Our firm is investigating Cetera Wealth Services, LLC broker and Cetera Investment Advisers LLC investment adviser representative Kyle Stephen Flynn (CRD# 6435557) of Owings Mills, Maryland for potential investment-related misconduct.
Financial Advisor’s Career History
Kyle Stephen Flynn’s BrokerCheck report reflects securities industry registrations beginning in December 2015. He was previously registered with Securian Financial Services, Inc. as a broker from December 2015 through August 2023 and as an investment adviser representative from February 2016 through August 2023. Since August 10, 2023, he has been registered with Cetera Wealth Services, LLC as a registered representative and with Cetera Investment Advisers LLC as an investment adviser representative.
His recent registration history includes:
- Cetera Wealth Services, LLC — Registered representative since 08/10/2023
- Cetera Investment Advisers LLC — Investment adviser representative since 08/10/2023
- Securian Financial Services, Inc. — Broker from 12/2015 to 08/2023
- Securian Financial Services, Inc. — Investment adviser representative from 02/2016 to 08/2023
BrokerCheck also lists other employment and outside business activity entries, including North Star Resource Group, Minnesota Life Insurance Co., Twin Oak Advisors, and Elevation View Wealth.
Kyle Stephen Flynn Fraud Allegations and Investor Complaints Explained
According to FINRA BrokerCheck, Flynn has one disclosed customer dispute, and the report identifies it as a final settled matter, with no pending customer disputes listed. The complaint was associated with Securian Financial Services and arose from allegations that a client incurred a large tax bill after Flynn allegedly recommended an unsuitable backdoor Roth conversion in July 2020. The matter involved an investment advisory account.
The BrokerCheck report states that the written complaint was received on March 19, 2021. It lists alleged damages of $5,000, while also noting that the firm estimated potential damages exceeded $5,000. The matter was ultimately marked settled on October 12, 2021, for $26,410.13, with an individual contribution of $26,410.13.
For investors, the significance of this disclosure is that tax-sensitive recommendations, especially involving retirement account strategies like backdoor Roth conversions, can create substantial consequences if the client’s income, tax posture, investment objectives, or account structure are not properly analyzed before the recommendation is made. Although a settlement does not by itself constitute a formal adjudicated finding of wrongdoing, it is still the type of disclosure many investors review closely when evaluating an advisor’s record.
For context, the disclosures reflected in the report are:
- Customer Dispute — Received 03/19/2021; allegation that the client incurred a large tax bill after an allegedly unsuitable backdoor Roth conversion recommended in July 2020; Disposition: Settled
- Settlement Date — 10/12/2021
- Settlement Amount — $26,410.13
- Individual Contribution — $26,410.13
- Product Type — Investment advisory account
- Other disclosure categories reported in this BrokerCheck report — No additional customer disputes, and no regulatory, criminal, civil judicial, bankruptcy, or employment termination disclosures were identified in the summary portion of the report
To obtain a copy of Kyle Stephen Flynn’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2111 is the suitability rule. It generally requires a broker or advisor to have a reasonable basis to believe that a recommendation is suitable for the customer based on that investor’s profile, including factors such as age, financial situation, tax status, investment objectives, risk tolerance, and liquidity needs. In the context of the complaint against Kyle Stephen Flynn, an allegedly unsuitable backdoor Roth conversion recommendation that created a large tax bill is the kind of allegation that can raise Rule 2111 concerns, because retirement and tax-related recommendations must be tailored to the customer’s full financial circumstances.
FINRA Rule 2090, the “Know Your Customer” rule, requires financial professionals to use reasonable diligence to understand the essential facts concerning each customer and the authority acting on the customer’s behalf. In a matter involving an allegedly unsuitable Roth conversion strategy, Rule 2090 may be relevant because a proper recommendation depends on knowing the client’s income level, existing retirement structure, tax implications, and overall financial goals. If those facts were not adequately understood before the recommendation was made, that can become a central issue in evaluating the advisor’s conduct.
FINRA Rule 2010 requires brokers to observe high standards of commercial honor and just and equitable principles of trade. While it is a broad rule, it is often cited when alleged misconduct reflects unfair dealing, deficient recommendations, or conduct inconsistent with industry standards. In a complaint alleging that an advisor recommended a strategy that generated unnecessary tax harm, Rule 2010 may come into play if the underlying facts suggest the recommendation process fell short of the standards investors are entitled to expect from a securities professional.
For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, and unsuitable recommendations. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.