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THE CLIENT STATES IN 2008 THEY HAD AN ACCOUNT REVIEW WITH THEIR FINANCIAL ADVISOR. THE CLIENT STATES THEY TOLD THE FINANCIAL ADVISOR ABOUT MONEY THEY HAD MADE INVESTING IN GOLD AND CLAIMED IT WAS EXPLAINED THAT THEY DID NOT WANT TO INVEST THAT MONEY BECAUSE THEY WERE SO CLOSE TO RETIREMENT. THE CLIENT STATES THE FINANCIAL ADVISOR SAID IT WOULD BE A GOOD DECISION TO INVEST THE MONEY AND THE CLIENTS DID. THE CLIENT STATES THAT THEY CONTACTED THE FINANCIAL ADVISOR AS THEIR NEXT STATEMENT REFLECTED LOSSES AND THE FINANCIAL ADVISOR ADVISED NOT TO LISTEN TO THE TV OR OTHER PEOPLE. THE CLIENT CLAIMS BY THE END OF THAT YEAR THEY WERE ALMOST OUT OF MONEY AND BELIEVES THE FINANCIAL ADVISORS ADVICE TO INVEST THE $25,000 WAS WRONG. THE CLIENT CLAIMS A LOSS OF $5,493.73 IN HER AND HER HUSBAND'S ACCOUNTS. FILING REQUIRED.
Damage Amount Requested
$5,493.73
Broker Comment
OUR REVIEW REFLECTS INVESTMENT OBJECTIVES, GOALS, NET WORTH, EXISTING INVESTMENTS, TIME HORIZON, MARKET FLUCTUATION AND RISK TOLERANCE WERE DISCUSSED WITH THE CLIENT. THE FINANCIAL ADVISOR'S RECOMMENDATIONS WERE MADE BASED ON THE INFORMATION PROVIDED BY DURING MEETINGS WITH THE CLIENTS. OUR REVIEW INDICATES THE INVESTMENTS MADE WERE CONSISTENT WITH STATED GOALS AND OBJECTIVES. THE DECREASE EXPERIENCED IN THE VALUE OF THE INVESTMENTS CAN BE ATTRIBUTED TO FLUCTUATION AND MARKET CONDITIONS BEYOND OUR CONTROL, WHICH ARE RISKS ASSOCIATED WITH INVESTING. NO ADJUSTMENT MADE.
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.
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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.