Client complains that the financial advisor misled him as to the amount of fees that would be charged and that he mismanaged the account. (9/12/2016-4/28/2020)

GUARDIAN FOR THE DELAWARE CLIENT WROTE IN AN EMAIL THAT SHE BELIEVED THAT SHE HAD BEEN TAKEN ADVANTAGE OF BY THE FA DUE TO HER LACK OF KNOWLEDGE OF THE STOCK MARKET. THE GUARDIAN FURTHER CLAIMED THAT HAD THE FA INFORMED HER ABOUT THE ACCOUNT CHANGES TO A COMPASS MODERATE GROWTH PORTFOLIO SHE WOULD HAVE SAID NO. THE GUARDIANSHIP ACCOUNT WAS ENROLLED IN THE FIRM¿S COMPASS ADVISORY PROGRAM, A DISCRETIONARY, WRAP-FEE, ADVISORY ACCOUNT MANAGED BY THE FIRM¿S ADVISORY SERVICES GROUP, ON OR ABOUT JANUARY 3, 2007. THE GUARDIAN FURTHER CLAIMED THAT THE FUNDS WERE NEEDED TO CARE FOR THE CLIENT AND THAT SHE WAS WAITING FOR THE MARKET TO IMPROVE TO INVEST THE FUNDS MORE PRUDENTLY. NO TIME PERIOD WAS SPECIFIED. NO DAMAGES WERE SPECIFIED NOR COMPENSATION REQUESTED. LOSSES (REALIZED AND UNREALIZED) IN THE GUARDIANSHIP ACCOUNT SINCE JANUARY 3, 2007 ARE ESTIMATED TO BE IN EXCESS OF $5,000.

THE COMPLAINT WAS DENIED BY THE FIRM ON DECEMBER 9, 2008. IT WAS DETERMINED THAT THE FA DID INFORM THE GUARDIAN ABOUT THE ENROLLMENT OF THE GUARDIANSHIP ACCOUNT IN THE FIRM'S COMPASS ADVISORY PROGRAM. FURTHER, THE GUARDIAN SIGNED THE COMPASS ADVISORY PROGRAM AGREEMENT AND SHE SELECTED THE COMPASS MODERATE GROWTH PORTFOLIO FOR THE GUARDIANSHIP ACCOUNT. BASED UPON A REVIEW OF THE GUARDIANSHIP ACCOUNT DURING THE RELEVANT TIME PERIOD, IT APPEARED THAT THE INVESTMENTS THAT WERE MADE FOR THE ACCOUNT WERE CONSISTENT WITH THE COMPASS MODERATE GROWTH PORTFOLIO THAT THE GUARDIAN HAD SELECTED FOR THE ACCOUNT. LOSSES AND/OR DECLINES IN THE VALUE OF THE ACCOUNT WERE THE RESULT OF MARKET FORCES WHICH COULD NOT HAVE BEEN PREDICTED AND OVER WHICH NEITHER THE FIRM NOR THE FA HAD ANY CONTROL.