BRIAN RUSSELL ARMOGIDA

BRIAN RUSSELL ARMOGIDA is currently employed as a Broker and/or Investment Adviser at WADDELL & REED located at 2319 WHITNEY AVE, SUITE 5-A, HAMDEN, CT, 06518.

BRIAN RUSSELL ARMOGIDA has worked at WADDELL & REED since August 21, 2014

Disclosure History

BRIAN RUSSELL ARMOGIDA has 1 Disclosure Event(s).

Date: November 08, 2010
Category: Customer Dispute
Allegations: 11/1/07-11/2/10; CLIENT CLAIMS SHE HAD TO TAKE OVER HER AND HER HUSBAND'S FINANCES IN NOVEMBER 2007 WHEN HER HUSBAND HAD A STROKE. CLIENT STATES UP UNTIL THIS TIME THEY HAD A VERY SOUND PORTFOLIO COMPRISED OF BLUE CHIP STOCKS, MUTUAL FUNDS AND HI YIELD FUNDS. CLIENT STATES SHE DID DISCUSS SELLING SOME STOCKS WITH THE FA, BUT THEN THE FA STARTING CALLING WANTING TO SELL MANY OF THEIR SOLID INVESTMENTS TO PURCHASED ONES WHICH PROVIDED LOWER INCOME AND WERE NOT SAFER. CLIENT CLAIMS SHE DID NOT UNDERSTAND STOCKS BUT HAS NOW FOUND OUT BLUE CHIP STOCKS WERE SOLD AND MUTUAL FUNDS PURCHASED. THE CLIENT ALSO STATES MULTIPLE FUND COMPANIES WERE PURCHASED SO THEY ENDED UP PAYING A HIGHER COMMISSION BECAUSE THEY DIDN'T GET THE HIGHER QUANTITY DISCOUNTS. CLIENT CLAIMS THERE SEEMS TO BE TOO MUCH TRADING IN MUTUAL FUNDS. FILING REQUIRED. REVIEWED STATEMENTS BEGINNING NOVEMBER, 2007 WITH STATEMENTS IN JUNE 2010, JUST PRIOR TO THE ACCOUNTS TRANSFERRING AWAY FROM THE FIRM. THE NET LOSS OVER THIS PERIOD IS $72,864.00.
Damage Amount Requested: $5,000.00
Broker Comment: AFTER A DISCUSSION WITH THE FA, REVIEWING THE ACCOUNT NOTES, AND RELATED DOCUMENTS IT APPEARS THE FA HAD THE CLIENTS' BEST INTEREST IN MIND. THE NOTES REVEALED AFTER THE CLIENT'S HUSBAND HAD HIS STROKE, THE CLIENT EXPRESSED ON MULTIPLE OCCASIONS SHE DID NOT HAVE CONFIDENCE IN HER ABILITY TO MAKE FINANCIAL DECISIONS SINCE HER HUSBAND HAD ALWAYS MADE THEM IN THE PAST. THE FA STATES THIS CONCERNED HIM. THIS RESULTED IN A MEETING WITH THE CLIENT, THE FA AND THE CLIENT'S SON. THE FA EXPLAINED THERE WAS A PORTION OF THE PORTFOLIO WHICH CONTAINED INDIVIDUAL STOCKS. THE FA EXPLAINED THE RISK BETWEEN STOCKS AND MUTUAL FUNDS, AND DISCUSSED HOW MUTUAL FUNDS ARE MANAGED, SUGGESTING THIS MAY BE A BETTER APPROACH FOR THE CLIENT. THIS APPROACH WAS MUTUALLY AGREED UPON IN THE MEETING. OUR INVESTIGATION REVEALED THE FA MADE RECOMMENDATIONS TO SELL THE STOCKS AND USE THE PROCEEDS TO PURCHASE AMERICAN FUNDS AT A SIGNIFICANT BREAKPOINT. THE FA ALSO REDUCED THE STOCK SELL COMMISSIONS BY 50%. THE CLIENT AGREED TO THE RECOMMENDATIONS. AS TIME WENT BUY, CD'S IN THE ACCOUNT CAME DUE AND THE FA RECOMMENDED ADDING FRANKLIN TO THE PORTFOLIO, CHOOSING AN INCOME FUND WHICH HAD A LOWER COMMISSION, AND A FUND HE FELT WAS SUPERIOR TO WHAT AMERICAN FUNDS OFFERED. AS TIME PASSED AND THE MARKETS CONTINUED TO CHANGE, THE FA RECOMMENDED ADDING LORD ABBETT FUNDS TO PROTECT AGAINST INTEREST RATE RISK. AGAIN, THE FA RECOMMENDED FUNDS WITH LOWER COMMISSIONS, RELATIVE TO THE COMMISSIONS THE CLIENT WOULD HAVE PAID WITH THE BREAKPOINT SHE HAD ACHIEVED WITH AMERICAN FUNDS. THE NOTES SUBSTANTIATE THE FA'S INTENTION TO KEEP COMMISSIONS REASONABLE, AND IT IS DOCUMENTED THE FA CONTACTED THE CLIENT FOR APPROVAL BEFORE EXECUTING THE ACTIVITY.

More Information

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