Tom Bates, Columbus Financial Advisor, Faces $500K Complaint

Columbus Financial Advisor Accused Of Misleading Investment Advice

Columbus, Ohio financial advisor Tom Bates (CRD# 1037294According to a recent complaint, ) has been accused of giving misleading investment advice. The complaint was filed in October 2023 and accuses Bates, of misrepresenting real estate investments as well as recommending them that were not suitable. Damages totaling $500,000.

Bates, who is a broker at Cambridge Investment Research and an investment advisor, has denied the allegations. Bates says that in his statement he presented a thorough presentation to the client. He highlighted the non-liquidity of the investment and its associated risks, as well as the fees and non-guaranteed income. He says that he gave the client alternative investment options so they could make an informed choice.

Bates Financial is the firm that Tom Bates represents. They describe him as a “rare breed” among financial advisors. Bates’ personal approach is highlighted on the firm’s site, which states that he spends time understanding his clients’ goals, financial needs and risk tolerance. He then performs extensive analysis and research to determine which investment and growth opportunities are best for each client.

Tom Bates’ extensive Securities Industry Experience

Tom Bates has 41 years’ experience in the securities industry. He has been with Cambridge Investment Research, since 2011, and held various positions at reputable firms during his career.

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Bates has been registered with Woodbury Financial Services from 2006-2011, AXA Advisors since 2005-2006, MONY Securities Corporation between 1991-2005 and Pruco Securities Corporation between 1982-1991. Bates’ credentials include passing five securities-industry qualifying exams: the Series 6, Series 7. SIE. Series 63 and Series 65. He is licensed in 17 different states.

Implications for investors

Investors should be wary of Tom Bates’s complaint. Bates has denied the allegations. However, individuals who are seeking financial advice should thoroughly research their advisors.

Investors should carefully consider these factors when choosing a financial adviser:

  • Experience and credentials: Choose advisors who have a proven track record, and are licensed.
  • Transparency: Make sure that your advisor is clear and thorough in providing information on investments and risks.
  • Fiduciary Duty: Select an advisor legally bound to act for your best interests.
  • Customer testimonials and reviews – Get feedback from clients about the advisor to get a better idea of their reputation and performance.

Investors can protect themselves against financial risks by conducting due diligence and obtaining advice from reliable sources.

The conclusion of the article is:

Investor complaints against Tom Bates of Cambridge Investment Research as a Financial Advisor highlight the importance for investors to do thorough research and evaluation before selecting a professional financial advisor. Bates has responded to the allegations. However, investors are advised to exercise caution and take into consideration the implications.

Following the suggested criteria for evaluating a financial advisor, individuals can make educated decisions and protect themselves from financial risks. Choose advisors who have a proven track record, are transparent in their communication and act in your best interests.

Investors should prioritize their financial wellbeing and seek out advice from reliable sources to ensure that their investments align with goals and their risk tolerance.

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