Bill Westcott: LPL Advisor Landed $190K ETF Complaint

A recent investor complaint against Tucson, Arizona financial advisor Bill Westcott (CRD# 1007101) alleged unsuitable investment recommendations. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with LPL Financial, doing business as Bill Westcott Inc.

Mr. Westcott’s BrokerCheck report discloses one investor complaint. Filed in 2023, it alleged unsuitable recommendations of equity and exchange-traded fund products. In May 2024 the complaint reached a settlement of $190,000.

In a statement included with the complaint’s disclosure, Mr. Westcott defended himself against the allegations. “I was not named as a Respondent in this customer complaint, and I made no monetary contribution to the settlement,” he wrote. “I always strive to provide excellent tailored service to the customer.”

Bill Westcott Inc.’s website includes a page describing the firm’s services and focus. “Bill Westcott, Inc. focuses on retirement planning, investment management and service to the community,” it explains. “We follow fiduciary standards putting the investors’ financial interests ahead of ours. We seek to reduce cost as a first and important step to investment success.” Elsewhere, the website includes a profile of Mr. Westcott, the firm’s founder. “For over 40 years Bill has had an investment practice in Tucson, Arizona,” it states. “With over 40 years of experience in Financial and Retirement Planning, Bill has helped hundreds of university educators make successful retirement decisions.”

According to the Financial Industry Regulatory Authority, Bill Westcott holds 40 years of securities industry experience. Based in Tucson, Arizona, he has been registered as a broker and an investment advisor with LPL Financial since 2003. His registration history includes Legend Equities Corporation (Palm Beach Gardens, Florida; 1994-2003), Legend Capital Corporation (Palm Beach Gardens, Florida; 1990-1994), the Variable Annuity Marketing Company (Houston, Texas; 1988-1990), and HC Copeland and Associates Equities (1982-1986). His credentials include the passage of seven securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the Investment Company Products/Variable Contracts Principal Examination, or Series 26; the Securities Industry Essentials Examination, or SIE; the Corporate Securities Limited Representative Examination, or Series 62; the Futures Managed Funds Examination, or Series 31; the General Securities Representative Examination, or Series 7; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the Uniform Investment Adviser Law Examination, or Series 65; and the Uniform Securities Agent State Law Examination, or Series 63. He holds 20 state licenses. (Information current as of January 13, 2025.)

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