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The client alleges the financial advisor opened an incorrect account type for an IRA inherited from her husband and that the financial advisor did not discuss tax consequences for taking an early distribution.
Settlement Amount
$12,459.64
Broker Comment
After completion of the firm's investigation, the client's claim was resolved in the amount of $12,459.64.
4/14/2022
Customer Dispute
Denied
Allegations
Client alleges FA misrepresented the price fluctuation of a municipal bond and that the bond is unsuitable for a client who is approaching retirement.
Broker Comment
After completion of the firm's investigation into client's allegations, claim was denied.
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.
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.