Our firm is investigating UBS Financial Services Inc. financial advisor and broker Thomas Michael Higgins (CRD# 1573505) of Leawood, Kansas for potential investment-related misconduct.
Thomas Michael Higgins Financial Advisor’s Career History
Thomas Michael Higgins has been in the securities industry since 1986. BrokerCheck shows prior registrations with Dain Bosworth Incorporated from November 1986 to January 1994, Morgan Stanley DW Inc. from January 1994 to July 2005, Morgan Stanley as an investment adviser from August 2000 to July 2005, Wells Fargo Advisors, LLC from July 2005 to September 2015, and UBS Financial Services Inc. from August 2015 to the present. His current office is listed in Leawood, Kansas.
Thomas Michael Higgins Fraud Allegations and Investor Complaints Explained
BrokerCheck reflects one pending customer dispute involving Thomas Michael Higgins. FINRA also notes that pending disclosure events involve allegations that may be contested and not yet proven.
Pending 2026 Customer Complaint Involving Variable Annuities
According to the BrokerCheck disclosure, the complaint was received on January 22, 2026, and concerns conduct allegedly occurring on April 19, 2024, while Higgins was associated with UBS Financial Services Inc. The client alleges that their financial advisor did not act in their best interest because he allegedly failed to warn them about the true tax consequences of a recommendation to sell variable annuities. The product type is listed as variable annuities. The disclosure lists alleged damages as $0.00, but explains that damages are estimated to exceed $5,000. The matter is identified as a written complaint, not an arbitration or civil action, and it remains pending.
Disclosure Summary
- Action: Customer dispute / written complaint
- Reporting source: Broker
- Employing firm at time of alleged conduct: UBS Financial Services Inc.
- Time frame of alleged conduct: April 19, 2024
- Complaint received: January 22, 2026
- Product involved: Variable annuities
- Allegation: Failure to warn about the true tax consequences of selling variable annuities; failure to act in the client’s best interest
- Alleged damages listed: $0.00
- Damages explanation: Estimated to be in excess of $5,000
- Disposition/status: Pending
- Arbitration or civil litigation: No
- Settlement amount: None reported
- Individual contribution: None reported
Investors evaluating this disclosure should pay close attention to the alleged tax-impact warning issue, the annuity product involved, and the fact that the complaint is still pending. To obtain a copy of Thomas Michael Higgins’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2111 concerns suitability. In substance, the rule requires a broker to have a reasonable basis to believe a recommendation is suitable for the customer based on that customer’s investment profile. In a case like this, if an advisor recommended selling variable annuities without adequately accounting for the investor’s circumstances or the potential tax consequences, that conduct could implicate Rule 2111’s customer-specific suitability obligation.
FINRA Rule 2090 is the Know Your Customer rule. It requires reasonable diligence to know the essential facts concerning every customer and the authority of each person acting on the customer’s behalf. In the context of this complaint, a failure to understand or properly account for essential facts such as the customer’s tax situation, investment objectives, liquidity needs, and overall financial profile could support scrutiny under Rule 2090.
FINRA Rule 2010 requires brokers and member firms to observe high standards of commercial honor and just and equitable principles of trade. Although Rule 2010 is broad, it is often cited when alleged misconduct involves unfair or unethical sales practices. If the facts ultimately show that the customer was not fairly informed about material tax consequences tied to an annuity recommendation, that conduct could also be analyzed under Rule 2010.
The Law Offices of Robert Wayne Pearce, P.A. is a nationally recognized securities law firm representing investors in FINRA arbitration and securities fraud cases on a contingency fee basis. Robert Wayne Pearce, the founding attorney, has more than 45 years of experience recovering millions for victims of broker misconduct and investment fraud. He previously defended major brokerage firms and now uses that insight to protect investors nationwide. To discuss your case directly with Mr. Pearce, call (800) 732-2889 or email pearce@rwpearce.com for a free consultation.