P. Alison Fleming: $500K Complaint Against Lumena Advisor

A recent investor complaint against San Diego financial advisor P. Alison Fleming (CRD# 1960175) alleges that her advice resulted in six-figure damages. Financial Industry Regulatory Authority records show that she is registered as a broker and an investment advisor with LPL Financial, doing business as Lumena Financial Services.

Ms. Fleming’s BrokerCheck report discloses one investor complaint. Filed in July 2024, it alleges that as a representative of Waddell & Reed and LPL Financial, she recommended unsuitable mutual funds and exchange-traded funds between 2019 and 2024. The pending complaint alleges damages of $500,000.

In a statement included with the complaint’s disclosure, Ms. Fleming defends herself against the allegations, which she describes as meritless. “The investments at issue were suitable and recommended based on the customer’s disclosed objectives, goals and financial circumstances,” she states further. “The client was informed of his options and given several portfolio and strategy choices with various levels of risk and income, all of which were suitable choices based on the information he provided.”

Lumena Financial Services’ website includes a profile of Ms. Fleming that describes her background, experience, and approach to working with her clients. “As President of Lumena Financial Strategies and an LPL Financial Advisor, Alison’s goal is to assemble a team of professionals who combine the best of their collective experience on behalf of clients,” it explains. “Her leadership background and understanding of the intricacies of the current financial landscape allows her to work individually with clients while expanding the services available through Lumena, providing the continuity and depth of experience that clients deserve and expect today.”

According to the Financial Industry Regulatory Authority, P. Alison Fleming holds 35 years of securities industry experience. Based in San Diego, California, she has been registered as a broker and an investment advisor with LPL Financial since 2021, doing business as Lumena Financial Services. She was previously registered with Waddell & Reed in San Diego from 1989 until 2021. Her credentials include the passage of seven securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the Direct Participation Programs Representative Examination, or Series 22; 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. She holds 60 state licenses. (Information current as of August 31, 2024.)

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