BROOKS W STEVENS is currently employed as a Broker and/or Investment Adviser at LPL FINANCIAL LLC located at 300 MAIN ST, ROCKLAND, ME, 04841.
BROOKS W STEVENS has worked at LPL FINANCIAL LLC since February 04, 2016
Disclosure History
BROOKS W STEVENS has 1 Disclosure Event(s).
Date: February 27, 2017 Category: Customer Dispute Allegations: Client's attorney alleges former FA pressured client in November 2015 to sign paperwork for the purchase ofForethought Fixed Index and Great American Assurance Select 7 annuities, each in the amount of $65,000.00 Damage Amount Requested: $7,917.87 Settlement Amount: $7,520.91 Broker Comment: At the time the complaint was leveled against me, I was no longer the agent of record on the 2 contracts in question, as that responsibility was assumed by Key Investment Services, LLC. and the agent reassigned to the contracts upon my separation from that firm. Furthermore, my contract with Key Investment Services contained a non-compete clause that prohibited me from contacting my former clients for a period of one year following my separation with the firm. Even though there were a few interactions with this client by employees of my former firm prior to this situation escalating to a formal complaint, I was not notified of the problem by the client or my former employer, I was not allowed to consult my files pertaining to this client and any discussions we had about this being a suitable investment and it was therefore impossible for me to personally address any concerns that this client may have expressed about her contracts. In fact, it was not brought to my attention that there were concerns expressed by this client until a formal complaint had been made. Had I been given the opportunity to speak with this client during the period of time where her concerns were brought to light, I believe that the client and I could have come up with a better solution to address her sudden need to access to all of her assets, all at once, for a current need. This discussion would have been centered on what had changed in the client's life to prompt such a shift in her financial plan, including a precipitous spend through of significant liquid assets that were left out of annuity contracts at the time they were written and how reversing her desire to grow her assets and income for retirement might affect her long term financial situation. We would have revisited the reasons for making the original investment, we would have discussed alternative courses of action to surrendering the contracts and, if ultimately a surrender was necessary, ways to minimize surrender penalties (such as surrendering 1 contract instead of 2). To this day I have no idea what changed in this client's life between the time the contracts were written and when her complaint was brought to my attention. At the time the contracts were written, they were a perfectly suitable solution meant to provide lifetime income for a client approaching retirement and with a significant amount of liquid assets left outside of any annuity programs.
More Information
All individuals registered to sell securities or provide investment advice are required to disclose customer complaints and arbitrations, regulatory actions, employment terminations, bankruptcy filings and criminal or civil judicial proceedings.
A disclosure includes information about customer disputes, disciplinary events and financial matters on the broker's record as reported by securities regulators, the individual broker, and any involved firms. Some of these items may involve pending actions or allegations that have not been resolved or proven. The presence of a disclosure does not automatically indicate any wrongdoing.
BrokerCheck is the source of the data included in this Report. The data was compiled on June 29, 2018.
To view the full report for BROOKS W STEVENS, click here.
The use of BrokerCheck data is subject to the BrokerCheck Terms of Use.
×
Outdated Information
If you discover any errors or outdated information on this Website, please contact us and we will promptly correct such errors or outdated information.
If BrokerCheck® is the source of such errors or outdated information, please contact FINRA at (301) 590-6500.
×
BrokerSearch Removal
Brokersearch.info will not fully remove items from this Website without an applicable court order designating them for removal. Investors rely on the information available on this Website to decide whether to choose or retain a broker or investment adviser.
Upon written request, we may remove certain page(s) from appearing in search engine results using the robots.txt protocol.
When a person searches for your name using Google, Bing, Yahoo! and other search engines the page(s) from Brokersearch.info would not appear in the search results.
Please contact us to learn more about Search Engine Removal.