Securian Financial Services, Inc. (“Securian Financial Services”) (CRD# 15296) has faced regulatory proceedings, arbitration matters, and investor complaints involving its brokerage and investment-advisory operations.
At the Law Offices of Robert Wayne Pearce, P.A., we have investigated Securian Financial Services’ regulatory history and represented investors pursuing claims involving fraud, negligence and breach of fiduciary duty, unsuitable recommendations, supervisory failures, and other securities misconduct.
If you lost money because of misconduct involving a Securian Financial Services broker or financial advisor, an experienced investment fraud lawyer can review your account and explain your potential recovery options.
Investors should act promptly because FINRA arbitration claims and other securities-related causes of action are subject to eligibility requirements and legal deadlines.
Can I Sue Securian Financial Services, Inc.?
Yes. You may be able to pursue a claim against Securian Financial Services if actionable misconduct by the firm or one of its financial professionals caused your investment losses.
Many brokerage agreements require investor disputes to be resolved through FINRA rather than traditional court litigation.
An experienced FINRA arbitration lawyer can investigate your account activity, analyze the recommendations and representations made to you, calculate potential damages, prepare a Statement of Claim, conduct discovery, negotiate with the brokerage firm, and represent you before an arbitration panel.
An arbitration agreement generally determines where a securities dispute will be resolved; it does not necessarily eliminate an investor’s right to seek compensation.
How to Sue Securian Financial Services for Investment Losses
What Can I Do If I Lost Money at Securian Financial Services?
The first step is determining whether your losses resulted from ordinary market activity or potentially actionable conduct by a broker, advisor, or brokerage firm.
Depending on the facts, potential claims may involve:
- Unsuitable investment recommendations
- Unauthorized trading
- Misrepresentations or omissions concerning investment risks
- Undisclosed conflicts of interest
- Excessive or inappropriate investment fees
- Recommendations involving excessive leverage or borrowing
- Negligence or breach of fiduciary duty
- Brokerage-firm supervisory failures
Securian Financial Services’ regulatory history includes matters involving supervision, mutual fund revenue-sharing arrangements, variable annuity recommendations, registration requirements, and other compliance issues.
Those regulatory matters may provide relevant context when investigating an individual investor’s account, although a regulatory action against the firm does not automatically establish that a particular customer is entitled to compensation.
Who Can Help Me Sue Securian Financial Services?
Securities disputes can require detailed analysis of account statements, transaction histories, investment recommendations, fees, communications, disclosure documents, and brokerage-firm supervisory records.
An attorney experienced in broker-dealer misconduct can investigate whether a Securian financial professional or the firm itself violated obligations owed to an investor and whether that conduct caused compensable losses.
The Law Offices of Robert Wayne Pearce, P.A. represents investors nationwide in FINRA arbitration and other securities disputes.
What is Securian Financial Services, Inc.?
Securian Financial Services, Inc. (CRD#15296) is a registered broker-dealer and investment adviser headquartered at 400 Robert Street North in St. Paul, Minnesota.
The firm is owned by Securian Financial Group, Inc. and has been registered in the securities industry since the 1980s.
Investors throughout the Twin Cities who believe they suffered investment losses because of broker or advisor misconduct can also review resources from a Minneapolis investment fraud lawyer.
Current FINRA records show that Securian Financial Services is registered with the SEC, FINRA, and 51 U.S. states and territories.
Securian Financial Services In Trouble – Latest News
Yes, Securian Financial Services faces mounting troubles with a $50 million federal lawsuit and systematic customer service failures. Standard Insurance filed suit in January 2025 against Securian Financial and Minnesota Life Insurance seeking disputed earn-out payments from their 2022 retirement recordkeeping acquisition, alleging breach of contract over “lapsed client” definitions.
Beyond litigation, the firm faces operational failures and regulatory violations. BBB records show a pattern of unresolved complaints about disability claim denials, with some customers reporting “fraudulent” practices and calling it a “SCAM” company. Multiple customers report being unable to cancel policies or reach customer service, while former employees allege wrongful termination.
Why Does Securian Financial Services Have So Many Bad Reviews and Customer Complaints?
Securian Financial Services operates as an independent broker-dealer, which creates inherent supervision problems. This business model relies on franchised offices scattered across the country, making consistent oversight nearly impossible.
Unlike traditional brokerage firms with full-service branch offices, independent broker-dealers like Securian run lean operations. Representatives work as separate businesses, not employees, so the firm has limited control over daily activities. There’s no on-site manager watching transactions or reviewing client files in real-time.
Supervision falls to Offices of Supervisory Jurisdiction (OSJs), which are themselves independent contractors running their own businesses. These OSJ managers oversee offices remotely while managing their own brokerage and insurance operations. They cannot provide full-time supervision of day-to-day activities.
The result: no immediate review of new accounts, securities transactions, business records, cash handling, or client correspondence. Sales representatives recommend investments without anyone reviewing suitability or authorization except the person earning the commission. There may be no one to catch forged signatures, false client information, or misleading sales materials.
Many offices receive only one compliance audit per year. The North American Securities Administrators Association (NASAA) has documented more sales abuse and investor losses at independent broker-dealers than traditional firms with on-site managers and compliance personnel.
Examples of Regulatory Problems and Complaints for Securian Financial Services, Inc.
Securian Financial Services’ rapid growth has not been without consequences. There have been approximately 10 state and self-regulatory body disclosure events; that is, final and formal proceedings initiated by a regulatory authority (e.g., a state or federal securities agency like the U.S. Securities and Exchange Commission (SEC) or self-regulatory body like the Financial Industry Regulatory Authority (FINRA) and the North American Securities Administrators Association (NASAA)) for a violation(s) of investment-related rules or regulations. In addition, there have been scores of customer complaints filed against Securian Financial Services for misconduct by its securities sales and investment advisory representatives that are not reported by the firm on its Central Depository Record.
We have reported and written about these regulatory problems and customer complaints over many years. Securian Financial Services is a repeat offender: there are 4 FINRA reported disciplinary proceedings citing the firm with one form of supervisory lapses or another.
A BRIEF OVERVIEW OF SOME OF THE COMPLAINTS AND REGULATORY PROBLEMS SECURIAN FINANCIAL SERVICES HAS FACED OVER THE YEARS*
Securian Financial Services has been repeatedly censured, warned, and fined for its own misconduct and failure to supervise its army of financial advisors.* Most of the disciplinary actions have been by state securities commissioners which are summarized on the FINRA BrokerCheck (CRD# 15296). One of the more notable FINRA disciplinary proceedings for its supervisory failures is summarized below:
Securian Financial Services Sanctioned by FINRA For Undisclosed Revenue Sharing And Conflicts Of Interest
Securian Financial Services maintained a revenue sharing program called the Strategic Partnership Program. During the relevant period, six mutual fund families participated as Strategic Partners – AIM Investments, American Funds Group, Advantus Funds, Fidelity Investments, MFS Investment Management and Putnam Investments.
Securian Financial Services was offered and accepted revenue sharing fees from five Strategic Partners (all but Advantus Funds). The rates ranged from 10 to 15 basis points on the sales of Strategic Partner mutual funds executed by Securian Financial Services.
In return for revenue sharing fees from five of the six Strategic Partners, Securian Financial Services provided all Strategic Partners with the following benefits, which were not generally available to other mutual fund families:
• exposure on Securian’s intranet and internet systems;
• exposure to Securian’s registered representatives through regular e-mails and newsletters;
• opportunities to host and participate in training meetings for Securian’s registered representatives;
• opportunities to host and appear at Securian’s annual meetings;
• waivers of Securian ticket charges on sales of Strategic Partner mutual funds; and
• lists of the names and office addresses of Securian’s registered representatives to facilitate wholesaler contact and educational opportunities.
Four Strategic Partners paid part of their revenue sharing fees by directing brokerage commissions for portfolio transactions to or for the benefit of Securian Financial Services. American Funds Group, Fidelity Investments, MFS Investment Management and Putnam Investments paid approximately $550,423 in revenue sharing fees to Securian Financial Services through directed brokerage.
Mutual fund advisors generally use a variety of unaffiliated broker-dealers with institutional trading facilities to execute transactions in the portfolios of the mutual funds they distribute and manage. The selection of executing brokers is generally within the discretion of the mutual fund family advisor, subject to the requirement of obtaining best execution.
The four Strategic Partners that paid part of their revenue sharing payments by directing brokerage commissions for portfolio transactions to or for the benefit of Securian Financial Services avoided using their own assets to pay the revenue sharing payments. Instead, these Strategic Partners used brokerage commissions, which are assets of the mutual funds.
NASD Conduct Rule 2830(k) is designed to prevent arrangements in which brokerage commissions are used to compensate NASD member firms for selling fund shares. The rule is also designed to ensure that execution of portfolio transactions by brokerage firms is guided by the principle of “best execution” and not by other considerations.
For its gross misconduct, FINRA slapped Securian Financial Services on its and with a censure and a fine of only hundred and $165,000.
*Above are only some of the regulatory disciplinary actions filed against Securian Financial Services by FINRA. There are 9 more SEC, FINRA, NASSA and/or state securities regulator investigations and enforcement actions reported on BrokerCheck as regulatory disciplinary proceeding disclosures.
How to File an official Complaint Against Securian Financial Services, Inc. or one of it’s brokers, with FINRA
Filing a complaint against Securian Financial Services with FINRA starts by documenting your losses and reporting misconduct through FINRA’s Investor Complaint Center. At The Law Offices of Robert Wayne Pearce, P.A., we help investors build strong FINRA arbitration cases against Securian Financial for fraud, negligence, and breach of fiduciary duty.
These cases can be extremely complex, and so having the support of a reputable attorney who is experienced in recovering investment losses for investors is key to your success. Many customers make the mistake of contacting Securian Financial Services without representation with an attorney about their complaints and have their complaints denied.
How The Law Offices of Robert Wayne Pearce, P.A. Can Help You Recover Losses at Securian Financial Services
At The Law Offices of Robert Wayne Pearce, P.A., we guide investors through every step of the FINRA arbitration process. We handle case preparation, evidence gathering, witness coordination, and representation at hearings. Our approach leverages Securian Financial’s documented regulatory violations to strengthen your claim.
With over 45 years of experience in securities arbitration, Attorney Robert Wayne Pearce has successfully represented clients in recovering investment losses caused by broker misconduct. The firm has recovered more than $175 million for investors nationwide, including claims tied to firms with regulatory histories similar to Securian Financial Services.
We offer free consultations to evaluate your case. During this consultation, we review your account statements, analyze the misconduct, and explain your legal options without any obligation.
Did Securian Financial Services Advisor Misconduct Cause You Investment Losses?
Related Read: Can You Sue Your Brokerage Firm?
Consult With An Attorney Who Recovers Investment Losses Caused By Securian Financial Services, Inc. Today
The investment fraud lawyers at the Law Offices of Robert Wayne Pearce, P.A. represent investors seeking to recover losses caused by broker fraud, negligence, breaches of fiduciary duty, unsuitable recommendations, unauthorized trading, supervisory failures, conflicts of interest, and other securities misconduct.
If you believe Securian Financial Services or one of its financial professionals caused your investment losses, contact the firm for a free case evaluation.
Call 866-860-8078.
