March, 2025 | Based in Bentonville, AR
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Investor Alert: Critical Information About Travis Lynn Riggs
- Full Name: Travis Lynn Riggs
- CRD Number: 4334801
- Current Location: Bentonville, AR
- Current Employer: Private Advisor Group, LLC (since March 2023)
- Office Address: Business name “Natural State Wealth Advisors”
- Registration Status: Currently NOT registered as a broker
- State Licenses: Previously held Series 7, 66, and SIE licenses
- Experience: In financial industry since January 2001
- FINRA BrokerCheck: Two customer disputes (both settled)
- Previous Employers: Equitable Advisors, LLC (January 2001 – May 2023)
- Ability to Recover Losses: Investors may be eligible for FINRA arbitration depending on time frames
Detailed Overview of Travis Lynn Riggs’ Investment Practice History
Travis Lynn Riggs, a former financial advisor most recently associated with Private Advisor Group, LLC, under the business name “Natural State Wealth Advisors,” has been the subject of investment fraud investigations following customer complaints regarding his investment recommendations. Mr. Riggs began his career in the financial industry in January 2001 with Equitable Advisors, LLC (formerly AXA Advisors), where he remained until May 2023. His FINRA BrokerCheck report reveals a concerning pattern of customer disputes alleging unsuitable investment recommendations, particularly involving real estate investment trusts (REITs) and retirement account investments.
What makes this case particularly noteworthy is that Mr. Riggs is no longer registered as a broker but continues to operate as an investment adviser representative. According to his employment history, he transitioned to Private Advisor Group, LLC in March 2023, shortly before his broker registration with Equitable Advisors ended in May 2023. This transition raises questions about whether the separation from Equitable was related to the customer complaints or other undisclosed issues.
Our investigation aims to uncover the full extent of potential misconduct and help affected investors understand their options for recovering losses. The case also highlights the importance of differentiating between broker-dealers and investment advisers, as they operate under different regulatory frameworks and standards of care.
Background and Professional History
Travis Lynn Riggs entered the financial services industry in January 2001 when he joined Equitable Advisors, LLC (then known as AXA Advisors). He remained with this firm for over 22 years until May 2023. During his tenure, Mr. Riggs passed the General Securities Representative Examination (Series 7) and the Uniform Combined State Law Examination (Series 66), which qualified him to act as both a securities agent and an investment adviser representative. He also passed the Securities Industry Essentials (SIE) examination in October 2018.
Beyond his work as a financial advisor, Mr. Riggs maintains several other business activities that present potential conflicts of interest. According to his BrokerCheck report, he has been the President/Owner of Riggs & Associates, CPA, PA since January 1998, providing tax advice and tax preparation services. Additionally, he holds licenses to sell insurance products as an independent insurance agent. These multiple roles—financial advisor, tax professional, and insurance agent—create a complex web of relationships with clients that may blur the lines between different services and standards of care.
It’s worth noting that Mr. Riggs does not report holding any professional designations in the financial services field, despite his dual role as a CPA and financial advisor. This absence of advanced financial planning or investment management credentials may be relevant when evaluating his qualifications for recommending complex investment products such as REITs or specialized IRA investments.
Customer Disputes and Settlement Details
Mr. Riggs’ FINRA BrokerCheck report reveals two settled customer disputes, both involving allegations of unsuitable investment recommendations:
First Dispute (2020-2022)
In February 2020, a client filed a FINRA arbitration claim (Case #20-00406) alleging that a real estate investment trust (REIT) recommended by Mr. Riggs in 2014 was unsuitable for the client’s needs and that the client was not properly informed of the associated risks. The client sought damages of at least $100,001.
After more than two years of proceedings, this matter was settled on June 8, 2022, for $50,000. According to the BrokerCheck report, the entire settlement amount was paid by the firm’s errors and omissions insurance carrier, with no personal contribution from Mr. Riggs.
Second Dispute (2020-2022)
In December 2020, while the first dispute was still pending, another client filed a FINRA arbitration claim (Case #20-04208) alleging that Mr. Riggs made unsuitable recommendations of investments within the client’s Individual Retirement Account (IRA). Though the client did not specify an exact dollar amount for damages, this matter was settled on March 22, 2022, for $42,500. Again, the firm covered the full amount of the settlement, with no personal contribution from Mr. Riggs.
The timing and nature of these complaints are significant. Both were filed in 2020 and settled in 2022, suggesting a period of increased scrutiny of Mr. Riggs’ investment recommendations. The fact that both cases resulted in substantial monetary settlements—totaling $92,500—indicates that the firms involved recognized potential merit in the clients’ claims.
Moreover, the nature of the allegations—unsuitable investments in a REIT and within an IRA—points to potential systemic issues with Mr. Riggs’ approach to investment recommendations, particularly regarding higher-risk or complex investment products.
Red Flags and Warning Signs for Investors
The customer disputes against Mr. Riggs highlight several red flags that investors should be aware of when working with financial advisors:
1. Unsuitable Investment Recommendations
Both complaints against Mr. Riggs centered on allegations of unsuitable investment recommendations—a fundamental violation of FINRA Rule 2111, which requires brokers to have a reasonable basis for believing that a recommended investment or investment strategy is suitable for the customer, based on the customer’s investment profile.
2. Inadequate Risk Disclosure
The REIT complaint specifically alleged that the client was not properly informed of the risks associated with the investment. REITs, particularly non-traded REITs, often involve significant risks that may not be immediately apparent to average investors, including:
- Limited liquidity and restrictions on redemptions
- High fees and commissions that can significantly impact returns
- Complex tax implications
- Potential conflicts of interest in property acquisitions and management
- Valuation challenges due to the absence of public market pricing
3. Conflicts of Interest in Multiple Business Lines
Mr. Riggs’ multiple business activities—as a financial advisor, CPA, and insurance agent—create potential conflicts of interest. For example, clients who rely on Mr. Riggs for tax preparation might feel obligated to accept his investment recommendations or insurance products, even if those recommendations are not in their best interest.
4. Transition Between Firms and Registration Status
Mr. Riggs’ transition from Equitable Advisors to Private Advisor Group in early 2023, followed by the termination of his broker registration, raises questions about the circumstances of his departure. While the BrokerCheck report does not indicate that his registration was terminated for cause, the timing relative to the settlement of customer disputes merits attention.
Legal and Regulatory Framework
Financial advisors like Mr. Riggs are subject to various regulations designed to protect investors. Understanding these regulations is crucial for evaluating potential misconduct:
FINRA Rule 2111 (Suitability)
When making investment recommendations, brokers must adhere to FINRA Rule 2111, which requires them to have a reasonable basis for believing that the recommendation is suitable for the customer based on the customer’s investment profile. This profile includes factors such as:
- Age and time horizon
- Risk tolerance
- Financial situation and needs
- Tax status
- Investment objectives
- Investment experience
- Liquidity needs
- Other investments and holdings
Regulation Best Interest (Reg BI)
Since June 2020, broker-dealers and their associated persons have been required to comply with Regulation Best Interest, which established a heightened standard of conduct. Under Reg BI, brokers must:
- Act in the best interest of the retail customer without placing their own financial interests ahead of the customer’s interests
- Disclose all material facts about the scope and terms of their relationship with the customer
- Exercise reasonable diligence, care, and skill when making recommendations
- Establish, maintain, and enforce policies to identify and address conflicts of interest
Fiduciary Duty for Investment Advisers
As an investment adviser representative with Private Advisor Group, Mr. Riggs is now subject to the fiduciary duty imposed by the Investment Advisers Act of 1940. This duty is generally higher than the standard that applies to brokers, requiring advisers to:
- Put their clients’ interests above their own
- Disclose all material facts and conflicts of interest
- Provide suitable investment advice based on the client’s financial situation and objectives
- Avoid conflicts of interest when possible and fully disclose and fairly manage unavoidable conflicts
The transition from broker to investment adviser representative represents a significant shift in legal obligations and standards of care.
Focus on Real Estate Investment Trusts (REITs)
One of the complaints against Mr. Riggs specifically involved a REIT recommendation, which warrants closer examination of these complex investment vehicles:
What Are REITs?
Real Estate Investment Trusts (REITs) are companies that own, operate, or finance income-producing real estate across various property sectors. They allow individual investors to earn dividends from real estate investments without having to buy, manage, or finance properties themselves.
Types of REITs
- Publicly Traded REITs: Listed on major stock exchanges, offering liquidity but subject to market volatility.
- Public Non-Traded REITs: Registered with the SEC but not traded on public exchanges, typically offering less liquidity and transparency.
- Private REITs: Not registered with the SEC and not publicly traded, generally available only to accredited or institutional investors.
Common Issues with Non-Traded REITs
Non-traded REITs, which are more likely to be recommended by financial advisors due to their higher commissions, present several risk factors:
- Limited Liquidity: Investors may be unable to access their invested capital for extended periods, often 7-10 years or longer.
- High Fees: Front-end fees can consume up to 12-15% of the initial investment, significantly reducing the amount actually invested in real estate.
- Valuation Challenges: Without market-based pricing, determining the true value of the investment can be difficult.
- Distribution Sustainability: Distributions may include return of principal rather than actual earnings, potentially masking poor performance.
- Conflicts of Interest: Related-party transactions and fee structures may create conflicts between the REIT management and investors.
Given these characteristics, non-traded REITs are generally considered suitable only for investors who have substantial financial resources, limited need for liquidity, and the ability to bear significant risk—criteria that may not align with many retail investors’ profiles.
Guidance for Potentially Affected Investors
If you’ve worked with Travis Lynn Riggs and are concerned about the suitability of your investments or the quality of disclosure you received, consider taking these steps:
1. Review Your Investment Portfolio
- Identify any REITs, alternative investments, or complex products in your portfolio
- Assess whether these investments align with your stated investment objectives, risk tolerance, and time horizon
- Review the performance of these investments compared to appropriate benchmarks
2. Gather Documentation
- Collect all account statements, investment confirmations, and marketing materials
- Locate any correspondence with Mr. Riggs regarding your investments
- Review disclosure documents provided at the time of investment
- Document any verbal representations or promises made regarding the investments
3. Understand Time Limitations
FINRA arbitration claims generally must be filed within six years of the event giving rise to the claim. Given that one of the disputes against Mr. Riggs involved a 2014 REIT investment that wasn’t challenged until 2020, it appears this six-year window applies to when the harm was discovered, not necessarily when the investment was made.
4. Consider Professional Evaluation
Have your portfolio reviewed by an independent financial advisor who has no connection to Mr. Riggs or his current or former firms. This can provide an objective assessment of whether the investments were appropriate for your situation.
How Our Investment Fraud Attorneys Can Help
Recovery of investment losses resulting from unsuitable investment recommendations, inadequate risk disclosure, or other misconduct requires specialized legal expertise. Our investment fraud attorneys offer:
Comprehensive Case Evaluation
We provide a thorough, no-obligation review of your investment history to identify potential claims related to Mr. Riggs’ recommendations, particularly focusing on REITs, IRA investments, and other complex products.
FINRA Arbitration Expertise
Our attorneys have extensive experience representing investors in FINRA arbitration proceedings—the primary forum for resolving disputes with financial advisors. We understand the procedural rules, evidentiary standards, and strategic considerations necessary for successful outcomes.
Damage Calculation and Recovery Strategy
We work with financial experts to accurately calculate your investment losses, including opportunity costs and appropriate interest. Our team develops tailored strategies to maximize your potential recovery.
Contingency Fee Representation
We handle investment fraud cases on a contingency fee basis, meaning you pay legal fees only if we successfully recover compensation for your losses. This approach aligns our interests with yours and provides access to high-quality legal representation regardless of your financial situation.
If you invested with Travis Lynn Riggs and have concerns about your investments—particularly REITs or retirement account allocations—time may be a critical factor in preserving your right to seek recovery. The pattern of customer disputes settled in 2022 suggests that other investors may have experienced similar issues.
Don’t wait to explore your options for recovery. Contact our experienced team of investment fraud attorneys today by calling Call 800-950-6553 or submitting our secure online form to schedule your confidential, no-cost consultation.
