Phil Simonides: $157K Complaint Against Ex-Purshe Kaplan Advisor

Vienna, Virginia financial advisor Phil Simonides (CRD# 1847411) recently received an investor complaint alleging that his advice resulted in six-figure damages. Financial Industry Regulatory Authority records show that he is registered as a broker with Madison Avenue Securities and an investment advisor with McAdam, having previously been registered with Purshe Kaplan Sterling Investments.

Mr. Simonides’ BrokerCheck report discloses one investor complaint. Filed in February 2025, it alleges that as a representative of Purshe Kaplan Sterling, he recommended an unsuitable investment in Skyloft DST. The pending complaint alleges damages of $157,747.01.

McAdam Financial’s website includes a profile of Mr. Simonides that describes his experience and approach as an advisor, philanthropist, and industry leader. “Leveraging his expertise in retirement planning, wealth preservation and growth, tax efficiency, and estate planning, Phil designs a roadmap tailored to your goals and securing your future,” it explains. “Whether it’s managing market volatility or optimizing your tax strategy, he’ll guide you through every step to ensure you keep more of your hard-earned savings… He ensures you understand the financial landscape and feel confident about your choices.”

According to the Financial Industry Regulatory Authority, Phil Simonides holds 36 years of securities industry experience. Based in Vienna, Virginia, he has been registered as a broker with Madison Avenue Securities since 2025 and an investment advisor with McAdam since 2014. His past registrations include Purshe Kaplan Sterling Investments (2014-2025), Voya Financial Advisors (2011-2014), Ameriprise Financial Services (1988-2011), Ameriprise Advisor Services (2009), and IDS Life Insurance Company (1988-2006). His credentials include the passage of eight securities industry qualifying exams: the Uniform Investment Adviser Law Examination, or Series 65; the Uniform Securities Agent State Law Examination, or Series 63; the Municipal Fund Securities Principal Examination, or Series 51; the Municipal Securities Representative Examination, or Series 52TO; the General Securities Principal Examination, or Series 24; the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7; and the Registered Options Principal Examination, or Series 4. He is licensed in Texas and Virginia. (Information current as of March 10, 2025.)

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