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CUSTOMER ALLEGES THE REPRESENTATIVE ASSURED THAT THERE WOULD BE NO CHARGES IF HE NEEDED THE MONEY.
Damage Amount Requested
$256,115.95
Broker Comment
REP'S COMMENT: THE CLIENT'S MAIN CONCERN WAS THAT THEIR MUTUAL FUND ACCOUNT WOULD RUN-OUT OF MONEY. IT REPRESENTED LESS THAN 14% OF THEIR TOTAL LIQUID ASSETS. SINCE INCOME WAS THEIR MAIN OBJECTIVE, I SHOWED THEM THE IMMEDIATE ANNUITY OPTION. WE DISCUSSED THE ADVANTAGES AND DISADVANTAGES. THEY FELT THE BENEFITS OUTWEIGHED THE DISADVANTAGES AND WOULD BE THE MOST SUITABLE PRODUCT. NEARLY FOUR MONTHS AFTER THE CONTRACT WAS IN PLACE, THE CLIENTS WANTED TO GIVE FINANCIAL ASSISTANCE TO ONE OF THEIR ADULT CHILDREN. VARIOUS OPTIONS WERE PRESENTED TO PROVIDE FUNDING BUT THE CLIENTS DID NOT WANT TO TAKE ADVANTAGE OF THOSE OPTIONS. THE CLIENTS DID NOT WANT TO USE THEIR CD MONEY FOR THIS EMERGENCY. I SUGGEST THAT THEY FELT UPSET THAT THE PRIOR BENEFIT OF LIQUIDITY FROM THE MUTUAL FUNDS WAS NON-EXISTANT WITH THE NEW PRODUCT. I BELIEVE THOSE EMOTIONS LED TO THE CLIENTS WRITING THE COMPLAINT.
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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.