San Benito financial planner receives suspension
Roger D. Stevenson, a San Benito-based financial planner with Thrivent Financial for Lutherans, has been penalized by the Certified Financial Planner Board of Standards Inc. following a hearing by the board’s disciplinary and ethics commission.
In December the board issued an order suspending for 180 days Stevenson’s right to use the registered certification marks that identify him as a Certified Financial Planner. The suspension went into effect Dec. 28 and ends June 25.
The suspension followed the board’s investigation of a regulatory action by the Financial Industry Regulatory Authority Inc. (FINRA), formerly the National Association of Securities Dealers.
The disciplinary and ethics commission found that Stevenson exercised unauthorized discretion in client accounts by failing to confirm clients’ authorization of trades on the dates the trades were executed, and by executing trades without written authorization to exercise discretion and without Stevenson’s firm, Thrivent, accepting the accounts as discretionary.
The commission also found that Stevenson “failed to execute a trade in a client’s account after being directed to do so by the client,” and violated FINRA rules pertaining to discretionary accounts. Stevenson consented to a 20-day suspension from association with any FINRA member in any capacity and a $7,500 fine.
Stevenson declined to comment, referring questions to Thrivent’s public relations director, Brett Weinberg, at the company’s corporate headquarters in Minneapolis. Weinberg, in an emailed response, said Stevenson “fully cooperated with the firm during its review of the matter and with FINRA during its investigation as well as agreed to the settlement with FINRA and the CFP Board.”
“No customers were harmed in any way,” Weinberg noted.
Thrivent is a faith-based, not-for-profit financial services organization with approximately 2.6 million members.
The CFP board’s public disciplinary actions range from letters of admonition to suspension to permanent revocations of the right to use CFP certification marks. The board takes such actions in cases where it has found that its CFPs violate the board’s Standards of Professional Conduct, which require professionals to “act fairly and provide clients with financial planning advice and services, putting the clients’ interests first,” according to the board. The board’s disciplinary and ethics commission meets three times a year to review cases.
Stevenson is among 20 financial professionals around the country receiving disciplinary actions as a result of the CFP board’s most recent case reviews. Also in Texas, David L. Rhodes of Bryan received a letter of admonition, and Charles I. Alvarez, of Houston, had his right to use CFP certification marks permanently revoked.
