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Steward Partners Investment Solutions

Kurta Law is investigating broker recommendations from Steward Partners Investment Solutions (CRD#: 1254). The firm operates as a brokerage firm and is based in Portland, Oregon. Steward Partners Global Advisory is its affiliate investment advisory firm.

Steward Partners Investment Solutions has operated under 13 names, including:

  • Blakely, Strand & Williams
  • Valencia Group
  • Umpqua Wealth Advisory
  • Umpqua Investments
  • Strand, Atkinson, Williams & York
  • Miller Forsyth Group
  • Lindsey Group
  • H.L. Wiginton Capital
  • Gergen Wealth Management
  • Ensign Wealth Partners

Fees and Conflicts of Interest

Brokerage firms are required to provide a Customer Relationship Summary (Form CRS) to investors that describes its conflicts of interest and fees.

  • Transaction-based fees include commissions, markups/markdowns, and handling and processing fees. These fees depend on your account type and value, product and size of transaction, frequency of trading activity, available discounts/fee waivers, and your chosen brokerage service model (self-directed or financial advisor full-service).
  • Because these fees differ between transactions, the firm has an incentive to recommend investments that will charge higher fees and to encourage trading.
  • Mutual funds and other investments also charge upfront or ongoing fees.
  • Investors may also incur account maintenance fees, IRA custodial fees, and processing and service fees.
  • You will pay interest if you use a securities-based loan to borrow on margin.
  • The firm has agreements with third parties that grant the firm compensation when you invest in certain products and services, such as mutual funds or insurance products.
  • The firm also has revenue sharing agreements with the sponsors, managers, or promoters of certain investments. The firm receives compensation through fees charged to you.
  • The firm also has a revenue sharing agreement with Steward Partners Global Advisory, its affiliate investment advisory firm.

Steward Partners Investment Advisory discloses the following conflicts of interest in the same Form CRS:

  • You’ll be charged an asset-based fee for investment advisory services, consisting of a percentage of your account value.
  • This asset-based fee is typically a wrap fee that covers any advisory or third-party manager fees, transaction execution charges, and custody and clearing services fees. For investors who trade infrequently, a wrap fee may be more expensive than paying for services separately.
  • Notably, the wrap fee does not include commissions or other charges relating to trades a third-party manager directs to an unaffiliated broker-dealer.
  • Other fees include custodian, account maintenance, margin interest fees, and fees for financial planning and consulting services.
  • Investments like mutual funds and exchange-traded funds (ETFs) come with unique fees.
  • Steward Partners Investment Advisory also has revenue sharing and other compensation agreements with third parties that incentivize the firm to promote certain investments.
  • Registered Investment Advisors (RIAs) may also receive compensation from third parties that encourages them to recommend certain investments.
  • RIAs may also work as insurance agents, and receive commissions for selling you insurance products.

Broker-Dealer Services

Steward Partners Investment Solutions offers the following investment vehicles, as well as stocks and bonds. Some of these products can feature significant risk for investors.

Regulatory Actions

Investors should be aware of the history of regulatory actions disclosed by Steward Partners Investment Solutions on its detailed BrokerCheck page.

Alleged Failure to Supervise ACH Transfers

On June 21, 2024, FINRA filed a Letter of Acceptance, Waiver & Consent (AWC) alleging that Steward Partners Investment Solutions failed to reasonably supervise the transfer of investor funds through externally-initiated ACH transfers by third parties.

The AWC alleged that the firm failed to detect the theft of $332,457.73 from a trust account held for the benefit of a senior investor in the course of 278 externally-initiated ACH transfers.

FINRA censured the firm and fined it $225,000. You can access the full AWC here.

Brokers with Misconduct Allegations on Their Records

Kurta Law is aware of one broker currently or formerly associated with Steward Partners Investment Solutions that has allegations of misconduct on his BrokerCheck record. Contact a securities attorney if you have concerns about your broker’s conduct.

Kurta Law Can Help

Investors who lost money working with a Steward Partners Investment Solutions broker or advisor should reach out to an investment fraud lawyer for help. Our attorneys offer free case evaluations and do not charge a fee unless we win your case. Call (877) 600-0098 or email info@kurtalawfirm.com.

 

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