Financial advisor Joy Lori Simar (CRD #6147731), currently registered with LPL Enterprise, LLC in McKinney, Texas, is facing a pending customer dispute alleging improper investment advice related to a variable annuity. Investors who have worked with Simar or invested in annuity products under her guidance should carefully review this case and understand their potential recovery options.
Who Is Joy Simar?
Table of Contents
Joy Lori Simar is a licensed securities broker and investment adviser who has been working in the financial services industry since 2013. She joined LPL Enterprise, LLC (CRD #8733) in November 2024 and operates from 1836 W. Virginia St., Suite 201, McKinney, TX 75069, according to her FINRA registration record.
Prior to joining LPL, Simar worked with several major firms, including:
- Pruco Securities, LLC (Prudential) – Plano, TX
- MML Investors Services, LLC (MassMutual)
- NYLife Securities, LLC
These affiliations reflect a career primarily focused on insurance-based and retirement-planning products—particularly variable and fixed annuities, life insurance products, and retirement income planning.
The Pending Customer Dispute
According to FINRA BrokerCheck, a customer filed a dispute on November 22, 2024, naming Joy Simar as the responding representative. The complaint alleges that Simar provided improper advice concerning a variable annuity transaction, resulting in claimed damages of $203,902.
The dispute is currently pending, meaning it has not yet been resolved, withdrawn, or decided through arbitration or settlement. While an allegation does not prove wrongdoing, FINRA requires disclosure of all such complaints to ensure transparency and investor protection.
Why Variable Annuities Create Investor Conflicts
Variable annuities are complex, expensive products that aren’t suitable for every investor—particularly retirees who need liquidity and low-risk income. These products often involve:
- High commissions (typically 5–8%)
- Long surrender periods with steep penalties
- Sub-account market risk, unlike fixed annuities
- Multiple fees: mortality and expense charges, administrative costs, and rider fees
When an advisor misrepresents the risks, omits costs, or recommends annuities primarily to generate commissions, that advice may violate FINRA Rules 2111 (Suitability) and 2210 (Communications with the Public).
LPL Enterprise’s Supervisory Duties
LPL Enterprise, LLC—one of the largest independent broker-dealers in the U.S.—has a duty to supervise its registered representatives and ensure all recommendations comply with FINRA and SEC standards.
Broker-dealers must:
- Conduct due diligence before approving complex products
- Review customer profiles (age, risk tolerance, liquidity needs)
- Monitor for excessive switching or churning of annuities
- Respond to complaints promptly and report them to regulators
If supervisory failures occur, investors may pursue claims not only against the individual advisor but also against the firm for failure to supervise under FINRA Rule 3110.
How to Check Your Advisor’s Record
FINRA makes it easy to verify an advisor’s record:
- Visit brokercheck.finra.org
- Enter Joy Simar or CRD #6147731
- Review registration history, exams, licenses, and any disclosed events
According to current records, Simar has one disclosure event (the pending customer dispute) and no prior disciplinary actions. However, even a single unresolved dispute can be an early warning sign of potential supervisory or suitability issues.
Common Investor Claims Involving Annuities
Investors pursuing claims involving variable annuities often allege:
- Unsuitable recommendations for risk-averse clients
- Failure to disclose fees and surrender charges
- Misrepresentation of guaranteed income features
- Improper switching between annuities (“annuity churning”)
- Negligent supervision by the broker-dealer
FINRA arbitration is typically the forum for resolving these disputes. A panel of independent arbitrators can award monetary damages, interest, and in some cases, attorney’s fees.
What Investors Should Do If They Worked with Joy Simar
If you invested in a variable annuity, mutual fund, or other retirement product through Joy Simar and believe you received unsuitable advice, you may have legal rights to recover your losses.
Here are practical steps to take:
- Gather records – account statements, emails, and annuity contracts
- Note key dates – when the investment was recommended, funded, and when any subsequent changes were made
- Contact an independent law firm specializing in FINRA arbitration to review your case
- Avoid direct negotiations with the firm until you consult counsel—settlement offers may limit your recovery
How Haselkorn & Thibaut Can Help
Haselkorn & Thibaut, P.A. is a national law firm focused exclusively on securities arbitration and investment-loss recovery. The firm has a 98% success rate and has recovered over $100 million for investors across the United States.
Our investor-rights team has handled hundreds of annuity and broker misconduct claims involving LPL, Prudential, and other major firms. We offer:
- Free case evaluations with no upfront fees
- Contingency-fee representation (you pay nothing unless we win)
- Confidential consultations to review your investment losses
To speak with an attorney, call 1-888-885-7162 or visit InvestmentFraudLawyers.com.
Why Timely Action Matters
FINRA’s statute of limitations (eligibility rule) typically limits claims to six years from the date of the event giving rise to the dispute. Delaying a claim can bar recovery even if the advisor or firm was at fault. If you suspect losses or were advised to buy an annuity you didn’t fully understand, it’s important to get an independent review now.
Key Facts About Joy Simar (As of November 2025)
| Field | Information |
|---|---|
| Full Name | Joy Lori Simar |
| CRD Number | 6147731 |
| Current Firm | LPL Enterprise, LLC (CRD #8733) |
| Office Location | 1836 W. Virginia St., Suite 201, McKinney, TX 75069 |
| Date Joined Firm | November 14, 2024 |
| Disclosures | One pending customer dispute (11/22/2024) |
| Allegation | Improper recommendation of variable annuity |
| Claimed Damages | $203,902 (pending) |
| Prior Employers | Pruco Securities (Prudential), MML Investors Services, NYLife Securities |
| Licenses & Registrations | Series 6, 7, 63, 65 — FINRA & SEC registered |
Final Thoughts for Investors
The pending dispute involving Joy Simar underscores the broader risks associated with variable annuity sales and commission-driven advice. While no final determination has been made, investors are entitled to clear, transparent explanations of all fees, surrender periods, and investment risks.
If you’re unsure whether your investments were properly handled—or if you’ve experienced unexpected losses—request a free review today. Knowing your rights is the first step toward protecting your financial future.
Call Haselkorn & Thibaut at 1-888-885-7162 for a free and confidential case consultation.
