David Rhodes: Suitability Complaint Against Rhodes Financial Advisor

A recent investor complaint against Bryan, Texas financial advisor David Rhodes (CRD# 2620006) alleges that he recommended unsuitable investments. Financial Industry Regulatory Authority records show that he is registered as a broker with Cetera Advisor Networks and an advisor with Cetera Investment Advisers, doing business as the Rhodes Financial Group.

Mr. Rhodes’ BrokerCheck report discloses multiple investor complaints. The most recent, filed in August 2024, alleges that as a representative of Cetera Advisor Networks, he recommended unsuitable real estate investments. The pending complaint alleges unspecified damages.

An earlier investor complaint, filed in 2021,  alleged that as a representative of Summit Brokerage Services and Cetera Advisor Networks, he recommended unsuitable and high-risk alternative investments. The complaint reached a settlement of $250,000.

A third disclosure on his BrokerCheck report concerns a FINRA disciplinary action against him. Filed in 2013, it alleged that he failed to provide his member firm with prior written notice of his participation in private securities transactions in which he borrowed funds from customers. He was issued a 30-day suspension and a fine of $5,000.

The Rhodes Financial Group’s website includes a section describing the firm’s services, including comprehensive financial planning for both individuals and business owners. “Our services are focused on providing clients with advice on issues of advanced estate/asset protection strategies, wealth accumulation, estate tax payment techniques, personal risk management and investment analysis,” it explains. “After many years of using the ‘Endowment Approach’, we continue to believe this methodology applied to individual clients remains the most effective in reaching their goals and objectives.”

According to the Financial Industry Regulatory Authority, David Rhodes holds 29 years of securities industry experience. Based in Bryan, Texas, he has been registered as a broker with Cetera Advisor Networks and an advisor with Cetera Investment Advisers, doing business as the Rhodes Financial Group. His credentials include the passage of four securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in Alaska, California, Florida, Georgia, Maryland, Missouri, New Mexico, and Texas. (Information current as of September 22, 2024.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.