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The customer complains of surrender charges that it previously acknowledged in writing on multiple occasions.
Damage Amount Requested
$38,000.00
Broker Comment
The customer is moving its 403b plan to another platform and seems to have made these allegations as a means to avoid paying surrender charges from the current platform, despite having acknowledged and accepted the charges upon enrollment in the current product. Further, as the customer knows, these charges are not assessed by me, but rather by the annuity company. Finally, the charges will completely disappear in 24 months. Incurring the charges now is a choice made entirely by the customer.
A brokerage firm, also called a broker-dealer, is in the business of buying and selling securities – stocks, bonds, mutual funds, and certain other investment products – on behalf of its customer (as broker), for its own bank (dealer), or both. Individuals who work for broker-dealers - the sales personnel are commonly referred to as brokers.
IA
Investment Adviser
An investment adviser is paid for providing advice about securities to clients. In addition, some investment advisers manage investment portfolios and offer financial planning services.
Disclosures
Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.
Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.