C LAURA CREAN is currently employed as a Broker and/or Investment Adviser at LINCOLN FINANCIAL ADVISORS CORPORATION located at 2401 Pennsylvania Avenue, Suite 114, Wilmington, DE, 19806.
C LAURA CREAN has worked at LINCOLN FINANCIAL ADVISORS CORPORATION since October 20, 2014
Disclosure History
C LAURA CREAN has 1 Disclosure Event(s).
Date: October 23, 2014 Category: Employment Separation After Allegations Firm Name: HORNOR, TOWNSEND & KENT, INC Termination Type: Voluntary Resignation Allegations: THE FIRM RECEIVED AN ANONYMOUS CALL ON OCTOBER 15, 2014, WHICH WAS LOGGED ON OCTOBER 16, 2014, WHICH ALLEGED ISSUES REGARDING THE REPLACEMENT OF A VARIABLE ANNUITY BY REGISTERED REPRESENTATIVE FOR ONE OF HER CLIENTS. THE REVIEW FOUND THAT WHILE EMPLOYED BY THE FIRM THE REGISTERED REPRESENTATIVE ATTEMPTED TO REPLACE THE VARIABLE ANNUITY WITH A PRODUCT AT ANOTHER COMPANY FOR THE CLIENT. THE REPLACEMENT WAS REJECTED BY THE MEMBER FIRM'S COMPLIANCE DEPARTMENT BECAUSE, AMONG OTHER REASONS, THE CLIENT WOULD SUFFER A LARGE SURRENDER CHARGE. THE REVIEW FURTHER REVEALED THAT, AFTER THE REJECTION OF THE REPLACEMENT OF THE ANNUITY, THE REGISTERED REPRESENTATIVE SUGGESTED THAT THE CLIENT COULD SURRENDER THE ANNUITY, AND THEN PURCHASE THE NEW ANNUITY AT ANOTHER COMPANY. AFTER THE REJECTION OF THE REPLACEMENT OF THE ANNUITY, THE CLIENT DID SURRENDER THE ANNUITY WITH THE MEMBER FIRM. Broker Comment: I DISPUTE THE ALLEGATION PLACED ON MY U4 BY MY PREVIOUS FIRM REGARDING THE REPLACEMENT OF A VARIABLE ANNUITY FOR A CLIENT. MY VOLUNTARY RESIGNATIONFROM THIS FIRM WAS SUBSEQUENT TO AND NOT AS A RESULT OF THIS ALLEGATION. THIS CLIENT CONTACTED ME AND, DUE TO CHANGES IN HER PERSONAL SITUATION, WISHED TO EXPLORE OTHER OPTIONS, AS SHE DID NOT BELIEVE HER CURRENT VARIABLE ANNUITY CONTRACT WOULD MEET HER EXISTING NEEDS OR THOSE IN THE FUTURE. WE THOROUGHLY DISCUSSED THE ADVANTAGES AND DISADVANTAGES OF HER PRESENT CONTRACT, INCLUDING, BUT NOT LIMITED TO, SURRENDER CHARGES AND LOSS OF LIVING BENEFIT RIDER GUARANTEES. THE END RESULT WAS THAT THE CLIENT MADE THE DECISION TO MOVE THE ASSETS IN HER PREVAILING CONTRACT TO A NEW VARIABLE ANNUITY CONTRACT. I EXPLAINED THAT THIS ACTION WOULD HAVE TO BE REVIEWED AND APPROVED BY MY FIRM'S COMPLIANCE DEPARTMENT AND, IF THE REVIEW WAS REJECTED, I WOULD NO LONGER BE ABLE TO ASSIST HER. THE TRANSACTION WAS NOT APPROVED. UPON HEARING THIS, THE CLIENT, OF HER OWN VOLITION, CHOSE TO OPEN AN ACCOUNT WITH HER BANK AND SURRENDER THE ANNUITY.
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