Our firm is investigating Osaic Wealth, Inc. broker and investment adviser Cole Spencer Louviere (CRD# 6883814) of Elmwood, Louisiana for potential investment-related misconduct.
Financial Advisor’s Career History
Cole Spencer Louviere entered the securities industry in 2018 and has been registered with both brokerage and investment adviser firms during his career. According to FINRA BrokerCheck, he is currently registered with Osaic Wealth, Inc. and previously spent several years at Edward Jones.
Louviere is presently registered with Osaic Wealth, Inc. (CRD# 23131), working out of a branch office located at 990 North Corporate Drive, Suite 301, Elmwood, Louisiana 70123. He has been registered with Osaic Wealth, Inc. as both a General Securities Representative and an Investment Adviser Representative since November 3, 2023.
Before joining Osaic Wealth, Inc., Louviere was registered with Edward Jones (CRD# 250) in Kenner, Louisiana from October 2018 through November 2023, and briefly in St. Louis, Missouri from March 2018 through June 2018. His employment history also includes prior non-investment work as a senior account manager at Smith & Nephew in New Orleans, Louisiana.
In addition to his brokerage and advisory registrations, Louviere has reported outside business activity as the owner of River Ridge Wealth Management LLC in Elmwood, Louisiana, where he indicates that he helps clients manage their wealth and assets.
Cole Spencer Louviere Fraud Allegations and Investor Complaints Explained
FINRA BrokerCheck for Cole Spencer Louviere (CRD# 6883814) discloses one settled customer dispute involving alleged losses tied to a mutual fund transaction while he was employed at Edward D. Jones & Co., L.P.
According to the disclosure, a customer orally complained to Edward Jones on December 16, 2022, alleging that he lost $100,000 because Louviere failed to follow instructions to exchange Franklin Funds on December 12, 2022. The product at issue was a mutual fund. The matter was reported as a customer complaint—not an arbitration or civil lawsuit—and the firm is identified as Edward D. Jones & Co., L.P.
The complaint was later resolved as a settlement on February 20, 2023. Although the customer claimed $100,000 in damages, FINRA records state that the matter settled for $17,588.35, and the firm reported that Louviere did not personally contribute to the settlement amount.
Summary of FINRA-Reported Disclosure
- Type of disclosure: Customer dispute – settled
- Employing firm at time of events: Edward D. Jones & Co., L.P.
- Allegations: Client alleges a $100,000 loss due to the financial advisor failing to follow instructions to exchange Franklin Funds on 12/12/2022.
- Product type: Mutual fund
- Date complaint received: December 16, 2022
- Alleged damages: $100,000
- Settlement amount: $17,588.35
- Individual contribution: $0 (the settlement was paid by the firm, according to the broker statement)
- Complaint status: Settled as of February 20, 2023
Even where a broker does not personally fund a settlement, a customer’s complaint and any payment by the firm can still indicate potential issues with trade execution, failure to follow client instructions, supervision, or other violations of FINRA rules and firm policies. Investors who believe their instructions were ignored or mishandled may have claims for compensation in FINRA arbitration, even if the broker denies wrongdoing.
To obtain a copy of Cole Spencer Louviere’s FINRA BrokerCheck report, visit this link
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2111 (the Suitability Rule) requires brokers and financial advisors to have a reasonable basis to believe that any investment recommendation or strategy is suitable for a customer in light of that customer’s investment profile, risk tolerance, financial needs, and objectives. When a client gives specific instructions about how funds should be allocated—for example, instructions to exchange one mutual fund position for another—and the advisor’s actions (or inaction) lead to losses inconsistent with those instructions and the client’s profile, questions can arise as to whether the recommended course of action (including any recommendation to hold the existing investment) was suitable under Rule 2111.
FINRA Rule 2010 requires brokers to “observe high standards of commercial honor and just and equitable principles of trade” in the conduct of their business. A broker who fails to follow explicit client instructions, mishandles time-sensitive trades, or allows avoidable errors to occur in a customer’s account may be found to have violated Rule 2010, even if no formal regulatory action has yet been filed. Failure to timely execute a requested mutual fund exchange, or to ensure that a client’s orders are accurately processed, can be viewed as inconsistent with the high standards of care and honesty required by this rule.
FINRA Rule 2210 governs communications with the public and requires that brokers’ communications be fair and balanced and not misleading. When a broker explains mutual fund strategies or exchange options to a client, those communications must accurately describe the risks, costs, and potential consequences of acting—or failing to act—on the client’s instructions. If the client’s understanding of a mutual fund exchange or related strategy is shaped by incomplete, confusing, or misleading explanations, and that misunderstanding leads to losses, Rule 2210 issues may arise alongside suitability and supervisory claims.
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.