock investments. The complaint alleged damages of $441,000 and was denied. (When a complaint is denied by the firm that receives it, this does not necessarily mean it was meritless. Investors can still pursue recovery through other actions, like FINRA arbitration claims.)

Viking Financial Group’s website includes a profile of Mr. Vainik that describes him as the firm’s president. “He helps to establish and maintain investment policy for the management of millions of dollars and more than 1000 local and national clients,” it states. “He has presented many workshops on retirement planning, traditional investing and wealth management throughout Michigan… He is skilled at making complex financial matters easy to understand and currently assists clients in both retirement and investing issues.”

According to the Financial Industry Regulatory Authority, Lance Vainik holds 36 years of securities industry experience. Based in Bingham Farms, Michigan, he has been registered as a broker and an investment advisor with Raymond James Financial Services since 1999 and 2010, respectively. His past registrations include Robert Thomas Securities (St. Petersburg, Florida; 1996-1999), Smith Barney (New York, New York; 1993-1996), Lehman Brothers (New York, New York; 1988-1993), and EF Hutton & Company (1987-1988). His credentials include the passage of seven securities industry qualifying exams: the General Securities Sales Supervisor – Options Module Examination, or Series 9; the General Securities Sales Supervisor – General Module Examination, or Series 10; the General Securities Representative Examination, or Series 7; the National Commodity Futures Examination, or Series 3; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He holds 25 state licenses. (Information current as of January 14, 2024.)

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