Dave Hutchison: $800K Complaint Against Cetera Advisor

Phoenix financial advisor Dave Hutchison (CRD# 732974) recently received an investor complaint alleging that his conduct resulted in six-figure losses. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Cetera Advisors, doing business as Hutchison Investment Advisors.

Mr. Hutchison’s BrokerCheck report discloses one investor complaint. Filed in September 2023, it alleges that as a representative of Hutchison Investment Advisors, he breached his fiduciary duty and acted negligently in connection with a mutual fund investment. (For reference, an advisor’s fiduciary duty requires them to place their clients’ interests before their own, disclose any conflicts of interest, and act in good faith and with loyalty to the client. It is similar to but distinct from the suitability standard followed by brokers.) The pending complaint alleges damages of $800,000.

A profile for Mr. Hutchison on the website of Hutchison Investment Advisors notes that he is president of the firm, which offers financial planning and investment advice. “Dave provides analytical facts to assist you in making financial decisions that are important to you and your family’s future financial security, with an emphasis on tax-smart retirement planning strategies,” it states. “Independent of any particular company, he reviews many alternatives before recommending investment or insurance options. Today bonds have high-interest rate risk, for example, so Dave recommends bond alternatives for part of a diversified investment portfolio.”

According to the Financial Industry Regulatory Authority, Dave Hutchison holds 42 years of securities industry experience. Based in Phoenix, Arizona, he has been a broker and an investment advisor with Cetera Advisors since 1998 and 2016, respectively, doing business as Hutchison Investment Advisors. Past registrations include Walnut Street Securities (El Segundo, California; 1989-1998), Hutchison Financial Corporation (Phoenix, Arizona; 1984-1989), Cardell & Associates (1983-1984), Capital Management Associates (1982-1983), and Offerman & Company (1981-1982). His credentials include the passage of five securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the Uniform Investment Adviser Law Examination, or Series 65; the General Securities Representative Examination, or Series 7; the Uniform Securities Agent State Law Examination, or Series 63; and the Securities Industry Essentials Examination, or SIE. He is licensed in Arizona, California, Colorado, Idaho, Illinois, Maryland, New York, Oregon, Texas, Virginia, and Washington. (Information current as of November 19, 2023.)

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