Haselkorn & Thibaut, a national investment fraud law firm, has opened an investigation into Boise, Idaho financial advisor David Kluksdal (CRD# 4850332) following a recent investor complaint alleging substantial financial damages. The complaint raises questions about Mr. Kluksdal’s conduct while serving clients through Cetera Wealth Services and Cetera Investment Advisers, operating under the business name Capital Financial Services.
Understanding the Recent Complaint Against David Kluksdal
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According to Financial Industry Regulatory Authority (FINRA) records, a July 2025 investor complaint alleges $500,000 in damages related to Mr. Kluksdal’s activities as a representative of Cetera Advisor Networks. The pending complaint specifically cites:
- Breach of fiduciary duty
- Negligent conduct
- Failure in supervisory duties
These allegations represent serious concerns that investors should understand when evaluating their financial relationships. When a financial advisor is accused of breaching their fiduciary duty, it suggests they may not have acted in their client’s best interests—a fundamental obligation in the advisor-client relationship.
David Kluksdal’s Professional Background
Mr. Kluksdal brings an interesting blend of technical and financial expertise to his practice. After graduating from the University of Idaho in 2000 with an electrical engineering degree, he initially worked as a design engineer before transitioning to financial services. He co-founded Capital Financial Services and currently serves as its Chief Financial Officer, where he emphasizes using his analytical engineering background to navigate complex economic factors for clients.
| Professional Details | Information |
|---|---|
| Years of Experience | 20 years in securities industry |
| Current Registrations | Cetera Wealth Services (Broker since 2019) Cetera Investment Advisers (IA since 2015) |
| Business Name | Capital Financial Services |
| Location | Boise, Idaho |
| State Licenses | 23 states |
Credentials and Qualifications
Mr. Kluksdal has demonstrated commitment to professional development through his securities industry qualifications. He has successfully passed five key industry examinations:
- Series 7 – General Securities Representative Examination
- Series 6 – Investment Company Products/Variable Contracts Representative
- SIE – Securities Industry Essentials Examination
- Series 65 – Uniform Investment Adviser Law Examination
- Series 63 – Uniform Securities Agent State Law Examination
While these credentials indicate technical knowledge, investors should remember that qualifications alone don’t guarantee ethical conduct or positive investment outcomes.
What This Means for Investors
If you’re currently working with Mr. Kluksdal or have done so in the past, it’s important to review your account statements and investment performance carefully. The allegations in the complaint—particularly regarding fiduciary duty and negligence—warrant attention from any investor who may have similar concerns about their portfolio management.
Consider these important steps:
- Review all account statements for unexplained losses or unauthorized transactions
- Document any communications with your advisor regarding investment strategies
- Compare your portfolio performance against relevant benchmarks
- Evaluate whether recommendations aligned with your stated investment objectives
Understanding Your Rights as an Investor
Financial advisors have a legal obligation to act in their clients’ best interests. When they fail to meet this standard, investors have the right to seek recovery of losses through FINRA arbitration. The arbitration process provides a forum for investors to present their cases and potentially recover damages without the need for lengthy court proceedings.
Key considerations for investors include:
- Time limitations apply to filing claims, typically six years from the event
- Documentation is crucial for supporting your case
- Legal representation can significantly improve your chances of recovery
The Importance of Due Diligence
This situation underscores why investors must remain vigilant about their financial relationships. Regular monitoring of your accounts and understanding your advisor’s recommendations are essential practices for protecting your financial future. Don’t hesitate to ask questions about investment strategies, fees, or any concerns you may have about your portfolio.
Taking Action to Protect Your Investments
If you’ve experienced losses while working with David Kluksdal at Cetera Wealth Services, Cetera Investment Advisers, or Capital Financial Services, you’re not alone. Many investors facing similar situations have successfully recovered their losses through proper legal channels.
Haselkorn & Thibaut brings over 50 years of experience in investment fraud law, with a 98% success rate and millions recovered for clients nationwide. The firm operates on a contingency basis, meaning no recovery, no fee—you only pay if they successfully recover funds on your behalf.
Don’t let uncertainty about the legal process prevent you from exploring your options. A free consultation can help you understand your rights and potential paths forward. The experienced attorneys at Haselkorn & Thibaut can review your situation, explain the arbitration process, and help determine whether you have a viable claim.
Take the first step toward protecting your financial future. Contact Haselkorn & Thibaut today at 1-888-885-7162 for a free, confidential consultation. Their team of experienced investment fraud attorneys is ready to review your case and help you understand your legal options.
