Patrick Dwyer

Key Points

• Patrick Dwyer is a prominent wealth advisor and Managing Director at NewEdge Wealth, previously employed at Merrill Lynch and Silicon Valley Bank.
• He faces multiple allegations of unsuitable investment recommendations, with two pending FINRA cases claiming damages of $5.3 million and $600,000.
• Dwyer was allowed to resign from Merrill Lynch in 2019 following allegations of improper conduct related to government lobbying activities.
• He has a history of attempting to expunge customer complaints from his FINRA record, including a controversial arbitration case.
• Despite legal and regulatory issues, Dwyer has received significant industry accolades, including Forbes’ #1 Best-In-State Wealth Advisors for Florida.
• Customer feedback is mixed, with professional accolades contrasted by serious investor complaints about high-risk investment strategies.

Overview

Patrick Dwyer is a seasoned financial advisor and Partner/Managing Director at NewEdge Wealth, a wealth management firm. With a career spanning over three decades, he has held significant roles, including Private Wealth Advisor at Merrill Lynch (1993–2019) and Managing Director at Silicon Valley Bank before joining NewEdge Wealth. Dwyer specializes in wealth management, advising high-net-worth clients on investments, portfolio diversification, and financial planning. He is a member of the Forbes Finance Council and has been recognized as a top advisor, ranking #1 on Forbes’ Best-In-State Wealth Advisors for Florida, #5 on Forbes’ America’s Top Wealth Advisors, and appearing on Barron’s Top 100 Financial Advisors and Financial Times’ Top 400 Financial Advisors lists. Dwyer is also involved in philanthropy, serving as a board director for the Neuroscience Centers of Florida Foundation and the Key Biscayne Community Foundation, and supporting educational causes through The Dwyer Family Foundation.

Allegations and Concerns

Several serious allegations and regulatory concerns have been raised against Patrick Dwyer, primarily related to his time at Merrill Lynch:

• FINRA Disputes: Two pending FINRA arbitration cases (case #21-002251, filed September 2021, and case #21-03057, filed December 2021) allege unsuitable investment recommendations and misrepresentations, particularly involving high-risk option trading. The claimed damages are $5.3 million and $600,000, respectively. Additionally, Dwyer’s BrokerCheck record lists nine prior customer disputes, indicating a pattern of investor complaints.
• Collateral Yield Enhancement Strategy (CYES): Levin Law, P.A., filed an arbitration claim against Merrill Lynch, alleging that Dwyer recommended the CYES program as a low-risk strategy despite its high risk, leading to significant investor losses. The claim seeks $600,000 in damages. Investors have alleged misrepresentations regarding the program’s risk profile.
• Merrill Lynch Resignation: In August 2019, Dwyer was allowed to resign from Merrill Lynch after allegations that he engaged in activities inconsistent with firm standards, specifically related to government lobbying activities. He claimed these actions were taken after consulting personal counsel.
• Expungement Controversy: Dwyer has been engaged in a long-running effort to expunge customer complaints from his FINRA Central Registration Depository (CRD) record. In 2015, California courts denied his expungement request (filed under “John Doe”). He later won a FINRA arbitration case in 2017, awarding expungement, but FINRA sought to vacate the award in 2018, accusing Dwyer of “forum shopping” and “fraudulent manipulation” for failing to disclose the prior court decision.
• Political Contributions: The Miami Herald reported that Dwyer contributed $25,000 in 2018 to the campaign of Florida Chief Financial Officer Jimmy Petronis, allegedly to influence state regulators to support his expungement efforts. This raises concerns about potential ethical violations.

Customer Feedback

Customer feedback on Patrick Dwyer is polarized, reflecting both his professional accolades and serious investor grievances:

• Positive Feedback:
  • Industry recognition highlights Dwyer’s expertise and client satisfaction. For example, his rankings on Forbes’ Best-In-State Wealth Advisors and Barron’s Top 100 Financial Advisors lists suggest strong performance in client asset management, retention, and compliance.
  • A LinkedIn testimonial praises Dwyer’s leadership and commercial acumen, stating, “Patrick is not only an accomplished legal counsel, he is a strong commercial leader… his advice was always well considered and commercially sound.”
• Negative Feedback:
  • Investors have filed significant complaints about unsuitable recommendations. One investor in FINRA case #21-002251 alleged, “Patrick Dwyer recommended an unsuitable investment… causing $5.3 million in damages due to option trading.”
  • Another investor in the CYES case claimed, “The CYES program was represented as a conservative investment or ‘low-risk strategy’ despite carrying a substantial risk of investment loss.”
  • The volume of complaints (11 total disputes, including two pending) suggests recurring issues with investment suitability and transparency.

Risk Considerations

• Financial Risks: Investors face potential losses due to Dwyer’s alleged recommendations of high-risk strategies like option trading and CYES, which may not align with clients’ risk tolerance or financial goals. The pending FINRA cases, if resolved against Dwyer, could result in substantial financial penalties or restitution.
• Reputational Risks: Dwyer’s history of customer disputes, resignation from Merrill Lynch, and expungement controversies may damage his credibility and that of NewEdge Wealth. The Miami Herald report on political contributions further tarnishes his reputation, suggesting potential ethical lapses.
• Legal Risks: Ongoing FINRA arbitration cases and past regulatory scrutiny (e.g., FINRA’s attempt to vacate the 2017 arbitration award) indicate a high likelihood of continued legal challenges. Dwyer’s alleged lobbying activities could also attract further regulatory attention.
• Operational Risks: Dwyer’s leadership role at NewEdge Wealth means his legal and reputational issues could impact the firm’s client retention and ability to attract new business.

Business Relations and Associations

• NewEdge Wealth: Dwyer serves as Managing Director, driving growth for the firm. NewEdge Wealth focuses on wealth management for high-net-worth clients.
• Merrill Lynch: Dwyer was a Private Wealth Advisor from 1993 to 2019, leaving under controversial circumstances.
• Silicon Valley Bank: Prior to NewEdge Wealth, Dwyer was a Managing Director, though specific details of his role are limited.
• Philanthropic Affiliations: Dwyer is a governing board director for the Neuroscience Centers of Florida Foundation and the Key Biscayne Community Foundation. He also supports educational initiatives through The Dwyer Family Foundation and serves on the Parent Council at Wake Forest University.
• Forbes Finance Council: As a member, Dwyer contributes articles on wealth management strategies, enhancing his industry influence.
• Past Associations: Dwyer held board positions at the Telluride Science Research Center, Carrollton School of the Sacred Heart, and Mercy Hospital, indicating strong community ties.

Legal and Financial Concerns

• Lawsuits: Two pending FINRA arbitration cases (#21-002251 and #21-03057) allege unsuitable investment recommendations and misrepresentations, with claimed damages of $5.9 million combined. Nine prior customer disputes are noted on Dwyer’s BrokerCheck record, though specific outcomes are not detailed.
• Regulatory Actions: FINRA’s 2018 attempt to vacate Dwyer’s 2017 expungement award highlights regulatory concerns about his conduct, including accusations of “forum shopping” and “fraudulent manipulation.”
• Termination: Dwyer’s 2019 resignation from Merrill Lynch was linked to allegations of improper conduct, specifically government lobbying activities.
• No Bankruptcy or Liens: No records indicate personal bankruptcy, judgments, or liens against Dwyer.
• Political Contributions: The $25,000 donation to Jimmy Petronis’ campaign raises ethical concerns, though no formal legal action has been reported.

Risk Assessment Table

Expert Opinion

Analysis: Patrick Dwyer is a highly accomplished wealth advisor with a strong track record of industry recognition, evidenced by his Forbes and Barron’s rankings. His expertise in wealth management and leadership at NewEdge Wealth make him a significant figure in the financial services industry. However, his career is marred by serious allegations, including multiple FINRA disputes, a controversial resignation from Merrill Lynch, and ethical concerns stemming from political contributions. The pending lawsuits, particularly those involving high-risk investment strategies, suggest a pattern of questionable judgment in client recommendations. The expungement controversy and FINRA’s accusations of “fraudulent manipulation” further undermine his credibility. While Dwyer’s philanthropic efforts and industry accolades demonstrate positive attributes, the volume and severity of complaints cannot be ignored.

Pros:

• Extensive experience and industry recognition (Forbes, Barron’s, Financial Times).
• Strong leadership at NewEdge Wealth and community involvement.
• Expertise in wealth management, with insights shared via Forbes Finance Council.

Cons:

• Multiple FINRA disputes alleging unsuitable investments, with $5.9 million in pending claims.
• Ethical concerns from lobbying allegations and political contributions.
• History of expungement efforts suggests attempts to conceal past issues.

Cautionary Advice: Potential clients and business partners should exercise significant caution when engaging with Patrick Dwyer. Thoroughly review his BrokerCheck record and seek independent verification of his investment recommendations. Investors should prioritize advisors with cleaner regulatory histories, especially for high-stakes portfolios. NewEdge Wealth should monitor Dwyer’s legal issues closely to mitigate reputational risks to the firm. If considering Dwyer’s services, demand full transparency regarding past disputes and ensure investments align with your risk tolerance.

Key Citations

• Forbes Finance Council Profile:
• FINRA BrokerCheck and Dispute Records:
• Levin Law, P.A., CYES Case:
• Miami Herald Report on Political Contributions:
• NewEdge Wealth Profile:
• LinkedIn Testimonials and Professional Background:
• Barron’s and Financial Times Rankings: