Steve Marotto: $550K Complaint Against Morgan Stanley Advisor

A recent investor complaint against San Francisco, California financial advisor Steve Marotto (CRD# 5473140) alleges that his conduct resulted in six-figure damages. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Morgan Stanley.

Mr. Marotto’s BrokerCheck report discloses two investor complaints. The most recent, filed in December 2024, alleges that as a representative of Morgan Stanley, he misrepresented material facts, made unauthorized trades, and recommended unsuitable investments between 2019 and 2023. The pending complaint alleges damages of $550,049.

An earlier investor complaint, filed in 2018, alleged that as a representative of First Republic Investment Management, he failed to follow instructions to liquidate an account. The complaint alleged damages of $220,000 and was denied by the firm.

Morgan Stanley’s website includes a profile of Mr. Marotto that describes his background and experience as a Managing Director and Private Wealth Advisor at the firm. “Prior to joining Morgan Stanley, Mr. Marotto was a Managing Director and Wealth Manager at First Republic Investment Management,” it explains. “In his current role, he serves a diverse group of clients in developing customized investment strategies and comprehensive financial plans.”

Elsewhere on Morgan Stanley’s website, Mr. Marotto’s wealth management practice, The SF Summit Group, describes its approach to working with its clients. “We take a holistic and planning-based approach grounded in investment strategy and balance sheet optimization,” it states. “We run globally diversified, multi-asset class portfolios, with expertise in tactical asset allocation, equity and fixed income security selection, and due diligence on external managers.”

According to the Financial Industry Regulatory Authority, Steve Marotto holds 12 years of securities industry experience. Based in San Francisco, California, he has been registered as a broker and an investment advisor with Morgan Stanley since April 2023. He was previously registered with First Republic Securities Company in San Francisco from 2013 until 2023. His credentials include the passage of three securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7; and the Uniform Securities Agent State Law Examination, or Series 63. He holds 55 state licenses. (Information current as of February 17, 2025.)

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