Scott Phillips: SDP Planning Advisor Faces 6-Figure Complaints

Salt Lake City financial advisor Scott Phillips (CRD# 1311907) has received multiple investor complaints alleging that he recommended unsuitable and risky investments. Financial Industry Regulatory Authority records show that he is currently registered as a broker and an investment advisor with Centaurus Financial, doing business as SDP Personalized Planning.

Mr. Phillips’ BrokerCheck report discloses four investor complaints. The three most recent, filed in March and April 2024, all allege that as a representative of Centaurus Financial, he recommended “unsuitable, high-risk” investments and breached his fiduciary duty. All three remain pending: one alleges damages of $68,000, another alleges damages of $100,000, and the third alleges damages of $120,300.

In statements included with each pending complaint’s disclosure, Mr. Phillips “vehemently” denies the allegations and states that the customers confirmed in writing that they understood the investments’ characteristics and risks. “The investments about which the customer complained were suitable and were recommended based on the customer’s objectives, goals and financial circumstances and were offered only after her review of all material documentation related to the investment,” he writes. “At all times, I put the customer’s interest first and I will vigorously defend this matter to the fullest extent of the law.”

A fourth investor complaint, filed in 2001, alleged that as a representative of Lincoln Financial Advisors, he recommended unsuitable investments in variable annuity contracts and limited liability corporations. In 2002 the complaint reached a settlement of $62,500.

SDP Personalized Planning’s website includes a profile of Mr. Phillips that describes him as the firm’s Founder and Director of Alternative Investments & Tax Mitigation. “Scott has also been a developer, owner, and operator of restaurants and convenience stores,” it states. “He understands what it takes to operate successful businesses through many business cycles and changing market conditions.”

According to the Financial Industry Regulatory Authority, Scott Phillips holds 38 years of securities industry experience. Based in Salt Lake City, Utah, he has been a broker and an investment advisor with Centaurus Financial since 2007. His past registrations include Stuart Securities, ING Financial Partners, Locust Street Securities, Vestax Securities, Lincoln Financial Advisors, Associated Securities, Royal Alliance Associates, Integrated Resources Equity Corporation, and Lincoln National Pension Insurance Company. His credentials include the passage of four securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in Colorado, Florida, Georgia, Idaho, Minnesota, Nevada, New York, Ohio, Oregon, Texas, Utah, and Virginia. (Information current as of April 27, 2024.)

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