Michael J. Skagen, CFP Data Breach

Michael J. Skagen, CFP, a financial advisor based in Renton, Washington and affiliated with Cetera Advisors LLC, recently notified clients of a data security incident that may have exposed some of their personal information. Financial professionals who manage clients’ sensitive personal and financial data have a responsibility to keep that information secure, and when an incident like this occurs, affected clients deserve clear answers about what was exposed and what protections are being offered.

Michael J. Skagen, CFP’s Data Breach Investigation

According to a notification letter filed with the Massachusetts Attorney General’s office, Michael J. Skagen worked with third-party specialists to investigate an incident and determine what personal information may have been involved. Through that investigation, it was determined that certain information may have been viewable to an unauthorized actor, including affected individuals’ names and driver’s license numbers. Skagen states there is currently no evidence of actual or attempted misuse of this information as a result of the incident.

The notice states that federal law enforcement and relevant regulatory authorities have been notified of the incident, and that Skagen is evaluating his existing security policies and procedures to help reduce the risk of a similar event occurring in the future. As an added precaution, affected individuals are being offered twenty-four months of complimentary credit monitoring and identity monitoring services through IDX.

Independent financial advisors and small advisory practices are frequently targeted by cybercriminals precisely because they often hold the same sensitive client data as larger institutions, such as identification numbers and account details, while sometimes operating with fewer dedicated cybersecurity resources than a large brokerage or bank. A single compromised advisor’s systems or files can expose the sensitive information of an entire client roster. Notifying federal law enforcement and regulators, as described in this letter, is a standard step for advisors registered with FINRA or the SEC when a client-data incident occurs.

Offering IDX credit and identity monitoring, even in the absence of confirmed misuse, reflects the same precautionary approach commonly seen across financial-services breach notifications: the driver’s license number specifically named here is a data point that can be used to open fraudulent accounts or verify a false identity, which is why monitoring services are typically recommended regardless of whether misuse has yet been confirmed.

When Did This Breach Occur?

The specific date the underlying incident occurred or was discovered was not disclosed in the publicly filed notice. The notification letter to affected clients is dated August 3, 2026, and was filed with the Massachusetts Attorney General’s office around the same time, consistent with Massachusetts’s breach-notification requirements.

What Information Was Breached?

Based on the investigation, Michael J. Skagen determined that certain information may have been viewable to an unauthorized actor, including affected individuals’ names and driver’s license numbers. Skagen has stated there is no evidence to date that this information has actually been misused.

What You Can Do

If you received a notice from Michael J. Skagen, CFP, consider taking the following steps to protect yourself:

• Enroll in the complimentary 24-month IDX credit and identity monitoring services described in the notification letter before the enrollment deadline.
• Regularly review your account statements and monitor your free credit reports for suspicious activity.
• Consider placing a fraud alert or a credit freeze on your credit file with Equifax, Experian, and TransUnion.
• Request a free copy of your credit report at annualcreditreport.com.
• Report any signs of identity theft to your state Attorney General and the Federal Trade Commission at identitytheft.gov.

File a Data Breach Lawsuit Against Michael J. Skagen, CFP

If you received a notice from Michael J. Skagen, CFP about this data security incident, you may have legal options available to you. Financial advisors who collect and store sensitive client information are expected to take reasonable steps to protect it, and when a breach occurs, affected clients may be entitled to pursue compensation.

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.