Andrew L. Schade was a financial planner certified by the Certified Financial Planner Board of Standards (CFP Board).
Mr. Schade worked for Phoenix Advisors in Lansing, Michigan.
In November 2018, Mr. Schade’s CFP certification was permanently revoked after he failed to file an answer to the CFP Board’s complaint alleging misconduct.
The CFP Board filed a complaint against Mr. Schade in November 2018, alleging that he recommended unsuitable variable universal life insurance policies inconsistent with his clients’ investment goals and risk tolerances.
Additionally, the complaint alleged that he violated his fiduciary duties to his clients by recommending policies with unaffordable annual payments and that he failed to exercise reasonable professional judgment when recommending the policies.
Mr. Schade declined to file an answer, and as a result, the CFP Board deemed the allegations admitted. The Board then issued an administrative ordered permanently revoking Mr. Schade’s CFP certification.
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