Last Updated: February 2025
If you’ve invested money through Osaic Wealth (formerly known as Royal Alliance Associates), you should be aware of the firm’s extensive history of regulatory violations, customer complaints, and financial penalties. This comprehensive review examines Osaic Wealth’s track record and what it means for investors.
About Osaic Wealth
Osaic Wealth, Inc. (CRD# 23131) is a broker-dealer headquartered in Scottsdale, Arizona. The firm has been registered with FINRA since 1988 and operates from its main office at 18700 N. Hayden Road. As a full-service brokerage firm, Osaic Wealth offers various investment products and services, including mutual funds, variable annuities, and retirement planning.
Key Regulatory and Compliance Issues
Our analysis of FINRA BrokerCheck records reveals concerning patterns of regulatory violations and customer complaints:
Recent Major Actions (2020-2024)
- 2024 FINRA Action: Fined $3,096,490 for failing to provide customers with mutual fund sales charge waivers and fee rebates.
- 2024 SEC Action: Fined $18,000,000 jointly with affiliated entities for failing to maintain and preserve off-channel communications.
- 2024 FINRA Action: Fined $150,000 for inadequate cybersecurity controls leading to data breaches affecting over 28,000 customers.
- 2023 SEC Action: Fined $100,000 for violations of custody rules regarding client funds and securities.
Historical Compliance Issues
The firm has demonstrated recurring problems in several key areas:
- Supervision Failures: Multiple regulatory actions cite inadequate supervision of financial advisors
- Fee Disclosure Issues: Repeated violations regarding mutual fund sales charges and fee disclosures
- Customer Protection: Multiple instances of failing to implement adequate safeguards for customer assets
- Cybersecurity Deficiencies: Recent actions highlight technological and data security shortcomings
Customer Arbitration History
Osaic Wealth has faced numerous customer arbitration claims, with many resulting in substantial monetary awards to customers. Notable examples include:
- 2019: $2,630,142 award for misrepresentation and failure to supervise
- 2016: $1,403,500 award for unsuitable investment recommendations
- 2015: $1,401,687 award for breach of fiduciary duty
Individual Financial Advisor Complaints
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.
Impact on Investors
These regulatory actions and arbitration awards suggest systemic issues that could affect current and former Osaic Wealth customers:
- Fee Overcharges: Many customers may have paid excessive fees or missed available fee waivers
- Unsuitable Investments: Some customers may have been placed in inappropriate investments
- Data Security Risks: Personal and financial information may have been compromised
- Supervision Gaps: Inadequate oversight may have allowed advisor misconduct to occur
Next Steps for Investors
If you’ve invested money through Osaic Wealth or its financial advisors, you should:
- Review your account statements and investment performance
- Document any concerns about unauthorized trades or unsuitable investments
- Check for unexplained fees or charges
- Consider whether your investments match your stated risk tolerance and objectives
Seeking Legal Assistance
If you believe you’ve suffered financial losses due to misconduct by Osaic Wealth or its representatives, you may have legal recourse. The investment fraud attorneys at Patil Law, P.C. specialize in helping investors recover losses caused by broker-dealer misconduct.
Contact us at 800-950-6553 for a free consultation to discuss your situation and explore your options. Our experienced team can evaluate your case and help determine the best course of action to protect your rights and seek compensation for any losses.
This blog post is for informational purposes only and does not constitute legal advice. Each case is unique and requires individual analysis by qualified legal counsel.
Frequently Asked Questions About Osaic Wealth Claims
How long do I have to file a claim against Osaic Wealth?
The time to file a claim (statute of limitations) varies depending on your state and the nature of your claim. Generally, you should act promptly as many securities-related claims have shorter timeframes than other types of legal actions. Contact us immediately to ensure you don’t miss any critical deadlines.
What types of compensation can I recover in a claim against Osaic Wealth?
Potential recoverable damages may include:
- Direct financial losses from unsuitable investments
- Excessive fees and commissions paid
- Lost opportunity costs
- Interest on losses
- In some cases, costs and legal fees
Do I need to have documentation to file a claim?
While documentation is helpful, don’t let a lack of paperwork stop you from seeking legal advice. We can help obtain relevant records and documentation through legal channels. However, it’s beneficial to gather:
- Account statements
- Communications with your advisor
- Investment agreements
- Any other relevant correspondence
How long does the claims process typically take?
The timeline varies depending on factors such as:
- Complexity of your case
- Amount of damages
- Whether the case settles or goes to arbitration Most cases resolve within 12-18 months, though some may conclude sooner or take longer.
What if my financial advisor has left Osaic Wealth?
You may still have a valid claim against Osaic Wealth even if your advisor is no longer with the firm. Brokerage firms are responsible for supervising their advisors and may be liable for misconduct that occurred while the advisor was employed there.
Will filing a claim affect my current investments or relationship with my advisor?
Filing a claim is your legal right and should not affect your other investments. However, many investors choose to move their accounts to new advisors when pursuing claims against their former firm or advisor. We can discuss these considerations during your free consultation.
What does it cost to pursue a claim?
At Patil Law, P.C., we typically handle investment fraud cases on a contingency fee basis, meaning we only get paid if we recover money for you. During your free initial consultation, we’ll explain our fee structure and answer any questions about costs.
Contact Patil Law, P.C. at 800-950-6553 to discuss your potential claim against Osaic Wealth. Our experienced investment fraud attorneys can help evaluate your case and explain your options for seeking recovery of your 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.