Mike Savarese: America’s Retirement Advisor Lands $100K Complaint

San Diego financial advisor Mike Savarese (CRD# 1241811) recently received an investor complaint alleging that he breached his fiduciary duty. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with CreativeOne Securities, doing business as America’s Retirement Advisory Group.

Mr. Savarese’s BrokerCheck report discloses more than a dozen investor complaints. The most recent, filed in December 2023, alleges that as a representative of Kestra Investment Services, he breached his fiduciary duty and engaged in negligence. The pending complaint alleges damages of $100,000.

An earlier investor complaint, filed in 2021, alleged that as a representative of Forta Financial Group, recommended unsuitable non-traded REITs and BDCs, committed fraud, breached contract, acted negligently, and breached his fiduciary duty. The complaint reached a settlement of $437,500.

A third investor complaint, also filed in 2021, similarly alleged unsuitable investment recommendations and negligence. The complaint reached a settlement of $34,000.

A fourth investor complaint, filed in 1994, alleged that as a representative of Prudential Securities, he misrepresented transactions. The complaint reached a settlement of $40,000.

America’s Retirement Advisory Group’s website includes a profile includes a profile of Mr. Savarese that describes his experience and goals as an advisor. “One area of Mike’s financial expertise includes assisting retirees in transitioning to the distribution phase of their investing lives,” it states. “He offers practical strategies to help disperse retirement assets as tax-efficiently as possible while ensuring a financial legacy for future generations.”

According to the Financial Industry Regulatory Authority, Mike Savarese holds 39 years of securities industry experience. Based in San Diego, he has been a broker and an investment advisor with CreativeOne Securities since 2018, doing business as America’s Retirement Advisory Group. His past registrations include Kestra Investment Services (San Diego, California; 2016-2018), Presidential Brokerage (San Diego, California; 1996-2016), Sutro & Company (San Francisco, California; 1994-1996), Prudential Securities (New York, New York; 1989-1994), Thomson McKinnon Securities (New York, New York; 1989), and Drexel Burnham Lambert (1984-1989). His credentials include the passage of six securities industry qualifying exams: the National Commodity Futures Examination, or Series 3; the Interest Rate Options Examination, or Series 5; the General Securities Representative Examination, or Series 7; 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 is licensed in Arizona, California, Colorado, Florida, Georgia, Nevada, North Carolina, Texas, and Washington. (Information current as of January 30, 2024.)

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