Edward Joseph Barfield of Kirkwood, Missouri, a stockbroker registered with Geneos Wealth Management Inc., is the subject of a customer initiated investment related complaint filed on July 18, 2023, in which the customer requested $292,000.00 in damages based upon allegations that Barfield made unsuitable recommendations in life insurance products when Barfield was associated with Geneos Wealth Management Inc. The customer alleged that Barfield recommended a fixed whole life insurance product in 2020 and created a tax liability in the transferring of her IRA to a revocable living trust account.
Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that Barfield is referenced in six other customer initiated investment related disputes concerning his conduct while associated with securities broker dealers. On January 25, 2017, a customer filed an investment related complaint involving Barfield’s conduct in which the customer requested $291,921.36 in damages based upon allegations that Barfield made unsuitable recommendations and failed to disclose information in connection with the sale of variable annuities and universal life insurance policies during the time that Barfield was associated with OneAmerica Securities. This complaint was settled on February 26, 2018, for $85,000.00 in damages.
On November 23, 2010, a customer initiated investment related complaint involving Barfield’s conduct was settled for $12,401.05 in damages based upon allegations that Barfield recommended a 1035 exchange of a variable annuity which reduced the customer’s guaranteed retirement income and that the investment strategy recommended by Barfield was inappropriate, resulting in unnecessary losses to the customer’s investments. This complaint was associated with Barfield’s employment at OneAmerica Securities Inc.
Barfield was also referenced in a customer initiated investment related complaint filed on February 22, 2011, in which the customer requested $12,000.00 in damages based upon allegations that Barfield misled the customers into using 401K funds for the purchase of life insurance, resulting in the purchase of two life insurance policies and not enough money to support the annual premium payments. This complaint was closed with no further action taken by the customer.
Barfield was additionally referenced in a customer initiated investment related FINRA securities arbitration claim that was settled for $55,000.00 in damages. This settlement was based upon allegations that Barfield made unsuitable recommendations in variable annuities when Barfield was associated with OneAmerica Securities Inc. FINRA Arbitration No. 10-02069.
On March 16, 2010, a customer initiated investment related complaint involving Barfield’s conduct was settled for $32,000.00 in damages. The customers alleged that the recommendations made by Barfield on June 29, 2007, which included mutual funds, life insurance products, variable annuities, fixed annuities, and variable universal life, were unsuitable and exposed them to unnecessary tax consequences and market risks.
Barfield has been associated with Geneos Wealth Management Inc., in Kirkwood, Missouri, since March 23, 2021. Previously, Barfield was registered with Cetera Advisor Networks LLC in Kirkwood, Missouri, from March 22, 2021, to March 25, 2021, and from September 20, 2019, to March 25, 2021. Additionally, Barfield was associated with Summit Financial Group Inc, also in Kirkwood, Missouri, from October 14, 2010, to March 25, 2021, and with Summit Brokerage Services Inc., from September 3, 2010, to September 20, 2019.
