Lakeview Wealth Management Data Breach

Lakeview Wealth Management, a financial advisory firm, has notified individuals of a data security incident that may have involved their personal information. Financial advisory firms handle some of the most sensitive information their clients have, including account details and identifying data, and when that information is exposed, affected individuals deserve a clear accounting of what happened.

Lakeview Wealth Management’s Data Breach Investigation

Lakeview Wealth Management, which is not affiliated with Osaic Wealth, Inc. but whose financial professionals are licensed with Osaic for the sale of securities and provision of financial advice, sent notification letters informing individuals of a data security incident that may have involved their personal information. The notice filed with state regulators does not publicly specify the exact date of the incident, the method of compromise, or the specific categories of data involved, as the version made available is a template used for the mass mailing rather than a filled-in copy identifying each recipient’s specific circumstances.

In response to the incident, Lakeview Wealth Management arranged for Kroll to provide affected individuals with two years of complimentary identity monitoring services, including credit monitoring, fraud consultation, and identity theft restoration support. Offering this level of monitoring is typically a sign that a firm takes the incident seriously and wants to give affected individuals real tools to detect misuse of their information going forward.

Financial services firms are common targets for cyberattacks because their systems typically store a combination of account numbers, Social Security numbers, and other data that can be used to facilitate fraud or identity theft. Client records held by wealth management and financial advisory firms are especially valuable to criminals because they often combine financial account access information with the personal identifying details needed to open new accounts or file fraudulent claims in a victim’s name.

When a company discloses a breach without publicizing every technical detail of the incident, it does not necessarily mean the investigation was incomplete — regulatory filings can lag behind a company’s internal understanding of an incident, and firms sometimes limit public detail to protect the integrity of an ongoing investigation. Still, affected individuals are entitled to understand what data of theirs may have been compromised, and to have a clear path to hold a company accountable when reasonable data security practices were not followed.

When Did This Breach Occur?

The specific date of the incident has not been publicly disclosed in the notice made available. Individuals who received a direct notification letter from Lakeview Wealth Management may find additional incident-specific detail, including dates, in their own copy of the letter.

What Information Was Breached?

Lakeview Wealth Management’s notice indicates that clients’ personal information may have been involved, but the publicly available version of the notice does not specify which categories of data were affected for the broader population of recipients. Affected individuals should review their own letter closely, as it may identify the specific data elements associated with their record.

What You Can Do

If you received a notice from Lakeview Wealth Management, consider taking these steps to protect yourself:

• Activate the two years of complimentary identity monitoring offered through Kroll using the instructions in your letter.
• Place a fraud alert with one of the three major credit bureaus (Equifax, Experian, or TransUnion) so creditors must verify your identity before opening new accounts.
• Consider a security freeze on your credit files for added protection against new accounts being opened in your name.
• Request your free annual credit reports at annualcreditreport.com and review them for unfamiliar activity.
• Monitor your financial and investment account statements closely for any unauthorized transactions.

File a Data Breach Lawsuit Against Lakeview Wealth Management

If you received a data breach notification letter from Lakeview Wealth Management, you may be entitled to compensation for the exposure of your personal information. Contact us at Class Action U, where we’ll connect you with a lawyer skilled in class action lawsuits. If you’ve been contacted about this breach, received notice, or discovered you were impacted, fill out our quick, easy, and secure form to sign up. There is no cost to reach out to our legal partner and no obligation after speaking with someone from our team.