Last Updated: February 2025
Understanding Equitable Advisors: Background and Overview
Equitable Advisors, LLC (formerly known as AXA Advisors) is a major broker-dealer and investment advisory firm headquartered in New York. The firm, established in 1999, operates across all 50 states and holds registrations with the SEC and FINRA. As a subsidiary of Equitable Holdings, Inc., the firm primarily focuses on mutual funds, municipal securities, variable life insurance, and annuities.
Key Findings and Concerning Trends
Our analysis of Equitable Advisors’ regulatory history reveals several troubling patterns:
- Significant Regulatory Actions: The firm has faced 26 regulatory events, highlighting persistent compliance and supervision issues.
- Customer Arbitration Cases: Multiple customers have successfully pursued arbitration claims against the firm, with several substantial monetary awards.
- Supervision Failures: Many regulatory actions cite inadequate supervision of financial advisors and failure to implement proper compliance systems.
Notable Regulatory Issues and Settlements
Recent significant regulatory actions include:
1. 2021 FINRA Settlement ($20,000 fine)
- Violated rules regarding settlement agreements with customers
- Improperly conditioned settlements on customers not opposing expungement requests
2. 2019 SEC Settlement ($600,000 fine)
- Misrepresented credit quality of bond funds
- Failed to establish adequate supervisory systems
- Required to pay restitution to affected customers
3. 2019 Share Class Selection Disclosure Initiative
- Failed to disclose conflicts of interest regarding mutual fund share classes
- Ordered to pay $972,007 in disgorgement plus interest
- Required to implement new compliance procedures
4. 2015 FINRA Action ($600,322 in restitution)
- Failed to provide sales charge waivers to eligible retirement accounts
- Demonstrated supervisory failures in monitoring mutual fund sales
Individual Advisor Section to be Completed with Specific Representative Complaints and Actions.
We are investigating financial advisors with this firm and will shortly update with specific individuals who have been or are currently subject to customer complaints and regulatory scrutiny.
What This Means for Investors
If you’re currently working with Equitable Advisors or have lost money due to their investment recommendations, understanding these regulatory issues is crucial. The pattern of supervisory failures and disclosure issues suggests systemic problems that could affect individual investors.
Taking Action to Protect Your Rights
Have you suffered financial losses while working with Equitable Advisors? You may have legal recourse to recover your investments. At Patil Law, P.C., we specialize in representing investors who have been harmed by broker-dealer misconduct and inadequate supervision.
Contact our experienced securities litigation team at 800-950-6553 for a free consultation. Our attorneys will review your case, explain your rights, and help determine the best course of action to recover your losses.
Frequently Asked Questions About Claims Against Equitable Advisors
How do I know if I have a valid claim against Equitable Advisors?
You may have a valid claim if you’ve experienced any of the following:
- Lost money due to unsuitable investment recommendations
- Weren’t informed about important fees or conflicts of interest
- Were sold high-commission products without proper disclosure
- Experienced unauthorized trading in your account
- Were sold variable annuities or other complex products without understanding the risks
- Your account shows excessive trading or churning
How long do I have to file a claim against Equitable Advisors?
There are strict time limitations for filing investment-related claims. Generally, FINRA arbitration claims must be filed within six years of the event giving rise to the dispute. However, state laws may provide different deadlines. It’s crucial to consult with a securities attorney as soon as you discover potential misconduct to preserve your rights.
What types of compensation can I recover in a claim against Equitable Advisors?
Potential recoveries may include:
- Return of lost investment principal
- Lost opportunity costs
- Interest on losses
- Account fees and commissions
- Attorney’s fees (in some cases)
- Punitive damages (in cases of serious misconduct)
How much does it cost to pursue a claim against Equitable Advisors?
At Patil Law, P.C., we typically handle investment fraud cases on a contingency fee basis. This means you pay no upfront legal fees, and we only get paid if we successfully recover money for you. During your free initial consultation, we’ll explain our fee structure and what you can expect throughout the process.
What is the process for filing a claim against Equitable Advisors?
The typical process includes:
- Initial consultation to review your case
- Collection and analysis of account statements and other documents
- Filing a FINRA arbitration claim or court lawsuit
- Discovery phase to obtain relevant evidence
- Settlement negotiations or arbitration hearing
- Award collection or appeal if necessary
Will I have to go to court?
Most investment disputes are resolved through FINRA arbitration rather than court. Arbitration is generally faster and less formal than court litigation. Many cases settle before reaching a final hearing. Our attorneys will guide you through each step of the process and handle all legal proceedings on your behalf.
How long does it take to resolve a claim against Equitable Advisors?
While each case is unique, FINRA arbitration typically takes 12-18 months from filing to resolution. Cases that settle may resolve more quickly, while complex cases or those involving multiple parties might take longer.
Have Additional Questions? Contact Patil Law, P.C. now at 800-950-6553 for a confidential consultation with an experienced securities attorney. We can evaluate your specific situation and help you understand your options for recovering investment losses.
This post is intended solely for informational purposes and does not constitute legal advice. Every case is unique and should be evaluated individually by qualified legal counsel. For more brokerage firm investigations by Patil Law, please visit the Brokerage Firm Investigations page.