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CLIENT STATES HE MET WITH FA FOR SUGGESTIONS ON INVESTING A RECENT INHERITANCE. CLIENT STATES FA GAVE CLIENT HIS PROPOSAL IN WHICH THE CLIENT TOOK HOME FOR FURTHER REVIEW. CLIENT STATES HE CONTACTED THE FA TO DISCUSS OTHER INVESTMENTS AND WAS INFORMED THE MONIES WERE ALREADY INVESTED. CLIENT STATES THIS WAS DONE WITHOUT APPROVAL. POTENTIAL LOSSES EXCEED $5000.
Damage Amount Requested
$5,000.00
Broker Comment
FA MET WITH THE CLIENT IN JULY AND GATHERED INFORMATION REGARDING CLIENT'S GOALS AND RISK TOLERANCE AND INFORMED CLIENT HE WANTED TO REVIEW THE DATA BEFORE HE COULD MAKE RECOMMENDATIONS. FA CONTACTED CLIENT AND DISCUSSED THE INVESTMENT PYRAMID AND THE DIFFERENCE BETWEEN OUR ASSET CLASSIFICATIONS. ADDITIONALLY, FA EXPLAINED MUTUAL FUNDS INCLUDING CLASS TYPES, BREAKPOINTS AND UNDERLYING EXPENSES INCLUDING HOW FA IS PAID. FA ALSO DISCUSSED HOW MUTUAL FUNDS WORK, THE SPECIFIC FUNDS HE WOULD RECOMMEND FOR EACH INVESTMENT CATEGORY, MARKET FLUCTUATION AND WHY HE BELIEVED THEY SHOULD BE USED FOR THE EQUITY PORTION OF THE PORTFOLIO. FA STATED CLIENT CONTACTED HIM IN AUG. INDICATING CLIENT HAD RECEIVED MONIES TO FUND ACCOUNT AND WANTED TO MEET WITH THE FA. AT THAT TIME, THE FA AGAIN REVIEWED THE CLIENT'S OBJECTIVES, RISK TOLERANCE AND WHAT COULD BE EXPECTED FROM THE MARKET. ADDITIONALLY, FA REVIEWED FIXED INCOME PRODUCTS CURRENTLY AVAILABLE AND SELECTIONS WERE MADE. FA STATES CLIENT INFORMED HIM HE WAS COMFORTABLE WITH THE FA'S RECOMMENDATION AND GAVE APPROVAL TO PROCEED AND THE TRADES WERE PLACED ON 8/2/07. CLIENT'S GIRLFRIEND CONTACTED THE FA AS WELL AS OUR HOME OFFICE ON 08/03 REQUESTING THE CANCELLATION OF TRADES. BOTH THE FA AND OUR HOME OFFICE INFORMED HER SHE WAS NOT AN AUTHORIZED PARTY AND INFORMED HER ALL INSTRUCTIONS WOULD HAVE TO BE DIRECTED BY THE CLIENT. FA DID SPEAK TO CLIENT AFTER SPEAKING TO THE GIRLFRIEND AND CONTENDS CLIENT DID NOT WANT TO LIQUIDATE THE ASSETS, BUT WANTED TO MEET AGAIN FOR FURTHER CLARIFICATION. FA STATED HE MET WITH CLIENT ON 08/06 AT WHICH TIME HE ONCE AGAIN REVIEWED THE PORTFOLIO AND ANSWERED THE CLIENT'S QUESTIONS. FA CONTENDS AT THE CONCLUSION OF THIS MEETING HE BELIEVED CLIENT WAS SATISFIED WITH THE INVESTMENTS.
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.