SLCG, an economic consulting group, released its list of the riskiest brokerage firms to invest with, finding that Southern California-based Centaurus Financial, Aegis Capital Group, and Western International are 2024's riskiest firms. These firms were selected because of complaint history associated with their current brokers and past disputes. SLCG's research pointed to 15 particular firms that were associated with a significant number of customer complaints, and perhaps unsurprisingly, many of these firms have been on similar lists of riskiest firms in previous years as well.
For example, each of the top five riskiest firms on SLCG's 2024 list also appeared on SLCG's previously released 2017 risk list, when Aegis Capital (2024's number two riskiest brokerage) was the riskiest firm. 2024's riskiest firm, Centaurus Financial, was ranked ninth overall in 2017.
According to that list, a customer investing with an Aegis broker chosen at random had a nearly 25% chance of winding up with a broker who has at least one customer complaint in their disciplinary history.
The overall 15 worst firms for 2024 according to this ranking were:
1) Centaurus Financial
2) Aegis Capital
3) Western International Securities
4) Independent Financial Group (IFG)
5) Berthel Fisher
6) Crown Capital Securities
7) Calton Associates
8) JW Cole Financial
9) United Planners' Financial Services of America
10) Money Concepts Capital
11) Kovack Securities
12) Oppenheimer
13) Cetera
14) Wedbush Securities
15) Triad Financial
SLCG CEO Craig McCann, who released both the 2017 and 2024 reports, previously wrote that "loose hiring practices and law compliance ethics" led to riskier business operations for broker-dealers that occasionally found themselves "preying on unsophisticated investors."
If you invested with a broker or investment adviser at any of 2024's riskiest brokerages who engaged in securities fraud or other misconduct, such as unsuitable recommendations, unauthorized transactions, or excessive trading that has resulted in losses or other damages such as the incurrence of unnecessary fees and commissions, please call an experienced FINRA arbitration attorney at The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.