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FROM APRIL 24, 2012 THE CLIENT BOUGHT A HARTFORD MODIFIED ENDOWMENT CONTRACT (MEC) AND CLAIMS THAT SHE HAS A FORM FROM THE FINANCIAL ADVISOR ON 4/10/12 STATING A CHECK FOR $14,333.36 WAS SENT TO HARTFORD ON 4/9/12. ON 4/24/12 THE CLIENT CLAIMS THE FINANCIAL ADVISOR TOLD HER ABOUT HARTFORD SELLING OFF A DIVISION AND THAT WE WOULD NO LONGER SELL THEIR PRODUCT . THE CLIENT STATES EDWARD JONES KNEW ABOUT THE CHANGE AS OF 3/21/12 WHICH GAVE THE FINANCIAL ADVISOR AMPLE TIME TO INFORM HER AND BE ABLE TO CANCEL THE TRANSACTION.
Damage Amount Requested
$5,000.00
Settlement Amount
$5,719.11
Broker Comment
EDWARD JONES HAS WORKED CLOSELY WITH HARTFORD LIFE AND ANNUITY COMPANY TO RESOLVE THIS MATTER WITHOUT FINANCIAL IMPACT TO THE CLIENT. HARTFORD HAS BEEN IN DIRECT CONTACT WITH THE CLIENT AND EXPLAINED THE PROCESS TO HAVE THE CONTRACT RESCINDED.
FIRM RECORDS INDICATE THAT ON JUNE 19, 2012 THE CLIENT SIGNED THE RELEASE FORM REQUESTED BY HARTFORD AND UPON RECEIPT OF THE EXECUTED RELEASE ON JUNE 22, 2012, HARTFORD INITIATED THE RESCISSION PROCESS. THE CONTRACT WAS RESCINDED WITH NO COST OR DIRECT FINANCIAL HARM TO THE CLIENT AND THE PREMIUM WAS REFUNDED IN FULL.
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.