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Client alleged that his investments went from a conservative approach to variable annuities, but he did not feel he understood his investments; the client also alleged that when he questioned fees he was told his investment returns and guaranteed income offset the fees charged, which did not occur; and client alleges that he lost principal to pay fees. The allegation activity dates was for 05/08/2009 - 08/07/2012.
Damage Amount Requested
$31,818.70
8/15/2015
Customer Dispute
Denied
Allegations
THE CLIENT'S POA ALLEGES THE RR IMPROPERLY RECOMMENDED SURRENDERING TWO LIFE INSURANCE POLICIES THAT RESULTED IN A TAXABLE EVENT TO THE CLIENT.
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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.