The clients allege the RR provided a poor recommendation in regard to surrendering four annuities in May of 2019, as the resulting tax impact was greater than expected.

$173,269.00

In May of 2019 I presented an estate and tax planning proposal to the client, their attorney and their CPA. The plan consisted of surrendering 4 annuity contracts that the client did not need to produce income. My assumptions for the cost basis was wrong. The cost basis was much lower and the annuities we were surrendering had been 1035 exchanged previously by their former advisor. My error caused a taxable event that would have otherwise been avoided. I shared the error with my client immediately. The client was made whole and they are still active clients today.