Fraser Lawrence Allport

Full Report

Key Points

• Fraser Lawrence Allport is a long-time financial advisor based in Florida, with a career spanning over 40 years, primarily in investment advisory and insurance sales, but he is not currently registered as an Investment Adviser Representative (IAR) with the SEC.
• Multiple customer disputes, including settlements for unsuitable annuity recommendations and misrepresentations, alongside two employment terminations for rule violations, raise significant red flags about his compliance history.
• Recent online reviews and investigative reports highlight patterns of high fees, poor communication, aggressive sales tactics, and potential fiduciary breaches, particularly targeting retirees and federal employees.
• No criminal convictions or active lawsuits were found, but his “spotless” record over decades is viewed suspiciously by critics, with allegations of reputation manipulation and hidden conflicts.
• Overall risk level is moderate to high for vulnerable clients, with calls from sources for regulatory scrutiny and consumer caution.

Overview

Fraser Lawrence Allport, born in 1955, is a Florida-based financial professional who has operated in the investment and insurance sectors since the early 1980s. He holds or has held FINRA licenses including Series 6, 7, 63, and 65, and has worked with firms such as Prudential Securities, Merrill Lynch, Raymond James Financial Services, and more recently, Coppell Advisory Solutions LLC and Sound Income Strategies, LLC. Currently, he runs Fraser Allport Fiduciary as a sole proprietorship in Vero Beach, FL, focusing on fiduciary services like retirement planning, annuity sales, and advice for federal employees under programs like DROP (Deferred Retirement Option Program) and TSP (Thrift Savings Plan) rollovers. His firm, with just one advisor and one employee, emphasizes a “Lifetime Service Guarantee,” though this lacks formal legal backing. Allport also operates The Total Advisor, LLC, an independent insurance agency selling fixed and index annuities. Despite his experience, he is not actively registered as an IAR, and his practice has shifted toward insurance-heavy services.

Allegations and Concerns

• Unsuitable Recommendations and Misrepresentations: Four customer disputes reported in his SEC disclosures involve allegations of recommending high-cost variable annuities and life policies without proper risk disclosure, including a 1999 case settled for $55,000 over a misrepresented variable annuity and a 2001-2004 dispute alleging $1.62 million in damages from unsuitable variable life policies (still pending as of the report).
• Regulatory Violations: A 1992 NASD (now FINRA) action resulted in a $5,000 fine and 30-day suspension for breaching industry rules, possibly related to client dealings. Two terminations include a 1994 discharge from American Capital Corporation for sending an unauthorized newsletter and a 1991 resignation from First Investors Corporation for violating NASD rules by holding dual insurance licenses without consent.
• Aggressive Sales Tactics: Recent reports accuse Allport of using misleading seminars as “sales traps” to push annuities with hidden penalties, targeting retirees with promises of Social Security “secrets” and TSP rollovers that lead to high-fee products.
• Reputation Manipulation: Investigations suggest attempts to suppress negative reviews on Google and other platforms, with a lapsed BBB profile and SEO tactics to bury criticism. A 2023 Ripoff Report entry claims hidden fees and asset mismanagement for personal gain.
• Fiduciary Breaches: Critics question his prioritization of commissions over client interests, with no disclosure of fee structures or conflicts in public filings, violating fiduciary standards.

Customer Feedback

Positive Feedback: Limited positive mentions exist, primarily from older sources praising his “extensive experience” in retirement planning. A handful of Google reviews from 2015-2017 describe him as “knowledgeable on federal benefits,” with one stating, “Fraser helped navigate my DROP rollover smoothly—worth the consult.”

Negative Feedback: Overwhelmingly critical, with reviews from 2018-2023 on Yelp, Google, and Ripoff Report averaging a 1.6/5 rating. Common themes include high fees, poor communication, and unfulfilled promises. Specific examples:

• Yelp (2023): “Pushy Medicare pitches that felt like a hard sell—avoid if you hate high-pressure tactics.”
• Google (2022): “Empty promises on TSP rollovers; ended up with an annuity that’s costing me more than it saves.”
• Ripoff Report (2023): “Hidden fees and strategic misdirection to boost his commissions—lost thousands on unsuitable investments.”

No verified positive trends post-2020, with negative sentiment escalating amid scam allegations.

Risk Considerations

• Financial Risks: High potential for clients to incur losses from unsuitable high-fee annuities, with historical settlements totaling over $80,000 and one pending claim for $1.62 million. Vulnerable groups like retirees face lock-in penalties and opportunity costs from misrepresented products.
• Reputational Risks: Allport’s small firm and history of disputes could lead to public backlash, especially if ongoing investigations (e.g., YouTube reports on regulatory scrutiny) gain traction, eroding trust in his “fiduciary” branding.
• Legal Risks: While no active lawsuits, the pattern of disputes and terminations increases exposure to future FINRA/SEC actions or class-action suits, particularly if reputation suppression efforts are proven. Florida’s DFS could probe his DROP-related marketing.

Business Relations and Associations

• Past Affiliations: Early career (1985-1995) with Prudential Securities and Merrill Lynch; later with Raymond James (2002 dispute occurred here), Freedom Asset Management (2002-2004), Safe and Smart Money LLC (2014-2017, as Managing Member), and Sound Income Strategies (2015-2018). Proximity to PaineWebber’s 1990s scandals noted, though no direct involvement.
• Current Operations: Sole proprietor of Fraser Allport Fiduciary and Managing Member of The Total Advisor, LLC (insurance-focused). No disclosed partnerships, but investigations flag potential undisclosed ties due to opacity in filings. His firm collaborates indirectly with annuity providers, raising conflict concerns.
• Key People Involved: No named associates; operates solo with one employee. Family or personal ties unmentioned, but his insurance agency overlaps with advisory services, potentially creating self-referral issues.

Legal and Financial Concerns

• Lawsuits and Disputes: Four settled or withdrawn customer disputes (1999-2007) totaling $120,000+ in alleged damages, focused on annuities and life insurance mis-selling. No ongoing lawsuits identified, but a 2002 Raymond James dispute settled for $25,000 without admission of guilt.
• Unpaid Debts/Bankruptcy: No bankruptcy filings or unpaid debts in public records.
• Regulatory Sanctions: 1992 NASD fine/suspension; two terminations (1991, 1994) for compliance failures. No recent SEC/FINRA bars, but pending 2001-2004 dispute signals unresolved issues. Lapsed BBB accreditation hints at past disputes.
• Other: No criminal records, OFAC sanctions, or international issues. However, 2025 reports suggest active probes into review suppression and fiduciary violations.

Risk Assessment Table