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The client alleges that since 2018, the Financial Advisor advised them to make Roth contributions despite their eligibility limitations based upon their income.
9/6/2018
Customer Dispute
Settled
Allegations
The client alleges that the financial advisor's recommendation to replace her Protective annuity with an American General Life Pathway Fixed Annuity Plus Income II was a poor recommendation that caused her $14,631.50 in damages.
Damage Amount Requested
$14,631.50
Settlement Amount
$7,315.75
Broker Comment
After completion of the firm's investigation, client's claim was resolved in the amount of $7,315,75. Financial advisor was not required to contribute to the resolution.
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.