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Claimants allege poor customer service, unsuitable investment recommendations, and the firm's failure to disclose possible conflicts of interest.
Damage Amount Requested
$5,000.00
Settlement Amount
$45,000.00
Broker Comment
Claimant alleged unsuitable investment recommendations caused her to lose approximately $300,000, representing claimed lost investment opportunities. Based upon her financial plan, Claimant's stated goal was to retire in 2015 at the age of 54, with an expectation of living until age 90, and paying for her son's college tuition from 2017 through 2020. Because of these anticipated short-term distribution needs and her moderate risk tolerance, broker recommended, among other investments, bond mutual funds which paid periodic interest and dividend payments and were less volatile in market price than stocks. By December of 2015, Claimant chose to move to a cash position due to market volatility, contrary to the broker's recommendation. Claimant alleged her portfolio was not properly diversified. However, had Claimant been patient and committed to the financial plan prepared for her in 2015, she would not have suffered the losses she claimed. Respondent elected to settle the matter for $45,000 with a denial of any wrongdoing.
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.