**SUITABILITY** CLIENT ALLEGED THAT HIS MUTUAL FUNDS WERE NOT SUITABLE FOR HIS OBJECTIVE OF GROWTH WITH MODERATE RISK TOLERANCE.

$73,857.00

**UPDATE-FIRM DENIED CLAIM ON APPROX. 4/1/04** CLAIMANTS BECAME CLIENTS IN 1995. THEY ROLLED OVER AN IRA IN MARCH OF 2000. CLIENTS INDICATED THEY WERE A LONG TIME HORIZON (CERTAINLY NOT FOUR YEARS) AND THAT THE IRA WAS TO HELP SUSTAIN THEIR LIFESTYLE IN RETIREMENT (15+ YEARS AWAY). THEY INDICATED THEY HAD A MODERATE RISK TOLERANCE AND THAT GROWTH WAS THEIR PRIMARY INVESTMENT OBJECTIVE. I BASED MY RECOMMENDATIONS ON THOSE FACTS AND FEEL THEIR ISSUES ARE WITHOUT MERIT. IN ADDITION, ONE OF THE CLAIMANTS WAS EMPLOYED AS A FINANCIAL ADVISOR TRAINEE WITH RAYMOND JAMES STARTING AUGUST 31,2001. AT THAT CLAIMANT'S REQUEST, I TRANSFERRED ALL OF HIS ACCOUNTS TO HIS REP NUMBER. THEY WERE UNDER HIS SUPERVISION. IN EFFECT, CLAIMANT WAS HIS OWN ADVISOR AFTER AUGUST 31, 2001 AND I WOULD NOT HAVE KNOWN IF HIS RISK TOLERANCE OR PERSONAL SITUATION HAD CHANGED - HE WOULD HAVE. BASED ON THESE FACTS I FIND THIS COMPLAINT UNFOUNDED.