In 1880, Russell Dorr founded the Bankers Association of Minnesota as the state’s first life insurance company. The name of the company changed to Minnesota Mutual Life Insurance Company (“Mutual Life”) in 1901 after it was restructured into a mutual life insurance company. In 1984, Securian Financial Services, Inc. (“Securian”) was officially established as a broker-dealer of Mutual Life. Today, Securian is a broker-dealer and registered investment adviser (RIA) headquartered in St. Paul, Minnesota. The firm, which provides insurance, investment, and retirement solutions, is a subsidiary of Securian Financial Group, Inc.
As of December 31, 2021, Securian had $106.1B in assets under management (AUM), 21M+ customers in North American, and 6,900 employees and representatives. Securian’s brokers are licensed in all 50 states as well as the District of Columbia.
Financial Misconduct at Securian Financial Services
Securian is licensed by the Financial Industry Regulatory Authority (FINRA), and as such is legally obligated to ensure its brokers are acting lawfully in the interest of their investors. If a client suffers losses as a result of negligent behavior or misconduct from a broker, then the firm may be held legally responsible to repay the damages.
Securian and brokers backed by Securian have a long history of misconduct. Per FINRA’s BrokerCheck report, SFS has 23 disclosures (10 regulatory events; 3 arbitrations; and 10 bonds).
In April 2020, Securian paid a $10,000 fine after the state of Alaska alleged that the firm had associated itself with four representatives as investment adviser representatives without them actually being registered in Alaska.
In February 2009, the state of Missouri alleged that Securian had failed to supervise one of its brokers, who had made an unsuitable recommendation to elderly investors. The firm was censured and fined $79,445 ($75,000 to the Missouri Secretary of State’s Investor Education and Protection Fund and $4,445 for investigation costs).
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Meyer Wilson reclaimed $350 million for the victims of investment fraud or misconduct. Our attorneys are experienced in going up against the largest investment firms, such as Securian Financial Services, Inc., and our track record affirms our resources and expertise. Meyer Wilson has represented clients nationwide and internationally, in state and federal courts, and in securities arbitration through FINRA and the American Arbitration Association (AAA). As an investor, you have a right to recover investments lost through unethical behavior or decisions made against your interests.