Andrew Michael Knutson (CRD# 5162007) is a registered broker and investment adviser representative with UBS Financial Services Inc. in Wayzata, Minnesota, and our firm is investigating allegations that he mishandled a client’s managed account by failing to follow investment instructions and overcharging advisory fees, as reported in FINRA’s BrokerCheck system.
Financial Advisor’s Career History
Andrew Michael Knutson (CRD# 5162007) has worked in the securities industry since at least 2010. According to his FINRA BrokerCheck report, he is currently registered with UBS Financial Services Inc. (CRD# 8174) and has been associated with the firm since November 15, 2019, working out of a branch office located at 681 East Lake Street, Suite 354, Wayzata, Minnesota.
Before rejoining UBS Financial Services Inc. in his current role, Knutson was registered with Wells Fargo Clearing Services, LLC (CRD# 19616) from May 2012 through November 2019 in the Golden Valley/Minneapolis, Minnesota area, where he served as a registered representative. Prior to that, he was registered with UBS Financial Services Inc. in Bloomington, Minnesota from September 2010 to May 2012.
Over the course of his career, Knutson has passed the Securities Industry Essentials (SIE) exam, the Series 7 General Securities Representative Examination, and the Series 66 Uniform Combined State Law Examination. He is currently licensed as an agent in more than 30 U.S. states and territories and is approved as an investment adviser representative in at least Minnesota and Texas.
Andrew Michael Knutson Fraud Allegations and Investor Complaints Explained
FINRA BrokerCheck reports that Andrew Michael Knutson (CRD# 5162007) has one pending customer dispute involving his activities at UBS Financial Services Inc. The complaint centers on the handling of a managed/wrap account and alleges both improper investment handling and fee overcharges.
The customer alleges that between July 8, 2024 and July 30, 2025, Knutson failed to invest her money as instructed and that her account fee was overcharged in a UBS-managed or wrap advisory program utilizing an in-house money manager. The client claims $8,167.00 in damages. UBS has reported the matter to FINRA as a pending written customer complaint.
According to the disclosure, Knutson denies the allegations. He states that the account was initially set up according to the client’s risk appetite based on conversations with the client, and that when the client later requested a new risk profile, he and the firm updated the account and made transactions consistent with those revised instructions. He further states that the fee overcharge was the result of an internal error relating to how the client’s household was split in the system and that, once discovered, the fee was corrected going forward and the client was informed.
At this time, the customer dispute is pending, and there has been no final finding or adjudication of wrongdoing by FINRA or any other regulator. Investors should understand that allegations in pending complaints may ultimately be withdrawn, dismissed, resolved in favor of the broker, or settled with no admission of liability.
Summary of the Pending Customer Dispute
- Type of disclosure: Customer dispute – written complaint (investment-related)
- Status: Pending
- Reporting source: Broker (UBS Financial Services Inc. as employing firm at the time)
- Firm involved: UBS Financial Services Inc. (CRD# 8174)
- Time frame of alleged conduct: July 8, 2024 – July 30, 2025
- Product type: Managed/Wrap Accounts (In-House Money Manager)
- Allegations:
- Financial advisor allegedly failed to invest the client’s money as instructed
- Client alleges her account fee was overcharged
- Alleged damages: $8,167.00
- Date complaint received: October 3, 2025
- Broker’s response: Knutson denies the allegations, asserts the account was managed consistent with the client’s risk appetite and later-updated instructions, and attributes the fee overcharge to an internal household-coding error that was corrected once discovered.
Because even a single customer dispute can signal potential issues with the handling of accounts, investors who worked with Andrew Michael Knutson at UBS Financial Services Inc. should carefully review their statements, trade confirmations, and fee disclosures to determine whether they may have suffered similar losses or been charged improper advisory or wrap fees.
To obtain a copy of Andrew Michael Knutson’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
The allegations described in the pending complaint implicate several core FINRA conduct standards that govern how brokers and financial advisors must treat their customers. One of the primary rules at issue is FINRA Rule 2010, which requires that members and associated persons “observe high standards of commercial honor and just and equitable principles of trade.” In the context of the complaint against Knutson, a failure to invest a client’s funds as instructed or to promptly correct and fully remediate an advisory fee overcharge could, if proven, be viewed as inconsistent with these high standards. Even where a fee error begins as a back-office or “household-splitting” mistake, advisors are expected to be vigilant in monitoring client accounts, ensuring that fees match what was agreed upon, and taking prompt corrective action when issues arise. Conduct falling short of those expectations can give rise to liability in FINRA arbitration and potential regulatory scrutiny under Rule 2010.
Another important rule potentially implicated is FINRA Rule 2111, the suitability rule. Rule 2111 requires that a broker or associated person have a reasonable basis to believe that a recommended transaction or investment strategy is suitable for the customer based on the customer’s investment profile, including their financial situation, risk tolerance, time horizon, and investment objectives. In a managed or wrap account, the overall investment strategy, asset allocation, and use of particular in-house managers must all align with the client’s stated risk appetite and instructions. The allegations that Knutson failed to invest the client’s money as instructed suggest a potential mismatch between the strategy implemented and the customer’s expressed directives and risk profile. If an advisor disregards a client’s risk constraints, fails to update the portfolio after the client clearly changes objectives, or leaves the account in a strategy inconsistent with those objectives, that conduct can be challenged as unsuitable under Rule 2111, even if the investments selected are broadly reasonable for other, more aggressive investors.
A third key standard often examined in cases like this is FINRA Rule 3110, which governs supervision. Although Rule 3110 is directed primarily at the member firm—here, UBS Financial Services Inc.—it requires firms to establish and maintain a supervisory system reasonably designed to ensure that their registered representatives comply with securities laws and FINRA rules. In a managed or wrap account context, supervisory systems should include procedures to monitor whether advisory fees are correctly calculated after household changes, whether accounts are invested consistent with clients’ profiles, and whether advisors are documenting and following client instructions. If a customer complaint reveals that an advisor allegedly failed to follow directions or that fees were improperly set and remained incorrect for a period of time, regulators and arbitrators may question whether the firm’s supervisory systems functioned properly. While the ultimate responsibility for Rule 3110 compliance rests with the firm, evidence of supervisory lapses can strengthen an investor’s overall case and may support claims that the advisor did not operate within an adequately supervised environment.
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