Justin Goodbread – Associated with a $400K agreement case and an unregistered firm? (New Update 2023)
Justin Goodbread is the owner of Financially Simple and a financial advisor. He runs Heritage Investors LLC as well, which is a financial advisory firm.
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Justin doesn’t have any state licenses and his financial advisory firm is not even registered in its home state. Furthermore, the self-proclaimed financial guru had to settle a case for $400,000 a few years ago.
The following review will help you determine if you should trust Justin Goodbread or not:
Who is Justin Goodbread CFP CEPA CVGA?
Justin Goodbread, CFP, CEPA, CVGA is the owner of FinanciallySimple.com, Heritage Investors and Heritage Business Advisors.
He has written 2 books, The Ultimate Sale and Your Baby’s Ugly.
Both of his books focus on teaching readers about business and the related skills. Justin Goodbread has been running Heritage Investors LLC since May 2009. He joined WealthSource Partners, LLC last year as their CSO.
At Financially Simple, he is the Editor In Chief and oversees the publication of its business articles and podcast episodes. There, he also offers various services including:
- Keynote speaking
- Group coaching
- Guest blogging
- Influencer promotions
Furthermore, his team at WealthSource Partners offers one-on-one business coaching, exit planning strategies, business financial planning and other related consultancy services.
On paper, Justin seems like an exemplary advisor. However, he has a crooked past. Also, his financial advisory firm, Heritage Investors LLC has lost most of its licenses this year.
In other words, Justin Goodbread runs a (mostly) unregistered advisory firm and has faced lawsuits for misrepresentation.
More on this in the next section of this review:
Justin Goodbread’s Disclosures:
When a financial advisor faces a legal dispute or complaint, it enters their professional record as a disclosure. Reliable and reputed financial advisors tend to have no disclosures.
Even if they do, their disclosures aren’t very significant.
On the other hand, shady advisors tend to have multiple disclosures on their FINRA BrokerCheck listing. It’s a good way to determine if a financial advisor is worthy of your trust or not.
According to his FINRA BrokerCheck listing, Justin Goodbread has 4 disclosures:
First Dispute: Negligence and Unsuitable Recommendations (Settled)
Here, the client alleged that Justin gave negligent and unsuitable investment recommendations. The recommendations were related to life insurance and annuity products, borrowing of money, and sale of securities holdings.
The client requested $725,000 in damages. Justin settled the case for $400,000.
As his explanation, Justin said that he settled the case without admitting or denying the allegations. He contributed $250,000 for the settlement while Securian Financial Services bore the rest of the burden.
Second Dispute: Detrimental Advice by Justin Goodbread(Denied)
This dispute occurred in 2010. Here, the client alleged that his advice and explanation of teh benefit rider for the client’s AXA annuity contract were inaccurate and financially detrimental.
They requested $9,800 in damages.
However, the firm denied the complaint.
Third Dispute: Wrong Annuity (Denied)
There isn’t much information available on this dispute.
Here, the client alleged that Justin Allan Goodbread sold him a variable annuity while representing it as a principal protection vehicle. When the annuity was issued, it didn’t have the protection feature.
FINRA’s listing doesn’t disclose any additional details related to this dispute. All they share is that the financial advisory firm had denied the complaint.
Fourth Dispute: Inappropriate Product Recommendation (Denied)
In this dispute, the customer alleged inappropriate product recommendations. They requested $34,000 in damages.
However, like most of the disputes of Justin Goodbread, his firm denied this one as well.
Keep in mind that financial advisory firms usually deny most of the disputes. Hence, it was quite alarming to see that Justin Goodbread had to settle a dispute, especially for a substantial sum of $400,000.
Heritage Investors: A Suspicious Brokerage Firm
Heritage Investors is a financial advisory firm based in Tennessee. Their office is located at 10641 Deerbrook Dr., Ste 100, Knoxville, TN 37922. Justin is the CEO and founder of this firm.
According to the Investment Adviser Firm Summary of Heritage Investors on SEC, the firm’s registration is terminated in the following states:
- West Virginia
In Massachusetts, the termination has been requested since 2020.
Even though Justin is based in Knoxville, Tennessee, his financial advisory firm is not registered in the state. In fact, his firm is not registered in a lot of states.
This raises suspicions on the ethics and business practices of the advisory firm. After all, if the advisory firm is not even registered in the state its office is in, is it really trustworthy?
The Investment Advisers Act of 1940 excludes certain firms from the definition of an investment adviser. But according to Justin’s Form ADV, he does not fall into that category.
Dealing with unregistered advisors can put you at a lot of risk. You should avoid dealing with unregistered investment advisors at all costs.
You should never deal with an unregistered financial advisor. It is unsafe and exposes you to a ton of risks. Although the SEC can take action against unregistered advisors and firms too, it doesn’t hold as much power over them as it does on registered ones.
Furthermore, reputed financial advisors don’t face so many lawsuits as Justin has.
All of this suggests that Justin Goodbread is not as reliable as he claims to be. It would be best for you to avoid him and any of his companies including Financially Simple, Heritage Investors and WealthSource.
Justin Goodbread is a sketchy advisor to say the least. He had to settle a lawsuit against him for giving poor recommendations for $400,000. Furthermore, his financial advisory firm is unregistered. Certainly, he is not a trustworthy authority in the financial field, no matter how much he acts like one.
- Highly experienced
- Unregistered advisory firm
- Faced multiple disputes for misrepresentation
- Settled a negligence case against him for $400,000