Financial advisor Edward Barfield finds himself in turbulent waters as a string of eyebrow-raising accusations have emerged against him. Providing financial wisdom based in Kirkwood, Missouri, Barfield represents Geneos Wealth Management. But did this experienced professional make unwise and inappropriate recommendations, thus landing him in a predicament?
The Issue at Hand
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Barfield, an advisor with Geneos Wealth Management, is currently in the crosshairs of a severe investor complaint. The claim is severe; an ill-suited insurance product was suggested, leading to potential financial upheaval for the investor.
But is this an isolated case? Or are we seeing a pattern emerge suggesting deeper issues?
Tracking the Complaints
Over time, Barfield’s BrokerCheck report has racked up several complaints. The latest, filed in July 2023, positions Barfield as someone who, while operating under Geneos Wealth Advisors, suggested an inappropriate fixed whole life insurance product. Not just that, but a tax liability was also reportedly created when the customer’s IRA account was shifted to a revocable living trust account. The damages claimed come up to a hefty sum of $292,000.
But that’s not the end of it. Several other complaints have also surfaced:
– In 2010, an investor claimed an improper investment strategy was recommended while he was at OneAmerica Securities, leading to avoidable losses. This was settled for $12,401.05.
– The same year, another complaint registered had Barfield recommending an unsuitable variable annuity in 2008. This was eventually settled for $55,000 in 2011.
– In 2009, another investor alleged that Barfield suggested unsuitable transactions that exposed them to unnecessary market risks and tax consequences. This led to a 2010 settlement of $32,000.
State Sanction
To compound matters, the State of Missouri levied a sanction against Barfield in 2015. The allegation – making inappropriate investment recommendations. He was then ordered to refund an amount of $4,000 towards the customer’s fixed whole life insurance premium.
Experience Versus Ethics?
Barfield holds an impressive 22 years in the securities industry. However, these allegations question the ethics and practices behind this experience. He’s been associated with significant names such as Cetera Advisor Networks, Summit Brokerage Services, OneAmerica Securities, Park Avenue Securities, and Fort Washington Brokerage Services.
He has even passed six securities industry qualifying exams. And yet, all these accolades and experiences are falling under the shadow of these damaging allegations of inappropriate advice and potential customer financial harm.
Legal Help
Haselkorn & Thibaut, a national law firm, has earned a reputation for standing up for investors across the United States. If you find yourself facing financial losses due to the misconduct of financial advisors or investment firms, don’t hesitate to seek legal consultation. Reach out to us at 1-800-856-3352 or through our contact form for a free, confidential consultation.
Don’t let your hard-earned investments be jeopardized – Stand up for your rights, get the help that you need.
