CUSTOMER ALLEGES THE REPRESENTATIVE ASSURED THAT THERE WOULD BE NO CHARGES IF HE NEEDED THE MONEY.

$256,115.95

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.