Chuck Roberts, the high-profile advisor behind a structured-notes strategy that has sparked dozens of investor disputes and culminated in a record-breaking arbitration award, has exited Stifel Financial. His departure, effective July 9, is now reflected in FINRA’s BrokerCheck records.
A 35-year industry veteran, Roberts had been with Stifel since 2016. He has not registered with another firm as of this writing. A spokesperson for Stifel confirmed his resignation but declined to provide further comment. Roberts could not be reached.
Roberts’ tenure at Stifel has been marked by escalating client complaints. Since his arrival, he has accumulated 31 disclosures—most of which remain pending. FINRA arbitration panels have already ruled in three of those cases, awarding damages to clients.
The most notable of those rulings came in March, when a FINRA arbitration panel ordered Stifel to pay $132.5 million to a group of clients tied to Roberts' structured-notes strategy. The payout stands as the largest retail investor award in FINRA history. Stifel is currently seeking to overturn the decision in federal court, arguing that the clients were experienced, aggressive investors who fully understood the risks involved.
Despite those efforts, the complaints continue to roll in. BrokerCheck records show three new client disputes were filed in June alone, the latest on June 12.
The core issue in the arbitration centers on structured notes—a product that blends characteristics of fixed income and derivatives, often linked to the performance of underlying indices or securities. While structured notes can be engineered to offer partial downside protection and exposure to non-traditional asset classes, they also carry complexity, limited liquidity, and the potential for significant principal loss depending on their structure.
For wealth managers and RIAs, this case highlights critical risk management lessons—particularly around product suitability, disclosure, and documentation. While structured products may have a place in sophisticated portfolios, this outcome reinforces the importance of matching product design with investor profile, especially when dealing with leveraged or derivative-linked instruments.
It also underscores the reputational and legal risks firms face when high-producing advisors operate with minimal oversight. Advisors offering complex investment strategies should ensure clients understand not only the product features but the full range of potential outcomes in adverse market conditions.
As for Roberts’ next move, his record and ongoing legal exposure may limit his options within the broker-dealer community. However, the broader implications for Stifel and the advisory industry will likely unfold as the federal court considers whether to uphold the record-setting arbitration award.
