Our firm is investigating Northwestern Mutual Investment Services, LLC financial advisor Ryan Michael Walterhoefer (CRD# 5198969) of Ellicott City, Maryland for potential investment-related misconduct.
Financial Advisor’s Career History
Based on his FINRA BrokerCheck report, Walterhoefer has been registered with Northwestern Mutual Investment Services, LLC since September 19, 2008, and he is associated with a branch office located at 6011 University Blvd, Ste 370, Ellicott City, MD 21043.
His reported employment/registration history includes roles with Northwestern Mutual-affiliated entities, including:
- Northwestern Mutual Investment Services, LLC (Registered Representative / Financial Advisor) (reported as ongoing; registrations include 2008–present, with additional reported registration history showing 06/2011–01/2024 as an IA registration location entry)
- Northwestern Mutual Life Insurance Company (Agent) (reported as ongoing since 08/2006)
- Northwestern Mutual Wealth Management Company (Representative) (reported as ongoing beginning 01/2016 / 02/2016)
Ryan Michael Walterhoefer Fraud Allegations and Investor Complaints Explained
FINRA BrokerCheck reflects one customer dispute disclosure that is currently pending.
Disclosure list (for context):
- Customer Complaint (Pending) — Customers allege variable annuities recommended in 2011 and 2021 were not adequately disclosed and not suitable; complaint received 12/03/2025; customers did not allege a specific damages number, but the firm determined the alleged damages were greater than $5,000 (BrokerCheck also lists “Alleged Damages: $0.00” while noting the firm’s “greater than $5,000” determination).
Customer Complaint (Pending) — Alleged Unsuitable Variable Annuity Recommendations and Disclosure Issues
- Product type: Variable annuities
- Allegation summary: Customers allege the variable annuities recommended in 2011 and 2021 were not adequately disclosed and were not suitable.
- Date complaint received: December 3, 2025
- Status: Pending (written complaint; not listed as arbitration/civil litigation in the disclosure entry)
- Alleged damages: BrokerCheck shows $0.00 in the alleged damages field, while also stating the customers did not provide a specific figure and the firm determined the alleged damages were greater than $5,000 based on the allegations.
To obtain a copy of Ryan Michael Walterhoefer’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2111 (Suitability) requires that a broker or advisor have a reasonable basis to believe a recommended transaction or investment strategy is suitable for the customer, based on information obtained through reasonable diligence (including the customer’s investment profile). In the context of the pending complaint alleging the variable annuities recommended in 2011 and 2021 were “not suitable,” suitability concerns commonly include whether the annuity’s time horizon, surrender schedule, costs, and risk/benefit tradeoffs aligned with the customers’ objectives and liquidity needs.
FINRA Rule 2330 (Members’ Responsibilities Regarding Deferred Variable Annuities) imposes specific supervisory and review obligations on firms related to variable annuity transactions, including exchanges, replacements, and recommendations. Where customers allege the variable annuities were not adequately disclosed, Rule 2330 is often implicated because variable annuity recommendations require heightened scrutiny—particularly around costs, riders, surrender charges, and whether the transaction is in the customer’s interest relative to alternatives.
FINRA Rule 2210 (Communications with the Public) governs the content and standards for communications, including prohibitions on false, misleading, or unwarranted statements and requirements that communications be fair and balanced. In disputes alleging inadequate disclosure of variable annuities, Rule 2210 may be relevant when the marketing, explanations, or written materials provided to customers failed to clearly and fairly describe material features such as fees, surrender periods, liquidity limits, and downside risks.
Losing your savings to a dishonest broker or advisor can be devastating, but you do not have to face it alone. Robert Wayne Pearce and his team have spent over four decades helping investors who were misled or defrauded by Wall Street firms. The Law Offices of Robert Wayne Pearce, P.A. takes cases nationwide on a contingency fee basis. You pay nothing unless we recover your losses. Call (800) 732-2889 or email pearce@rwpearce.com today for a free and confidential consultation.