DID PHILIP JAMES RICASATA CAUSE YOU INVESTMENT LOSSES?
About Philip Ricasata of Creative Planning?
Philip Ricasata (CRD #2585778) , located in Santa Barbara, California, has over two decades of experience in the financial services industry, working with firms like UBS Financial Services, Fidelity Brokerage Services, and Raymond James Financial Services. His credentials include certifications in securities law and investment products, as well as a Certified Financial Planner (CFP) designation. He currently serves as an Investment Advisor Representative at Creative Planning.
Investment Losses? Let’s talk.or, give us a ring at (800) 732-2889.
Philip Ricasata Customer Complaints and Reviews
Philip Ricasata has one customer dispute on record.
- Details of the Dispute:
- Date Complaint received: June 13, 2008
- Allegations: The client alleged that the purchase of auction rate securities was unauthorized, unsuitable for the trust account, and in conflict with the client’s financial goals. They also stated that the nature and risks of the securities were not discussed.
- Outcome: The firm settled the dispute on December 23, 2008 for $150,000 as part of a broader industry-wide agreement to repurchase ARS securities at par value. Mr. Ricasata did not contribute to the settlement or admit any wrongdoing. The complaint arose during the 2008 liquidity crisis, and the settlement was part of a regulatory agreement.
- Product: Auction Rate Securities.
Allegations Against Philip Ricasata
The sole disclosure against Philip Ricasata involved a settlement during the 2008 financial crisis related to auction rate securities. The client’s complaint centered on unauthorized transactions and insufficient disclosure of risks. However, the firm handled the resolution under a global regulatory agreement to repurchase ARS, with no financial contribution or admission of fault by Mr. Ricasata.
Philip Ricasata Employment History
- UBS Financial Services (2005–2010)
- Fidelity Brokerage Services (2011–2016)
- Raymond James Financial Services (2010)
- Creative Planning (2018–Present)
Additional roles at Merrill Lynch and Northwestern Mutual Investment Services.
Exams Passed:
Registrations: Currently an investment advisor but not a registered broker.
General Industry/Product Exams: Series 6, Series 7, Series 31, and Securities Industry Essentials (SIE)
Multi-State Securities Law Exams: Series 63 and Series 66
Designations: Certified Financial Planner (CFP).
Investment Advisors Owe Clients The Highest Level Of Care
Investment advisors have a fiduciary responsibility to prioritize their clients’ financial well-being. This involves a duty of care, requiring advisors to thoroughly assess client needs and recommend suitable strategies, and a duty of loyalty, mandating full transparency regarding fees, risks, and potential conflicts of interest. Advisors must clearly explain the risks and mechanics of investment products to ensure informed client decisions. Maintaining these standards is vital to building trust and delivering ethical financial guidance.
Option Trading Can Be Extremely Risky
Options trading is a high-risk investment activity that can result in substantial losses if not managed appropriately. Complex strategies, such as writing uncovered (naked) calls, expose investors to unlimited losses when market prices move unfavorably.
Example of a High-Risk Strategy:
A straddle strategy involves buying both a call and a put option with the same strike price and expiration date. This approach bets on high volatility, but if the market remains stable, both options can expire worthless, resulting in a total loss of the initial investment. Advisors must ensure that clients fully understand the risks involved and have the financial capacity to absorb potential losses.
Philip Ricasata Red Flags & Your Rights As An Investor
Of course, Philip Ricasata did not admit to any of the allegations. But regardless of whether an arbitration award was entered, a settlement occurred, or the customer complaint is still pending, the allegations made by customers are red flags which should put all current and former customers of Creative Planning on alert to review carefully the activity and performance of their accounts and question whether Philip Ricasata has engaged in any stockbroker misconduct that may have caused them investment losses. The large number of customer complaints at Creative Planning also raises questions about the brokerage firm’s supervisory practices. If these red flags raise questions, call us and we will inform you of your rights as an investor.
Did You Lose Money Because of Broker Misconduct?
If you have lost money due to negligence or fraud by a stockbroker or advisor, the easiest way to know if you have a case is to call our office at 800-732-2889. Our investment fraud attorneys will evaluate your claim for free and let you know if we can help you recover your losses.
Need Legal Help? Let’s talk.or, give us a ring at 561-338-0037.
File A Claim To Recover Your Investment Losses At Creative Planning Due To Philip Ricasata
If you have questions about about Creative Planning and/or Philip Ricasata and the management or performance of your accounts, please contact Attorney Pearce for a free initial consultation via email or Toll Free at 1-800-732-2889.
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