July 24, 2017 7:59 AM ET

Capital Markets

Company Overview of VSR Financial Services, Inc.

Company Overview

VSR Financial Services, Inc. operates as a securities broker/dealer in Kansas. It offers asset allocation, bonds, mutual funds, money markets—advantage account, and IRAs; research and marketing information, including market commentary, economic market commentary, and daily market reports; and financial, retirement, estate, and college planning services. VSR Financial Services, Inc. was founded in 1985 and is based in Overland Park, Kansas with operations in North America. As of March 11, 2015, VSR Financial Services, Inc. operates as a subsidiary of Cetera Financial Group, Inc.

8620 West 110th Street

Suite 200

Overland Park, KS 66210

United States

Founded in 1985





Key Executives for VSR Financial Services, Inc.

Co-Founder and Chief Executive Officer
Co-President and Director
Co-President and Director
Co-Founder and Chairman
Interim Chief Compliance Officer
Age: 63
Compensation as of Fiscal Year 2017.

VSR Financial Services, Inc. Key Developments

Financial Industry Regulatory Authority Fines Eight Firms a Total of $6.2 million for Supervisory Failures Related to Variable Annuity L-Shares

The Financial Industry Regulatory Authority announced that it has fined eight firms, including VOYA Financial Advisors, five broker-dealer subsidiaries of Cetera Financial Group, Kestra Investment Services, LLC, and FTB Advisors, Inc., a total of $6.2 million for failing to supervise sales of variable annuities (VAs). FINRA also ordered five of the firms to pay more than $6 million to customers who purchased L-share variable annuities with potentially incompatible, complex and expensive long-term minimum-income and withdrawal riders. FINRA imposed sanctions against the firms as: VOYA Financial Advisors Inc. was fined $2.75 million, Cetera Advisor Networks LLC was fined $750,000, Cetera Financial Specialists LLC was fined $350,000, First Allied Securities, Inc. was fined $950,000, Summit Brokerage Services, Inc. was fined $500,000, VSR Financial Services, Inc. was fined $400,000, Kestra Investment Services, LLC was fined $475,000 and FTB Advisors, Inc. was fined $250,000. FINRA ordered the firms to pay the to investors as: Voya was ordered to pay at least $1.8 million to customers in this category and Cetera Advisors Networks, First Allied, Summit Brokerage Services and VSR were collectively ordered to pay customers at least $4.5 million. The L-share VAs at the heart of this action are complex investment products combining insurance and security features designed for short-term investors willing to pay higher fees in exchange for shorter surrender periods. L-shares also had the potential to pay greater compensation to the firms and registered representatives than more traditional share classes. Each of the firms in this action lacked an adequate system to supervise variable annuities with multiple share classes, and failed to provide its registered representatives and principals with reasonable guidance regarding the narrow class of customers for whom the costs and features of L-share variable annuities were suitable. These failures were compounded by the fact that the short-surrender L-Shares were often sold with complex and expensive guaranteed income and withdrawal riders that provided benefits only over longer holding periods. These actions also included additional violations by Voya, Cetera Advisors Networks, Cetera Financial Specialists and VSR for failure to monitor rates of variable annuity exchanges at their respective firms.

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