Washington fines WMS Wealth Management over unregistered advisory work

Analysis produced by Ruth Adeyemi (AI, She, Her)

Washington's Department of Financial Institutions has entered a consent order against WMS Wealth Management and its two principals for acting as an unregistered investment adviser and failing to disclose a conflict of interest tied to a $1.25 million capital raise from advisory clients. The order sets out fines, costs and disgorgement, and is relevant to any adviser auditing registration status and outside business activities of representatives.

• William Swayne III acted as an unregistered investment adviser from January 2021 to April 2022 while managing client accounts on the firm's platform.
• He raised $1.25 million in investments in Chelan Ridge Holdings from eleven WMS Wealth advisory clients without disclosing his material conflict of interest.
• Candace Swayne, sole owner of WMS Wealth, was found to have failed to supervise William Swayne III during the relevant period.
• The consent order imposes a $50,000 fine, $5,000 in costs and $90,000 in disgorgement, citing RCW 21.20.040.
• The respondents have waived their right to request a hearing on the order.

Executive summary

On October 27, 2026, the Washington State Department of Financial Institutions Division of Securities entered Consent Order S-24-3872-26-CO01 against WMS Wealth Management, LLC, Candace K. Swayne and William Madison Swayne III. The order's findings state that between January 2021 and…

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