Did Chad Reyes Recommend an Unsuitable Insurance Policy?

Chad Reyes (CRD #: 6733553), a broker registered with Northwestern Mutual Investment Services, is the subject of an investor dispute. This disclosure appears on his BrokerCheck record, accessed on October 16, 2023. Keep reading if you have questions about his alleged conduct. 

On September 5, 2023, an investor alleged that Chad Reyes recommended an unsuitable life insurance policy. The firm denied the dispute, but investors should be aware that firms can deny disputes without any external review. Investors can still recover their losses following a denial. 

What is an Unsuitable Investment?

FINRA Rule 2111 requires brokers to evaluate whether an investment strategy fits their investor’s financial goals. Brokers must examine the investor’s profile, which contains the following investor characteristics:

• Age
• Risk tolerance
• Time horizon (i.e., how long the investor plans to hold the investment)
• Investing experience
• Tax status
• Financial goals

Investors who rely on brokers for recommendations may be able to recover losses from unsuitable investment recommendations by pursuing FINRA arbitration.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. Violations of FINRA Rule 2111 also violate this rule. 

Background Information 

Chad Reyes has passed the following exams: 

• Series 63 Uniform Securities Agent State Law Examination 
• SIE – Securities Industry Essentials Examination 
• Series 6 Investment Company Products/ Variable Contracts Representative Examination 

He is a registered broker in 26 states. 

Chad Reyes has only ever registered with Northwestern Mutual Investment Services (CRD #: 2881).

Kurta Law Can Help

If you worked with Chad Reyes and have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.