ALDEN GERARD HAGARDORN is currently employed as a Broker and/or Investment Adviser at LPL FINANCIAL LLC located at 2800 Veteran Memorial Blvd, Suite 220, Metairie, LA, 70002.
ALDEN GERARD HAGARDORN has worked at LPL FINANCIAL LLC since October 28, 2016
Disclosure History
ALDEN GERARD HAGARDORN has 2 Disclosure Event(s).
Date: April 07, 2003 Category: Customer Dispute Allegations: CLIENT STATES HE TRANSFERRED FUNDS FROM A FIXED ANNUITY TO A VARIABLE ANNUITY. CLIENT ALLEGES HE HAD NEVER HEARD OF A VARIABLE ANNUITY BEFORE THE IR MENTIONED IT. CLIENT ALSO STATES HE WAS INFORMED BY THE IR THAT THE VARIABLE ANNUITY COULD NOT LOSE MONEY. CLIENT FURTHER STATES THAT EACH TIME HE EXPRESSED CONCERN REGARDING THE DECLINE IN THE VALUE OF THE ANNUITY, IR ADVISED HIM THAT THE VALUE WOULD EVENTUALLY INCREASE. CLIENT DOES NOT MAKE A SPECIFIC CLAIM; HOWEVER, LOSSES EXCEED $5,000. Damage Amount Requested: $5,000.00 Broker Comment: ACCORDING TO THE IR, PRIOR TO THE PURCHASE OF THE VARIABLE ANNUITIES, IR AND THE CLIENTS DISCUSSED THE FIXED ANNUITIES THEY PREVIOUSLY HELD WITH METLIFE INVESTORS. IR INDICATED THEIR DISCUSSIONS INCLUDED POSSIBLE SURRENDER CHARGES AND THE CURRENT FIXED RATES, AS WELL AS THE OPTION OF A VARIABLE ANNUITY. IR ALSO INDICATED HE EXPLAINED THE VALUE OF THE VARIABLE ANNUITY WAS TIED TO THE PERFORMANCE OF THE SUB-ACCOUNTS SELECTED AND ALSO EXPLAINED THE DEATH BENEFIT. IT IS UNDERSTOOD, AS A RESULT OF THESE DISCUSSIONS, THE CLIENTS MADE THE DECISION TO PURCHASE THE VARIABLE ANNUITIES. ACCORDING TO OUR RECORDS, THE CONTRACTS WERE DELIVERED TO THE CLIENTS ON APRIL 13, 2000. THE IR FURTHER INDICATED HE VISITED WITH CLIENTS SEVERAL TIMES OVER THE LAST FEW YEARS RELATING TO THEIR CONCERNS ABOUT THE DECLINE IN THE VALUE OF THE ANNUITIES. IR ALSO STATED THAT HE REITERATED DISCUSSIONS REGARDING THE DEATH BENEFIT AND ALSO EXPLAINED THE IMPACT OF REQUIRED MINIMUM DISTRIBUTIONS ON THE DEATH BENEFIT. IN ADDITION TO THE DISCLOSURES MADE BY THE IR, THE CLIENTS ALSO RECEIVED A PROSPECTUS WHICH PROVIDES INFORMATION REGARDING THE ANNUITIES. SINCE THE PURCHASE, THE CLIENTS HAVE RECEIVED STATEMENTS (FROM EDWARD JONES AS WELL AS THE ANNUITY COMPANY) WHICH PROVIDE INFORMATION REGARDING THE ANNUITIES, INCLUDING VALUES AS WELL AS SUB-ACCOUNT ALLOCATIONS. BASED ON OUR REVIEW, IT IS OUR OPINION THE ANNUITY WAS PURCHASED WITH CLIENTS' AUTHORIZATION AND CLIENTS WERE AWARE OF THE POTENTIAL FOR MARKET FLUCTUATION. CLAIM DENIED.
Date: August 11, 2000 Category: Customer Dispute Allegations: ON 7/2/98 THE CLIENTS PURCHASED A $30,000 15 YEAR DEPOSIT NOTE. THE CLIENTS STATE THEY THOUGHT THEY WERE PURCHASING A CD. THE NOTE WAS SOLD AT A $3,134 LOSS ON 7/24/00. IN ADDITION, THEY CLIENT QUESTS CDSC CHARGES EXCEEDING $3,000 FROM THEIR MUTUAL AND MONEYMARKET FUNDS. Damage Amount Requested: $6,134.00 Broker Comment: BASED ON A REVIEW OF THE ACCOUNT INFORMATION, IT APEARS HAGARDORN MADE HIS SUGGES-TIONS BASED ON DISCUSSIONS WITH THE CLIENT. IN ADDITION TO RECEIVING TRADE CONFIRMATIONS,A DEPOSIT NOTE OFFERING CIRCULAR AND A MUTUAL FUND PROSPECTUS AT THE TIMES OF PUR-CHASE, THE CLIENT ALSO RECEIVED MONTHLY CUSTOMER STATEMENTS WHICH REFLECT ACTIVITYIN THE ACCOUNT. CLAIM DENIED.
More Information
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