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CLIENT ALLEGED THAT THE INVESTMENT ADVISORY ASSET ALLOCATION RECOMMENDATION WAS NOT SUITABLE IN LIGHT OF THE CLIENT'S RISK PROFILE. (05/15/2013-06/17/2013)
Damage Amount Requested
$22,000.00
Broker Comment
THIS SOPHISTICATED CLIENT WAS PROFILED FOR HIS INVESTMENT OBJECTIVES, RISK TOLERANCE AND TIME HORIZON. CLIENT WAS RECOMMENDED A CONSERVATIVE, WELL DIVERSIFIED MANAGED INVESTMENT PLAN. ALL INVESTMENTS WERE REVIEWED AND HISTORICAL RETURNS, MARKET RISKS, POTENTIAL MARKET FLUCTUATIONS, AND MARKET VOLATILITY WERE DISCLOSED. ALL NECESSARY INVESTMENT LITERATURE WAS PROVIDED TO THE CLIENT, AND ALL DISCUSSIONS OCCURRED IN FRONT OF A WITNESS (WELLS FARGO PRIVATE BANKER). SUBSEQUENT TO THE INVESTMENT, SUDDEN INTEREST RATE MOVEMENT IN LATE MAY 2013 CAUSED A 3% DECREASE IN VALUE OF CLIENT PORTFOLIO. CLIENT WAS AWARE OF RISKS AND AGREED TO THE INVESTMENT, AND THE ALLEGATIONS ARE COMPLETELY WITHOUT MERIT.
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.