Client Files $800K Complaint Against Duncan MacEachern (Celtic Wealth Management Group)

Duncan MacEachern, a financial advisor with over 34 years of experience in the securities industry, has recently come under scrutiny due to a pending complaint alleging damages of $800,000. MacEachern, based in Royal Oak, Michigan, has been a broker and an investment advisor with LPL Financial since March 2021, doing business as Celtic Wealth Management Group.

MacEachern’s long-standing career in the finance industry, with over 33 years of experience, has not been without controversy. The Financial Industry Regulatory Authority (FINRA) has initiated an investigation into potential misconduct. The allegations suggest that MacEachern received securities compensation for recommending alternative investments for which he was not registered to do so.

These complaints and lawsuits against MacEachern raise important questions about the role of financial advisors and how investors can protect themselves from potential misconduct. It is crucial for investors to understand that not all financial advisors are created equal, and some may not have their client’s best interests at heart.

To protect yourself from bad financial advisors, there are several steps you can take:

1. Research Your Advisor: Before hiring a financial advisor, conduct thorough research. Use resources like FINRA’s BrokerCheck to review an advisor’s history, including any complaints or disciplinary actions. In MacEachern’s case, his BrokerCheck report revealed the ongoing investigation.
2. Understand Your Investments: Ensure you fully understand any investment recommended by your advisor. If an advisor suggests an alternative investment, ask questions about the risks and benefits and why they believe it suits your financial goals.
3. Monitor Your Accounts: Regularly review your account statements for any unauthorized or unusual transactions. If you notice anything suspicious, contact your advisor for clarification.
4. Know Your Rights: If you believe your advisor has acted inappropriately, you can file a complaint with FINRA or your state’s securities regulator. In some cases, you may also have grounds for a lawsuit.

The case of Duncan MacEachern serves as a reminder of the importance of due diligence when selecting and working with a financial advisor. Investors can better protect themselves from potential financial misconduct by staying informed and proactive.